619 Pierce St Sioux City, IA 51101
- Commercial real estate
- 60,000 SF
- 0.33 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 619 Pierce St
- Year built
- 1959
- Lot size
- 0.33 lot acres
- Property size
- 60,000 SF
- Property type
- Commercial real estate
- APN
- 894728304006
- APU
- 894728304006
Description
This stunning three-story, 69,203 square foot Class A office building in Sioux City, Iowa, presents a unique investment opportunity. Built in 1917 and fully renovated in 2014, the property boasts a 9.12% cap rate and a strong 100% occupancy rate, generating a net operating income (NOI) of $109,417.49. The asking price is $1,200,000, translating to $17.34 per square foot. The property includes a valuable 121-stall private parking ramp directly connected to all three floors via elevator, a significant asset given the high demand for parking in this area. Currently, the building houses the Vriezelaar Law Firm and McClure Engineering, both long-term tenants since the 2014 renovation. The sale includes the main floor and second-floor office condos, and the full basement with high-clearance storage. The sale excludes the second-floor SEDC office condo and the six third-floor residential condos. The 0.52-acre lot is zoned DC and enjoys a prime downtown location, situated between the newly restored Warrior Hotel, Orpheum Theatre, City Hall, and County Courthouse. The high-clearance basement offers potential for conversion into additional income-generating self-storage units for building tenants. This property offers a compelling blend of historical charm, modern amenities, and strong financial performance. The APN is 894728304006; 894728313000.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $550,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $680,000
- 6.5%
- $800,000
- 7%
- $725,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $775,000
- Geo Method
- $760,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $620,000
- Retail
- $610,000
- Mixed-Use
- $605,000
- Hospitality
- $645,000
- Educational
- $615,000
- Residential Income
- $620,000
- Energy
- $740,000
- Income-Based Land
- $620,000
- Food Service
- $725,000
Location Insight
- Map
- Local Demand
- City
- Sioux City
- County
- Woodbury
- State
- Iowa
- Longitude
- -96.4054
- Latitude
- 42.4972
- CBSA code
- 43580
- CBSA name
- SIOUX CITY, IA-NE-SD METROPOLITAN STATISTICAL AREA
