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    1801 Grove Avenue Corning, IA 50841

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    Claim this Listing
    For Sale
    $599,000

    COMMERCIAL - Other - Corning, IA

    Lot size:
    4.10 Acres
    Added:
    Jun 7, 2025
    Days on Market:
    316
    Last Refresh:
    Apr 18 at 2:06 pm

    Property Features for 1801 Grove Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Garage
    Basement
    Concrete
    Accessibility
    Accessible Approach with Ramp
    Appliances
    Refrigerator
    Standard status
    Active
    APN
    3747100
    Lot size
    4.10 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    LOTS 1 - 11 BLK 3 & BLOCK 1 CLARKS ADD
    Tax Annual Amount
    11020

    Utilities

    Heating system
    Geothermal (Heating)
    Cooling system
    Geothermal
    Water source
    Public

    Building Details

    Year built
    2000
    Number of units
    1
    Flooring type
    Drainage, Carpet, Concrete, Heavy duty
    Building materials
    Concrete, Frame, Steel Siding, Brick, Metal Siding
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Jamie McManis
    Jamie McManis

    Listing agent Jamie McManis License #***

    Listing office Liberty Realty 2168 US Hwy 34, STE B, Corning, IA

    Listing date Jun 7, 2025

    MLS# 6328453

    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

    Versatile Commercial Property in Corning, IA

    Located off Highway 148 in Corning, Iowa, this commercial property offers visibility and infrastructure suitable for various businesses. The site spans over 4 acres and includes over 10,000 square feet of versatile space, featuring both finished office and industrial/shop facilities. The property is equipped with geothermal HVAC, in-floor radiant heating in the main shop, an outdoor wash bay with a drain, and concrete parking with drive-through space on a paved and graveled lot. The main office building, approximately 2,500 square feet, includes three private offices, a large executive conference room with a kitchenette/break area, two restrooms, and a concrete fireproof vault room. It features central heating and cooling and a brick-accented facade. The main shop, around 4,000 square feet, is heated with an in-floor radiant system and has oversized power overhead doors (12' x 14') for equipment access. It features steel frame construction with reinforced concrete flooring, a metal-lined interior, and industrial-grade electrical service and lighting. The workman's shop addition, approximately 4,400 square feet, offers additional office space, a meeting room, a restroom, a heated workshop bay, and a large cold storage area. The site also includes reinforced concrete and a graveled rear lot. A communications tower is excluded from the sale.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Southwest Iowa Rural ... Electric Utility Company

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Corning
    County
    Adams
    State
    Iowa
    Longitude
    -94.738693
    Latitude
    41.001216

    FAQs

    What type of property is this?
    Flex space - Commercial property with office, shop, and storage space on 4.1 acres.
    Where is this flex space located?
    The property is located at 1801 Grove Avenue Corning, IA.
    What is the asking price?
    The asking price for this property is $599,000.
    What are key features of this property?
    This property features: Prime commercial property with unmatched visibility directly off Highway 148 on 4.1 acres.; Over 10,000 sq ft of versatile space including finished office and industrial/shop facilities.; **Geothermal HVAC and in‑floor radiant heating throughout the main shop.**
    (515) 205-1407
    We can help!
    Listing Contact
    Jamie McManis
    Jamie McManis
    Real Estate License ID: ***
    Learn More
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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
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