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    Norwalk Iowa Hwy 28 & Turnberry Dr Norwalk, IA 50211

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    For Sale
    Contact for pricing

    0.82-acre lot, Highway 28, build-to-suit options.

    Property Features for Norwalk Iowa Hwy 28 & Turnberry Dr

    General Information

    Property type
    Land
    Lot Size
    35,719 SF

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    Listing Contact
    Bill Wright
    Bill Wright

    Listing Agent: Bill Wright

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

    Learn more

    Overview

    This exceptional 0.82-acre commercial land parcel presents a remarkable opportunity for retail development in the thriving suburb of Norwalk, Iowa. Strategically located along Highway 28, this property enjoys high visibility and accessibility, ensuring maximum exposure for any commercial venture. The land is situated adjacent to a recently constructed retail strip center, providing immediate synergy and a built-in customer base. Priced at $14 per square foot, this represents a compelling investment opportunity. The property is available for outright sale, a ground lease arrangement, or a build-to-suit option, offering flexibility to accommodate various development plans. The build-to-suit terms are negotiable, allowing for customization to meet specific project requirements. This rear lot offers significant potential for a variety of commercial uses, capitalizing on Norwalk's robust economic growth and prime location. The address is Highway 28 & Turnberry Drive, Norwalk, Iowa, 50211, within Warren County. This is a rare chance to secure a highly desirable commercial site in a rapidly expanding market. Don't miss this chance to establish your business in a vibrant and strategic location.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Norwalk
    County
    Warren
    State
    Iowa
    Longitude
    -93.674021585271
    Latitude
    41.492505157893

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    FAQs

    What type of property is this?
    Land - 0.82-acre lot, Highway 28, build-to-suit options.
    Where is this land located?
    The property is located at Norwalk Iowa Hwy 28 & Turnberry Dr Norwalk, IA.
    What are key features of this property?
    This property features: 0.82-acre rear lot.; $14.00 per square foot sale price.; Build-to-suit options available.
    (515) 415-6100 Call to check price and availability
    Request Owner's contact information
    Norwalk Iowa Hwy 28 & Turnberry Dr Norwalk, IA 50211
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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
    Norwalk Iowa Hwy 28 & Turnberry Dr Norwalk, IA 50211
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Bill Wright
    Bill Wright
    Real Estate License ID: IA S33231000
    (515) 415-6100
    Learn more
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