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    Downtown Office Space For Lease Title is generated by Realmo AI

    9 2nd NW, Mason City, IA 50401

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    For Lease
    $1.00 SF/Yr $290/Mo (calc)

    SINGLE_FAMILY - MASON CITY, IA

    Type:Office
    Property size:
    3,487 SF
    Added:
    Feb 16, 2026
    Days on Market:
    104
    Last Refresh:
    May 31 at 3:06 pm

    Property Features for 9 2nd NW

    General Information

    Property type
    Residential
    Property subtype
    Office
    Zoning
    Z3 - General Urban Distri
    Standard status
    Active
    Size
    3,487 SF

    Taxes and HOA fees

    Tax Description
    For Lease Only

    Utilities

    Cooling system
    Central Air

    Building Details

    Floors in Building
    3
    Building materials
    Brick Veneer
    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 SUITE #3, Mason City, IA

    Listing date Feb 16, 2026

    MLS# 260088

    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.

    HighLights

    • Full 2nd floor suite offering 3487 sq ft of office space.
    • Located in the Historic Elks Club Building in downtown.
    • Six large offices and a large reception area.
    • Enjoy panoramic views of downtown.
    • Recent major building upgrades including new roof, solar panels, windows and exterior doors, and fire escape stairway.
    • Private entrance to the suite.

    Overview

    The available office space is located at 9 2nd St NW in downtown Mason City, Iowa. The unit occupies the entire 3487 square foot second floor of the historic Elks Club Building. The suite features six large offices and a large reception area, offering panoramic views of the downtown area. A large bathroom is located on the second floor. The suite has a private entrance on the 2nd Street NW side. The building has undergone recent major upgrades, including a new membrane roof, a full array of rooftop solar panels, brand new windows and exterior entrance doors throughout the entire building, and a new fire escape stairway. The building is located in an area zoned Z3 - General Urban District. The property is a historic building where legendary composer and bandmaster Meredith Wilson of The Music Man fame once worked when it was the Vance Music Store. The owner is willing to lease rooms individually.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ely Law Firm Law Firm Deanna Kozlowski, LISW Counselor Child & Adolescent Integrated ... Medical Clinic Avalon Center Adoption Agency Art Lab 9 Art Gallery

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    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
    -93.201318
    Latitude
    43.153469

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    FAQs

    What type of property is this?
    Office units - Spacious office suite in historic building with recent upgrades.
    Where is this office units located?
    The property is located at 9 2nd NW Mason City, IA.
    What is the lease rate?
    The lease rate is $1.00 SF/Yr.
    What are key features of this property?
    This property features: Full 2nd floor suite offering 3487 sq ft of office space.; Located in the Historic Elks Club Building in downtown.; Six large offices and a large reception area.
    (641) 420-5635
    We can help!
    Listing Contact
    ROGER FLIETH
    ROGER FLIETH
    Real Estate License ID: B43478
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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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