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    The Largest CRE Database in the US with Over 1 Million Listings

    815 N 40Th St Clear Lake, IA 50428

    Sponsored
    For Sale
    $649,905

    Raised Ranch, FARM ACREAGE - CLEAR LAKE, IA

    Type:Farm
    Property size:
    3,136 SF
    Lot size:
    11.91 Acres
    Days on Market:
    11
    Last Refresh:
    Feb 12 at 4:06 pm

    Property Features for 815 N 40Th St

    General Information

    Property type
    Farm
    Property subtype
    Farm
    Standard status
    Active
    Zoning
    I-L/LGT INDUST
    Rooms
    Basement, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Family Room, Kitchen, Living Room
    Bedrooms
    5
    APN
    3 parcels see agent rmrks
    Parking
    3
    Parking features
    Oversized
    Patio and Porch features
    Patio, Deck
    Interior features
    Cathedral Ceiling, Ceiling Fans, Walk-in Closet, Wet Bar
    Exterior features
    Dog Run, Fenced Yard, Storage Shed, Waterfront, Patio, Deck
    Fencing
    Fenced
    Fireplace
    1
    Basement Y/N
    1
    Appliances
    Dishwasher, Garbage Disposer, Microwave, Range, Range - Gas, Washer
    Size
    3,136 SF
    Lot size
    11.91 Acres

    Utilities

    Heating system
    Fireplace(s), Forced Air, Propane (Heating)
    Cooling system
    Central Air
    Water front features
    Waterfront
    Water front
    1

    Building Details

    Year built
    2007
    Building materials
    Vinyl Siding
    Roof type
    Asphalt
    Architectural style
    Ranch
    Additional Structures
    Kennel/Dog Run, Packing Shed, Shed(s), Storage

    We can help!

    Listing Contact
    Dodie Wilkins
    Dodie Wilkins

    CENTURY 21 Preferred (641) 424-9400

    Listing agent DODIE WILKINS (641) 424-9400

    Listing date Feb 2, 2026

    MLS# 250769 Listing URL

    Copyright © 2026 Greater Mason City Board of Realtors. 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

    Kennel and Ranch on Acreage

    This property offers a unique opportunity with acreage and a fully set up kennel in a picturesque setting with views of a pond. The ranch-style home features a newer kitchen equipped with kitchen appliances, quartz countertops, and an island. The open floor plan includes a walk-out deck and lower level. A stone fireplace provides warmth. The lower level has 2 additional bedrooms, an office, and a family room with newly completed epoxy flooring with a transferable warranty. There is abundant storage throughout the home. Geothermal heating is installed. The property is set up for immediate business use, with the seller stating it is licensing eligible. The kennel includes 24 large and 8 medium indoor/outdoor kennels, 4 private suites, all heated and air-conditioned, and equipment. The buildings are in good condition, and 4 portable kennels and 4 sheds are included. There is also a 1-bedroom apartment upstairs. The property is located close to town on a hard surface road and includes 3 parcels. The property contains 3,136 square feet and sits on 11.91 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Day care centers

    Suggested Use

    Restaurant Building Supply Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Kitchen & Bath Showroom Auto Parts Store Bar & Pub Storage Facility Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Clear Lake
    County
    Cerro Gordo
    State
    Iowa
    Longitude
    -93.34127
    Latitude
    43.142365

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    FAQs

    What type of property is this?
    Day care center - Acreage with kennel, ranch, and apartment near town.
    Where is this day care center located?
    The property is located at 815 N 40Th St Clear Lake, IA.
    What is the asking price?
    The asking price for this property is $649,905.
    What are key features of this property?
    This property features: - Fully equipped and licensed-eligible kennel with indoor/outdoor runs, private suites, and included equipment, ready for immediate business operation.; - Acreage property with a picturesque setting on a beautiful pond and gorgeous views.; - Ranch-style home with a newer kitchen featuring quartz countertops, an amazing island, and included appliances.
    (641) 425-9852
    Request Owner's contact information
    815 N 40Th St Clear Lake, IA 50428
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    Clear Lake, IA 50428
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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
    815 N 40Th St Clear Lake, IA 50428
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    We can help!
    Listing Contact
    Dodie Wilkins
    Dodie Wilkins
    Real Estate License ID: ***
    (641) 425-9852 (641) 424-9400
    Learn more
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