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    202 1St St SE, Unit 201 Mason City, IA 50401

    Sponsored
    For Lease
    $1,750 /Mo

    COMMERCIAL - Other - Mason City, IA

    Property size:
    1,529 SF
    Days on Market:
    3
    Last Refresh:
    Feb 26 at 1:06 pm

    Property Features for 202 1St St SE

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Business/Commercial
    APN
    071015300300
    Parking features
    Assigned
    Accessibility
    Accessible Approach with Ramp
    Size
    1,529 SF

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1925
    Number of units
    1
    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    Roger Flieth
    Roger Flieth

    Century 21 Preferred (641) 424-9400

    Listing agent Roger Flieth (641) 424-9400

    Listing date Feb 24, 2026

    MLS# 6335771

    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.

    Learn more

    Property Insight Report

    Overview

    Downtown Mason City Office Space

    Located in downtown Mason City, Petersen Plaza offers prime office space. Unit 201 is a 1529 square foot, 6-room office suite situated on the second level. The suite and building are fully ADA accessible, with elevator access. The unit is move-in ready and features a large reception area and five private offices with closable doors. One of the offices is conference room size. Each office has exterior windows, providing an open feel and views. On-site parking is available, along with street parking. The landlord allows approved signage. High-speed wireless communication service is available. The property is located in a professional office environment. The space is suitable for business and commercial use. The gross lease is $21,000 annually, at $1750 per month, and includes gas, electric, water, garbage, and maintenance/cleaning of common areas. Communication services are the tenant's expense, with two provider options available. The property has great drive-by exposure.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Excel Business Solutions ... Computer & Electronic Repair Access Systems Big Box & Wholesale Store Beltone Hearing Centers Hearing Aid Store Sawyer Agency Insurance Agency Legal Aid-Iowa Law Firm

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Mason City
    County
    Cerro Gordo
    State
    Iowa
    Longitude
    -93.197548
    Latitude
    43.151198

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    FAQs

    What type of property is this?
    Office space - Prime, fully finished office suite in downtown Mason City.
    Where is this office space located?
    The property is located at 202 1St St SE, Unit 201 Mason City, IA.
    What are key features of this property?
    This property features: - Prime downtown location in Mason City with great drive-by exposure and signage options.; - Fully finished, 1529 sq ft office suite with 6 rooms (5 private offices, 1 conference room size) ready for immediate occupancy.; - Gross Lease includes Gas, Electric, Water, Garbage, and Common Area maintenance/cleaning.
    (641) 420-5635
    Request Owner's contact information
    202 1St St SE, Unit 201 Mason City, IA 50401
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    Mason City, IA 50401
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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
    202 1St St SE, Unit 201 Mason City, IA 50401
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    We can help!
    Listing Contact
    Roger Flieth
    Roger Flieth
    Real Estate License ID: B43478
    (641) 420-5635 (641) 424-9400
    Learn more
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