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    5865 Saratoga Rd Asbury, IA 52002

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    For Sale
    Contact for pricing

    Prime Asbury location, 11,600 sq ft, 2.85 acres

    Property size:
    11,600 SF

    Property Features for 5865 Saratoga Rd

    General Information

    Property type
    Banks
    Square Feet
    11,600 SF
    Lot Size
    124,146 SF

    Building Details

    Year Built
    1992
    Buildings
    2
    Stories
    1
    Units
    2

    We can help!

    Listing Contact
    Steve Davis, Ccim
    Steve Davis, Ccim

    Listing Agency: Equity Real Estate Group Listing Agent: Steve Davis, Ccim

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This mixed-use property in Asbury, Iowa, offers a unique redevelopment opportunity. The 11,600-square-foot building, constructed in 1992, features a well-maintained office build-out including private offices, meeting spaces, conference rooms, a reception area, restrooms, a breakroom, and open workspaces. The existing layout is easily adaptable for multiple tenants or a single user. Plumbing and metering are already in place for potential subdivision. A bonus garage space with an overhead door is included, and the building is fully sprinklered. The property also includes a separate 2.85-acre lot with an 800-square-foot drive-up structure, restroom, and canopy. This flat, level lot offers multiple access points and is zoned for various uses. The combined property boasts 76 parking spaces and four ingress/egress points on Saratoga Road. Located one mile west of the NW Arterial and Asbury Plaza, this site benefits from excellent proximity to schools, a city park, and the high-traffic Asbury Road connector. Asbury's strong demographics, including high median incomes and home values, and significant residential growth make this an attractive investment. The property will be vacant upon the current tenant's move-out in October 2024. The asking price is $2,340,000 ($150/sq ft), with land valued at $4/sq ft. The property includes two buildings on two parcels (APN: 1020152006, 1020152007) and is zoned C.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Banks

    Suggested Use

    Law Firm Real Estate Agency Restaurant Dental Office Spa & Massage Center 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
    Asbury
    County
    Dubuque
    State
    Iowa
    Longitude
    -90.7577494
    Latitude
    42.5093758

    FAQs

    What type of property is this?
    Bank - Prime Asbury location, 11,600 sq ft, 2.85 acres
    Where is this bank located?
    The property is located at 5865 Saratoga Rd Asbury, IA.
    What is the asking price?
    The asking price for this property is $2,340,000.
    What are key features of this property?
    This property features: Adaptable existing office building suitable for multi-tenant office or retail conversion.; Level, easily accessible lot ideal for redevelopment with multiple points of entry.;
    (563) 542-3519 Call to check price and availability
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    5865 Saratoga Rd Asbury, IA 52002
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    Asbury, IA 52002
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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.

    More about this property
    5865 Saratoga Rd Asbury, IA 52002
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Steve Davis, Ccim
    Steve Davis, Ccim
    Real Estate License ID: B66573000
    (563) 542-3519
    Learn more
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