Building Details

Year Built 1976

Year Renovated 2010

Buildings 1

Stories 1

Tenancy Multi

Listing Agency: Cushman & Wakefield Iowa Commercial Advisors

Listed By: Corey Sedrel · License #B67845000 Show Phone

Source: Crexi

Added: Oct 31, 2024 Changed: Sep 10 Last Checked: Sep 13 at 8:13AM

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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 Cushman & Wakefield Iowa Commercial Advisors

Investment Insights

Based on property information with market context.

This 22,425 square foot warehouse is available for sale or lease. The property features outdoor storage and fifteen drive-in doors. It is zoned for light industrial use under Dallas County zoning regulations. The warehouse includes multiple bays and has 480V/3 Phase power. The property is situated on a 1.46-acre lot and is located approximately half a mile from Highway 141. There is an option to purchase additional land to the west of the property.

Key Highlights

• 22,425 SF Warehouse with Outdoor Storage
• Boasts 15 Drive‑In Doors
• Just 1/2 Mile to Hwy 141

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

$91,949

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

7.10%

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%

$1,838,980 $1.8M

Cap Rate 7%

$1,313,557 $1.3M

Cap Rate 9%

$1,021,656 $1.0M

Market Conditions

NOI Build-Up for 22,425 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

$142.6K $6.36/SF

− Vacancy

−$11.3K −$0.50/SF

EGI

$131.4K $5.86/SF

− OpEx

−$39.4K −$1.76/SF

NOI

$91.9K $4.10/SF

Area

Dallas County, IA

Vacancy

7.90%

Lease Rate

$6.36 /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%

$1,838,980

Cap Rate 7%

$1,313,557

Cap Rate 9%

$1,021,656

Alternative Uses

Best Use

Warehouse

$18.06M

$15.80M – $21.07M (±1% cap)

NOI $1,263,990 @ 7.0% cap · market cap 97.61%

Second Best

Industrial

$1.31M

$1.15M – $1.53M (±1% cap)

NOI $91,949 @ 7.0% cap · market cap 7.10%

Theoretical Best

Flex RnD

$21.59M

$18.89M – $25.18M (±1% cap)

NOI $1,511,087 @ 7.0% cap · market cap 116.69%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

En-Save XL Inc. Home Appliance Store

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Plumbing Service Storage Facility Auto Parts Store Home Appliance Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

12

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 50109, IA

3,348

Population

1,450

Households

2.3

Avg Household Size

37

Median Age

49%

College-Educated

98%

High-School Grad

19.4 sq mi

ZIP Area

173

Density / Sq Mi

$130,263

Median Household Income

$62,188

Median Earnings

$923

Median Rent

$337,400

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties What are key features of this property?

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Similar Off Market Nearby

• Homestead Mini Storage — 32716 190th St, Granger, IA 50109

Frequently Asked Questions

What type of property is this?

Warehouse - 22,425 SF warehouse with outdoor storage and 15 drive-in doors.

Where is this warehouse located?

The property is located at 18983 Wendover Ave Granger, IA.

What is the asking price?

The asking price for this property is $1,295,000.

What are key features of this property?

This property features: 22,425 SF Warehouse with Outdoor Storage; Boasts 15 Drive‑In Doors; Just 1/2 Mile to Hwy 141