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    Downtown Sioux City Office Condominium Title is generated by Realmo AI

    700 4th St Unit 310, Sioux City, IA 51101

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    Remodeled office condo in downtown entertainment district with skywalk access.

    Type:Office
    Property size:
    1,987 SF
    Price / SF:
    $120/SF
    Added:
    Jun 2, 2023
    Days on Market:
    1097
    Last Refresh:
    May 12 at 9:25 pm

    Property Features for 700 4th St Unit 310

    General Information

    Standard status
    Active
    Size
    1,987 SF
    Property subtype
    Office

    Building Details

    Year Built
    1972

    We can help!

    Listing Contact
    Chris Bogenrief, SIOR, CCIM, MBA
    Chris Bogenrief, SIOR, CCIM, MBA

    Listing agent Chris Bogenrief, SIOR, CCIM, MBA License #11318

    Listing office NAI United

    Listing date Jun 2, 2023

    Source Crexi

    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

    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.
    • Class A office space after a complete building remodel.
    • Convenient parking access to the Heritage Parking Ramp.
    • Lots of natural light.

    Overview

    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.
    Property Profile Location Intelligence

    Current Use by Public Records

    Groundworks Construction Company Stifel Bank MWI Veterinary Supply Veterinary Clinic Amy Kakacek, Realtor Real Estate Agency Bed Bug Exterminator ... Garden Center

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sioux City
    County
    Woodbury
    State
    Iowa
    Longitude
    -96.401655
    Latitude
    42.493889

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    FAQs

    What type of property is this?
    Office units - Remodeled office condo in downtown entertainment district with skywalk access.
    Where is this office units located?
    The property is located at 700 4th St Unit 310 Sioux City, IA.
    What is the asking price?
    The asking price for this property is $238,440.
    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.
    (712) 224-2727 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Chris Bogenrief, SIOR, CCIM, MBA
    Chris Bogenrief, SIOR, CCIM, MBA
    Real Estate License ID: 11318
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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