Downtown Office Condo For
For Sale
$117,000
613 Pierce St, Sioux City, IA 51101
Office condominium in historic building, downtown location, parking available.
Property Size2,019 SF
Days on Market239
Property Features for 613 Pierce St
General Information
Standard status
Active
Size
2,019 SF
Class
B
Property subtype
Williges Office Condo Ste 201
Building Details
Building Size
2,019 SF
Year Built
1917
Listing Agency:
NAI United
Listed By:
Nathan Connelly · License #S62387000
(712) 203-1620
Source:
Naiglobal
Added: Feb 26
Changed: Oct 10
Last Checked: Oct 20 at 7:23PM
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 United
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Investment Insights
Based on property information with market context.
This office condominium is located on the 2nd floor of the Historic Williges Building in downtown Sioux City, next to city hall and the county courthouse. The condo includes a lobby with a reception desk, an open work area, and a kitchenette. Parking is available in the ramp attached to the building on every floor. There is potential for naming rights on the north side of the private parking ramp for high visibility to southbound Pierce Street traffic.
Key Highlights
- Prime downtown location next to city hall and county courthouse
- Parking available in attached ramp on every floor
- Potential for naming rights on parking ramp for high visibility
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,217
Cap Rate
8.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$204,340
$204.3K
Cap Rate 7%
$145,957
$146.0K
Cap Rate 9%
$113,522
$113.5K
Market Conditions
NOI Build-Up for 2,019 SF
Gross rent
$18.7K $9.24/SF
− Vacancy
−$5.0K −$2.49/SF
EGI
$13.6K $6.75/SF
− OpEx
−$3.4K −$1.69/SF
NOI
$10.2K $5.06/SF
Area
Woodbury County, IA
Vacancy
26.98%
Lease Rate
$9.24 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$204,340
Cap Rate 7%
$145,957
Cap Rate 9%
$113,522
Alternative Uses
Best Use
Office B
$146.0K
$127.7K – $170.3K
NOI $10,217 @ 7.0% cap · market cap 8.73%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$303.4K
$265.5K – $354.0K
NOI $21,237 @ 7.0% cap · market cap 18.15%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
2,439
Businesses Nearby
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Business Placement
Demographics for 51101, IA
1,146
Population
723
Households
1.6
Avg Household Size
39
Median Age
11%
College-Educated
84%
High-School Grad
1.2 sq mi
ZIP Area
955
Density / Sq Mi
$18,103
Median Household Income
$25,661
Median Earnings
$676
Median Rent
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Office condominium in historic building, downtown location, parking available.
Where is this office unit located?
The property is located at 613 Pierce St Sioux City, IA.
What is the asking price?
The asking price for this property is $117,000.
What are key features of this property?
This property features: Prime downtown location next to city hall and county courthouse; Parking available in attached ramp on every floor; Potential for naming rights on parking ramp for high visibility
