For Sale
$1,200,000

619 Pierce St Sioux City, IA 51101

Prime Downtown Location, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
132
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.

Highlights

  • $1,200,000 asking price for this Class A, 69,203 square foot, multi-tenant office building.
  • 9.12% cap rate with a Net Operating Income (NOI) of $109,417.49 and 100% occupancy.
  • Located in Sioux City, IA at 619 Pierce St, this free-standing building features 121 parking spaces in an attached private ramp.
  • Built in 1917 and fully renovated in 2014, the three-story building sits on a 0.52-acre lot and is zoned DC.
  • Prime downtown location near the Warrior Hotel, Orpheum Theatre, City Hall, and County Courthouse.

Property Details for 619 Pierce St

Property type
Office properties, Freestanding property
Square Feet
69,203 SF
Class
A
Year Built/Renovated
1917/2014
Stories
3
Lot Size (sq. ft)
22,651 SF

Location Insight

City
Sioux City
County
Woodbury
State
Iowa
Latitude
42.497149
Longitude
-96.4053233

FAQs

What type of property is this?
Office property - Prime Downtown Location, High NOI
Where is the office property located?
The property is located at 619 Pierce St Sioux City, IA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: $1,200,000 asking price for this Class A, 69,203 square foot, multi-tenant office building.; 9.12% cap rate with a Net Operating Income (NOI) of $109,417.49 and 100% occupancy.; Located in Sioux City, IA at 619 Pierce St, this free-standing building features 121 parking spaces in an attached private ramp.
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619 Pierce St
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