Renovated Industrial Facility For
For Sale
$2,000,000
608 13th Ave, Council Bluffs, IA 51501
19,440 SF industrial facility on 2.4 acres, renovated in 2022.
Property Size19,440 SF
Price / SF$102.88
Days on Market275
Property Features for 608 13th Ave
General Information
Standard status
Active
Size
19,440 SF
Property subtype
Industrial
Building Details
Building Size
19,440 SF
Year Built
1980
Listing Agency:
NAI NP Dodge
(402) 320-0561
Listed By:
Will Schneidewind · License #NE #125335
(402) 320-0561
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Aug 16
Last Checked: Aug 22 at 5:13AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI NP Dodge
Investment Insights
Based on property information with market context.
This 19,440 SF industrial facility, suitable for investors or owner-users, is located just north of the I-80 Lake Manawa exit off South Expressway. The property sits on a secure, gated 2.4-acre site and was extensively renovated in 2022. The building, constructed in 1980, features a mix of warehouse, office, and outdoor storage space. The property is zoned I-2 General Industrial District, supporting a range of industrial and commercial uses. Neighboring industrial users include ConAgra Foods, Palleton of Council Bluffs, and Habitat for Humanity Council Bluffs. The property is fully sprinklered and includes a fenced lot with potential for new construction. It offers a functional layout and strategic location.
Key Highlights
- Strategic Location: Situated just north of the I‑80 Lake Manawa exit off South Expressway, providing excellent accessibility.
- Secure and Spacious: 2.4‑acre gated and fenced site with potential for new construction.
- Extensively Renovated: Property was extensively renovated in 2022.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$106,957
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.35%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,139,140
$2.1M
Cap Rate 7%
$1,527,957
$1.5M
Cap Rate 9%
$1,188,411
$1.2M
Market Conditions
NOI Build-Up for 19,440 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$135.3K $6.96/SF
− Vacancy
−$9.5K −$0.49/SF
EGI
$125.8K $6.47/SF
− OpEx
−$18.9K −$0.97/SF
NOI
$107.0K $5.50/SF
Area
Pottawattamie County, IA
Vacancy
7.00%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,139,140
Cap Rate 7%
$1,527,957
Cap Rate 9%
$1,188,411
Alternative Uses
Best Use
Warehouse
$1.53M
$1.34M – $1.78M
NOI $106,957 @ 7.0% cap · market cap 5.35%
Second Best
Industrial
$1.26M
$1.10M – $1.47M
NOI $88,082 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$3.71M
$3.25M – $4.33M
NOI $259,885 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
537
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 51501, IA
34,906
Population
15,217
Households
2.3
Avg Household Size
38
Median Age
17%
College-Educated
86%
High-School Grad
23.9 sq mi
ZIP Area
1,461
Density / Sq Mi
$59,314
Median Household Income
$40,229
Median Earnings
$997
Median Rent
$140,400
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- J Storage — 1402 S Main St, Council Bluffs, IA 51503
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Frequently Asked Questions
What type of property is this?
Warehouse - 19,440 SF industrial facility on 2.4 acres, renovated in 2022.
Where is this warehouse located?
The property is located at 608 13th Ave Council Bluffs, IA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Strategic Location: Situated just north of the I‑80 Lake Manawa exit off South Expressway, providing excellent accessibility.; Secure and Spacious: 2.4‑acre gated and fenced site with potential for new construction.; Extensively Renovated: Property was extensively renovated in 2022.
