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    Prime Downtown Mason City Office Title is generated by Realmo AI

    202 1st Street Unit 151, Mason City, IA 50401

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    Claim this Listing
    For Lease
    $1,000 /Mo

    COMMERCIAL - Other - Mason City, IA

    Added:
    Nov 12, 2025
    Days on Market:
    188
    Last Refresh:
    May 19 at 1:06 pm

    Property Features for 202 1st Street Unit 151

    General Information

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

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Unit #151. For Lease Only

    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

    Listing agent Roger Flieth License #B43478

    Listing office Century 21 Preferred 2800 4th SW Ste 3, Mason City, IA

    Listing date Nov 12, 2025

    MLS# 6333642

    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.

    HighLights

    • Prime downtown location in Mason City with great drive‑by exposure.
    • Fully finished 969 sq ft office suite ready for immediate occupancy.
    • Gross lease includes gas, electric, water, garbage, and common area maintenance.
    • Convenient on‑site parking lot plus ample street parking.
    • ADA accessible building and suite.
    • Flexible office layout with reception area, two private offices, and open workspace.

    Overview

    Located in the heart of downtown Mason City, Petersen Plaza offers prime office space. Unit 151 is a 969 square foot, three-room office suite situated on the main level. The unit is fully finished and ready for occupancy. It is positioned adjacent to the on-site parking lot and features multiple access entrances through the Plaza. The suite includes a large reception area suitable for multiple desks and waiting chairs, two large private offices with closable doors, and a spacious open area for additional desk or filing space. The building and suite are fully ADA accessible. Convenient on-site parking is available, along with generous street parking. The landlord allows approved signage. High-speed wireless communication service is available. The space is suitable for businesses seeking a professional office environment. The monthly rent is $1000, with an annual gross lease of $12000, which includes gas, electric, water, garbage, and maintenance/cleaning of common areas. Communication services are the tenant's expense, with three communication provider options available.
    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 units - 969 SF office suite in downtown Mason City.
    Where is this office units located?
    The property is located at 202 1st Street Unit 151 Mason City, IA.
    What is the lease rate?
    The lease rate is $1,000 /Mo.
    What are key features of this property?
    This property features: Prime downtown location in Mason City with great drive‑by exposure.; Fully finished 969 sq ft office suite ready for immediate occupancy.; Gross lease includes gas, electric, water, garbage, and common area maintenance.
    (641) 420-5635
    We can help!
    Listing Contact
    Roger Flieth
    Roger Flieth
    Real Estate License ID: B43478
    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.

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