Multi-Tenant Commercial Building with
For Sale
Contact for pricing
Pending
7 S 4th Street, Council Bluffs, IA 51503
35,002 SF multi-tenant building with income and growth potential.
Property Size35,002 SF
Lot Size1.81 Acres
Days on Market418
Property Features for 7 S 4th Street
General Information
Standard status
Pending
Size
35,002 SF
Class
C
Total Parking Spaces
251
Lot size
1.81 Acres
Property subtype
Retail, Industrial, Mixed Use
Zoning
C-4
Occupancy
100%
Lease Type
NNN
Investment Type
Sale/Leaseback
Net Operating Income
$230,491
Building Details
Year Built
1980
Year Renovated
2018
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Heartland Properties, Inc.
(712) 325-0445
Listed By:
Rachelle Edwards · License #IA s69992000
Source:
Crexi
Added: Jun 19, 2025
Changed: Aug 8
Last Checked: Aug 8 at 3:45PM
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 Heartland Properties, Inc.
Investment Insights
Based on property information with market context.
Located at 7 S 4th Street in Council Bluffs, Iowa, The Hub is a 35,002 square foot multi-tenant commercial building situated on 1.81 acres. Configured into three distinct suites, each with a private entrance, the property allows for flexibility in occupancy and future use. Two of the spaces are currently operated by the owner and generate traffic. The Hub Trampoline Park features trampolines, a ninja obstacle course, axe throwing, and party rooms, and serves as the only large-scale indoor family entertainment center in Council Bluffs. Wonderbowl operates as a restaurant and bar with outdoor pickleball courts and a fully built-out patio event space. Combined, these businesses attract an estimated 3,000 to 6,000 visitors per month. Approximately 8,500 square feet of the building remains vacant. Previously occupied by a cheerleading and tumbling program, this space is open, high-ceilinged, and move-in ready. It presents an opportunity for an owner-user to establish or expand operations. The space would be ideal for a gymnastics gym, indoor sports courts, fitness training, batting cages, dance studio, or a golf simulator business. Included in the sale is a separate, three-level parking garage totaling 59,750 square feet with 251 stalls. At present, only about 70% of is leased, which represents a value-add opportunity for a buyer interested in maximizing recurring income. The current owner is willing to lease back the trampoline park and restaurant/bar portions of the building, providing immediate, stable income to a new owner. Zoned C-4, The Hub is structurally sound, visibility strong, and use options broad.
Key Highlights
- Established multi‑tenant commercial building (35,002 sq ft) with significant existing foot traffic (3,000‑6,000 visitors/month) from owner‑operated businesses.
- Large vacant space (8,500 sq ft) is move‑in ready and ideal for youth/family‑focused businesses.
- Separate, three‑level parking garage (59,750 sq ft, 251 stalls) with significant value‑add opportunity.
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
$158,593
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
4.76%
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%
$3,171,860
$3.2M
Cap Rate 7%
$2,265,614
$2.3M
Cap Rate 9%
$1,762,144
$1.8M
Market Conditions
NOI Build-Up for 35,002 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
$243.6K $6.96/SF
− Vacancy
−$17.1K −$0.49/SF
EGI
$226.6K $6.47/SF
− OpEx
−$68.0K −$1.94/SF
NOI
$158.6K $4.53/SF
Area
Pottawattamie County, IA
Vacancy
7.00%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
30.00%
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%
$3,171,860
Cap Rate 7%
$2,265,614
Cap Rate 9%
$1,762,144
Alternative Uses
Best Use
Specialty Retail
$5.32M
$4.65M – $6.20M
NOI $372,075 @ 7.0% cap · market cap 11.17%
Second Best
Retail
$4.96M
$4.34M – $5.79M
NOI $347,270 @ 7.0% cap · market cap 10.43%
Theoretical Best
Office A
$6.68M
$5.85M – $7.80M
NOI $467,927 @ 7.0% cap · market cap 14.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
690
Businesses Nearby
Explore this area
Business Placement
Demographics for 51503, IA
37,330
Population
16,154
Households
2.3
Avg Household Size
41
Median Age
30%
College-Educated
94%
High-School Grad
121.7 sq mi
ZIP Area
307
Density / Sq Mi
$76,064
Median Household Income
$46,986
Median Earnings
$964
Median Rent
$252,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 35,002 SF multi-tenant building with income and growth potential.
Where is this mixed-use property located?
The property is located at 7 S 4th Street Council Bluffs, IA.
What is the asking price?
The asking price for this property is $3,330,000.
What are key features of this property?
This property features: Established multi‑tenant commercial building (35,002 sq ft) with significant existing foot traffic (3,000‑6,000 visitors/month) from owner‑operated businesses.; Large vacant space (8,500 sq ft) is move‑in ready and ideal for youth/family‑focused businesses.; Separate, three‑level parking garage (59,750 sq ft, 251 stalls) with significant value‑add opportunity.
