Downtown Sioux City Office
For Sale
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700 4th St Unit 300/310, Sioux City, IA 51101
Remodeled office condo in downtown entertainment district with skywalk access.
Property Size1,987 SF
Price / SF$57.88
Days on Market1240
Property Features for 700 4th St Unit 300/310
General Information
Standard status
Active
Size
1,987 SF
Class
A
Total Parking Spaces
344
Property subtype
Office
Zoning
DC
Occupancy
100%
Building Details
Year Built
1972
Year Renovated
2019
Tenancy
Single
Listing Agency:
NAI United
Listed By:
Chris Bogenrief, SIOR, CCIM, MBA · License #B43451000
(712) 204-6261
Source:
Crexi
Added: Jun 2, 2023
Changed: Oct 20
Last Checked: Oct 20 at 8:47PM
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 in the heart of downtown Sioux City's entertainment district. The space, currently occupied by the Rehan Law Office, was completely remodeled in 2019. The entire building has been remodeled and converted to Class A space, featuring lots of natural light. In 2022, operating expenses, including utilities, were $8.25 per square foot. The property can be combined with the adjacent Unit 320, which offers 5,228 square feet, at the same price per square foot. The building benefits from direct 4th-floor and skywalk-level access to the adjacent Heritage Parking Ramp, as well as direct skywalk access to the Sioux City Convention Center, Marriott Courtyard, Mercy One, Orpheum Theatre, and Historic Pearl. The property is also adjacent to the Promenade 14 Cinema and Marto Brewing. There are $46,000,000 of private funds being invested on three sides of the building, including $23 million for the Badgerow to the west, $20 million for the former Hilton to the north, and $2.75 million for the Riviera Theater to the east. The unit offers 1,987 square feet of space.
Key Highlights
- Prime downtown location in Sioux City's Entertainment District with skywalk access.
- $46,000,000 of private investment surrounds the property.
- Recently remodeled office space in 2019.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,055
Cap Rate
8.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$201,100
$201.1K
Cap Rate 7%
$143,643
$143.6K
Cap Rate 9%
$111,722
$111.7K
Market Conditions
NOI Build-Up for 1,987 SF
Gross rent
$18.4K $9.24/SF
− Vacancy
−$5.0K −$2.49/SF
EGI
$13.4K $6.75/SF
− OpEx
−$3.4K −$1.69/SF
NOI
$10.1K $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%
$201,100
Cap Rate 7%
$143,643
Cap Rate 9%
$111,722
Alternative Uses
Best Use
Office B
$143.6K
$125.7K – $167.6K
NOI $10,055 @ 7.0% cap · market cap 8.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$298.6K
$261.3K – $348.4K
NOI $20,901 @ 7.0% cap · market cap 18.17%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
2,187
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 - Remodeled office condo in downtown entertainment district with skywalk access.
Where is this office unit located?
The property is located at 700 4th St Unit 300/310 Sioux City, IA.
What is the asking price?
The asking price for this property is $115,000.
What are key features of this property?
This property features: Prime downtown location in Sioux City's Entertainment District with skywalk access.; $46,000,000 of private investment surrounds the property.; Recently remodeled office space in 2019.
