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10320 Hickman Rd, Clive, IA 50325
Spacious commercial property with showroom, office, and warehouse space.
Property Size58,816 SF
Price / SF$110.51
Days on Market926
Property Features for 10320 Hickman Rd
General Information
Standard status
Active
Size
58,816 SF
Property subtype
Industrial
Building Details
Year Built
1972
Year Renovated
2003
Listing Agency:
CBRE - Des Moines
(515) 371-0499
Listed By:
Harrison Kruse · License #IA S63825000
Source:
Crexi
Added: Feb 8, 2024
Changed: Aug 11
Last Checked: Aug 20 at 3:35PM
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 CBRE - Des Moines
Investment Insights
Based on property information with market context.
This commercial property features a 22,654 square foot showroom, 2,520 square feet of office space, and a 33,642 square foot storage/warehouse area. Built in 1972 and remodeled in 2003, the property includes nine drive-in doors, sized at 10'x12' and 12'x12'. The clear height ranges from 14 to 16 feet. It also offers outdoor storage capabilities and 3-phase power at 800 amps. The location provides easy access to I-35/80 and benefits from 27,200 vehicles per day on Hickman Road. The property is highly visible from Hickman Road and has direct access to a lighted intersection.
Key Highlights
- Easy access to I‑35/80
- Highly visible from Hickman Road with 27,200 VPD
- Large Storage/Warehouse: 33,642 SF
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
$542,472
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
8.35%
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%
$10,849,440
$10.8M
Cap Rate 7%
$7,749,600
$7.7M
Cap Rate 9%
$6,027,467
$6.0M
Market Conditions
NOI Build-Up for 58,816 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
$847.0K $14.40/SF
− Vacancy
−$72.0K −$1.22/SF
EGI
$775.0K $13.18/SF
− OpEx
−$232.5K −$3.95/SF
NOI
$542.5K $9.22/SF
Area
Polk County, IA
Vacancy
8.50%
Lease Rate
$14.40 /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%
$10,849,440
Cap Rate 7%
$7,749,600
Cap Rate 9%
$6,027,467
Alternative Uses
Best Use
Flex RnD
$56.62M
$49.54M – $66.05M
NOI $3,963,260 @ 7.0% cap · market cap 60.97%
Second Best
Warehouse
$47.36M
$41.44M – $55.25M
NOI $3,315,176 @ 7.0% cap · market cap 51.00%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
908
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 50325, IA
18,619
Population
7,455
Households
2.5
Avg Household Size
39
Median Age
60%
College-Educated
95%
High-School Grad
7.7 sq mi
ZIP Area
2,418
Density / Sq Mi
$131,082
Median Household Income
$63,495
Median Earnings
$1,099
Median Rent
$379,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Machine Shed Restaurant Urbandale — 11151 Hickman Rd, Urbandale, IA 50322
- New Horizon Foods, Inc. — 2670 106th St, Urbandale, IA 50322
Frequently Asked Questions
What type of property is this?
Flex space - Spacious commercial property with showroom, office, and warehouse space.
Where is this flex space located?
The property is located at 10320 Hickman Rd Clive, IA.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Easy access to I‑35/80; Highly visible from Hickman Road with 27,200 VPD; Large Storage/Warehouse: 33,642 SF
