Renovated Office Space For
For Sale
Contact for pricing
7177 Hickaman Rd, Urbandale, IA
Completely renovated office space with modern finishes and large parking.
Property Size3,723 SF
Lot Size0.15 Acres
Price / SF$259.20
Days on Market332
Property Features for 7177 Hickaman Rd
General Information
Standard status
Active
Size
3,723 SF
Lot size
0.15 Acres
Property subtype
OFFICE
Listing Agency:
NAI Iowa Realty Commercial
(515) 306-0794
Listed By:
Daniel Dempsey
(515) 306-0794
Source:
Moodyscre
Added: Oct 3, 2025
Changed: Aug 11
Last Checked: Aug 29 at 4:30PM
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 Iowa Realty Commercial
Investment Insights
Based on property information with market context.
This is a completely renovated office space featuring modern finishes. The layout includes 13 offices, a conference room, a kitchen/break area, and two restrooms. It also has a reception area and a secondary entrance. A large parking lot is available for employees and clients. The sale includes Units 7, 8, and 9. Furniture can be included in the sale. The property is located in Urbandale, IA and has a size of 3723 square feet.
Key Highlights
- Completely renovated office space with modern finishes.
- Includes 13 offices and a conference room.
- Large parking lot for employees and clients.
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
$49,054
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
5.08%
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%
$981,080
$981.1K
Cap Rate 7%
$700,771
$700.8K
Cap Rate 9%
$545,044
$545.0K
Market Conditions
NOI Build-Up for 3,723 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
$81.8K $21.96/SF
− Vacancy
−$16.4K −$4.39/SF
EGI
$65.4K $17.57/SF
− OpEx
−$16.4K −$4.39/SF
NOI
$49.1K $13.18/SF
Area
Polk County, IA
Vacancy
20.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$981,080
Cap Rate 7%
$700,771
Cap Rate 9%
$545,044
Alternative Uses
Best Use
Office B
$700.8K
$613.2K – $817.6K
NOI $49,054 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$3.58M
$3.14M – $4.18M
NOI $250,871 @ 7.0% cap · market cap 26.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
564
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Completely renovated office space with modern finishes and large parking.
Where is this office units located?
The property is located at 7177 Hickaman Rd Urbandale, IA.
What is the asking price?
The asking price for this property is $965,000.
What are key features of this property?
This property features: Completely renovated office space with modern finishes.; Includes 13 offices and a conference room.; Large parking lot for employees and clients.
