Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1504 Wonder Way Fairfield, IA 52556

    View on Map
    Claim this Listing
    For Sale
    $125,000

    LAND - Other - Fairfield, IA

    Lot size:
    1.25 Acres
    Added:
    Oct 29, 2025
    Days on Market:
    174
    Last Refresh:
    Apr 20 at 9:06 pm

    Property Features for 1504 Wonder Way

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    06-24-427-003
    Lot size
    1.25 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    LAKEVIEW EST NW 68.05' LT 3 LAKEVIEW EST NW 68' LT 4 LAKEVIEW EST LT 2
    Tax Annual Amount
    1392

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Joanne Terrien

    Listing agent Joanne Terrien License #***

    Listing office Village Realty 60 N Main St, Fairfield, IA

    Listing date Oct 29, 2025

    MLS# 6333243 Listing URL

    Copyright © 2026 NoCoast MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Fairfield Land Near City Park

    This property features three city lots, available together or individually. The property backs onto city land, which includes a park and recreational area with a city beach. The total lot size is 1.25 acres, located in Fairfield, Iowa.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Gym & Fitness Center Big Box & Wholesale Store Skin Care Clinic Accounting Firm Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Fairfield
    County
    Jefferson
    State
    Iowa
    Longitude
    -91.953404
    Latitude
    41.023143

    Nearby Similar for Sale

    • $169,000
      3,276 SF

      Fairfield Triplex Near Campus

      Triplex near campus with income potential and separate utilities.
      500 N Main Street, Fairfield, IA 52556
      View Details
    • $219,000
      2,325 SF

      Fairfield Tri-Plex Apartment Conversion

      Tri-Plex with strong rental history and great income potential.
      200 E Briggs Avenue, Fairfield, IA 52556
      View Details
    • $259,500

      Fairfield Commercial Building on Highway

      8000 SF building on main highway with high traffic.
      907 W Burlington Avenue, Fairfield, IA 52556
      View Details
    • $219,000
      3,528 SF

      Versatile Commercial Building on Two Lots

      3528 SF building on two lots with diverse business potential.
      111 S 17th Street, Fairfield, IA 52556
      View Details
    • $140,000
      2,456 SF

      Rented Triplex with Vintage Appeal

      Well-maintained triplex in Fairfield, Iowa, with strong investment potential.
      307 E Briggs Avenue, Fairfield, IA 52556
      View Details
    • $79,000

      Fairfield Land Ready for Development

      1.09 acres of raw land in a manufacturing zone.
      610 W Stone Avenue, Fairfield, IA 52556
      View Details
    • $39,000

      Residential Land in Jani Wood

      2.79 acre residential land with utilities in Fairfield, Iowa.
      Shooting Star Ave, Fairfield, IA 52556
      View Details
    • $150,000

      Mature Building Site in Fairfield

      Land with garage/shop, utilities, and home site excavation.
      1201 Walton Road, Fairfield, IA 52556
      View Details
    • $79,500

      Acre Lot in Fairfield, Iowa

      Full acre lot ready for building your dream home.
      2008 N B Street, Fairfield, IA 52556
      View Details
    • $27,000

      Residential Lot in Vedic City

      Land ready for building a Vastu dream home.
      Jade Avenue Lot (Lot 20), Fairfield, IA 52556
      View Details
    • $40,000

      Residential Lots in Vedic City

      Residential lots available in Mandala 2 Neighborhood, Fairfield, Iowa.
      Grand Avenue, Fairfield, IA 52556
      View Details
    • $47,000

      Fairfield Land with Pond View

      Residential land offering country views and access to rural water.
      1959 Gear Avenue, Fairfield, IA 52556
      View Details

    FAQs

    What type of property is this?
    Land - Three city lots near park and recreational area for sale.
    Where is this land located?
    The property is located at 1504 Wonder Way Fairfield, IA.
    What is the asking price?
    The asking price for this property is $125,000.
    What are key features of this property?
    This property features: Backs up to city park, recreational area, and city beach.; Includes 3 city lots.; Owner is open to offers on one or more lots.
    (641) 472-2874
    We can help!
    Listing Contact
    Joanne Terrien
    Real Estate License ID: ***
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!