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    Prime Decorah Office Space Title is generated by Realmo AI

    909 S Mechanic Street, Decorah, IA 52101

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    Claim this Listing
    For Lease
    $2,000/Mo $8 SF/Yr (calc)

    COMMERCIAL - Decorah, IA

    Type:Office
    Property size:
    2,748 SF
    Lot size:
    0.32 Acres
    Added:
    Apr 20, 2026
    Days on Market:
    26
    Last Refresh:
    May 15 at 2:06 pm

    Property Features for 909 S Mechanic Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Zoning
    C-1
    Standard status
    Active
    APN
    112125100400
    Size
    2,748 SF
    Lot size
    0.32 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    LOTS 1,2 & 3 BLK 3 PAINE & O'CONNOR; LOT U1 SW NE;LOT U-2 EXC LOT 1 IN LOT U-2
    Tax Annual Amount
    6780

    Building Details

    Year built
    1988

    We can help!

    Listing Contact
    Joan Rollins
    Joan Rollins

    Listing agent Joan Rollins License #B39150

    Listing office AJ Realty, Inc. PO Box 290, IA

    Listing date Apr 20, 2026

    MLS# 20261642

    Copyright © 2026 Northeast Iowa Regional 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.

    Overview

    Located on the south side of Decorah, Iowa, at the corner of Short Street and Mechanic Street, this commercial space offers high visibility and traffic. The front portion of the building provides approximately 2,748 square feet of space suitable for office use, but can be split for smaller size of 1,088 SF. There are 6 designated parking spots in an on-site lot. A large exterior pole sign is available for business branding. The space is available immediately and includes separate heating and cooling, plus a 1/2 bath. The tenant is responsible for all utilities and building sidewalk snow removal. The property is located just off Highway 9, making it easily accessible. The lot size is 0.32 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    American HomePatient Oxygen Equipment Supplier Sogo Snacks Butcher

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Decorah
    County
    Winneshiek
    State
    Iowa
    Longitude
    -91.79105
    Latitude
    43.294862

    Nearby Similar for Lease

    • $1.00 SF/Yr

      Decorah Office/Retail Space Available

      Move-in ready office or retail space in Decorah, Iowa.
      806 Commerce Drive, Decorah, IA 52101
      View Details
    • $1.00 SF/Yr

      Decorah Commercial Space For Rent

      Multi-use commercial space in high-traffic Decorah location.
      1111 Montgomery Street, Decorah, IA 52101
      View Details

    FAQs

    What type of property is this?
    Office units - High-visibility office space for lease in Decorah, Iowa.
    Where is this office units located?
    The property is located at 909 S Mechanic Street Decorah, IA.
    What is the lease rate?
    The lease rate is $2,000 /Mo.
    (563) 380-5364
    We can help!
    Listing Contact
    Joan Rollins
    Joan Rollins
    Real Estate License ID: B39150
    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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