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    216 1St St Story City, IA 50248

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    For Lease
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    93,203 SF Manufacturing/Warehouse Space

    Lot size:
    93,203 SF

    Property Features for 216 1St St

    General Information

    Property type
    Distribution centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    93,203 SF
    Class
    B
    Total Rate
    31067.67

    Building Details

    Year Built
    1987
    Buildings
    5
    Stories
    1

    Spaces For Lease

    at 216 1St St, Story City, IA 50248 Contact us
    Unit 1st Floor , Suite A

    $4 /Mo

    Size
    10,700 SF
    Contact us

    We can help!

    Listing Contact
    Darcy Gill
    Darcy Gill

    Listing Agency: Denny Elwell Company Listing Agent: Darcy Gill

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

    Learn more

    Property Insight Report

    Overview

    This exceptional Story City, Iowa industrial property, located at 216 W 1st St, offers a substantial 93,203 square feet of manufacturing and warehouse space across five single-story buildings. The property sits on a generous 8.68-acre lot and is classified as Class B. Built in 1987, the property features one large suite totaling 93,203 square feet, currently with 10,700 square feet available for lease. The building boasts convenient drive-in access and robust power capabilities, including 2000 AMP three-phase electrical service. While elevators are not present, the single-story design ensures efficient workflow. The property is zoned for industrial use and is situated in Story County, Iowa, with a zip code of 50248. This versatile space is ideal for a variety of industrial operations, offering significant potential for businesses seeking a well-located and functional facility. The property's ample size and strategic location within Story County provide excellent opportunities for growth and expansion. Interested parties should note that the property is zoned for industrial use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Distribution centers

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Story City
    County
    Story
    State
    Iowa
    Longitude
    -93.60263368
    Latitude
    42.18041712

    Nearby Similar for Lease

    • $4 SF/Yr
      9,000 SF

      9,000 SF Storage Warehouse

      Well-maintained warehouse ideal for bulk storage, near Interstate 35.
      11261 Us Highway 69, Story City, IA 50248
      View Details
    • $4 SF/Yr
      102,936 SF

      US Hwy 69 Warehouse Space

      Story City, IA industrial warehouse
      11261 Us Highway 69, Story City, IA 50248
      View Details
    • $10 SF/Yr
      26,800 SF

      Story City Warehouse/Manufacturing Space

      Flexible industrial space suitable for storage or light manufacturing.
      1811 Rich Olive St, Story City, IA
      View Details

    FAQs

    What type of property is this?
    Distribution center - 93,203 SF Manufacturing/Warehouse Space
    Where is this distribution center located?
    The property is located at 216 1St St Story City, IA.
    What is the lease rate?
    The lease rate is $4 SF/Yr.
    What are key features of this property?
    This property features: 10,700 SF Warehouse with Drive-In Door; $4.00/SF/NNN; Fenced and Paved Yard
    (515) 964-1587 Call to check price and availability
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    216 1St St Story City, IA 50248
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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
    216 1St St Story City, IA 50248
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Darcy Gill
    Darcy Gill
    Real Estate License ID: S56688000
    (515) 964-1587 (515) 238-5793
    Learn more
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