Mixed-Use Plaza
For Sale
$730,000
10 1st SE, Mason City, IA 50401
COMMERCIAL/INDUSTRIAL, 1 Story, MASON CITY, IA
Property Size4,554 SF
Price / SF$160.30
Days on Market698
Property Features for 10 1st SE
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Southeast
Standard status
Active
Size
4,554 SF
Taxes and HOA fees
Tax Year
2023
Tax Description
long see agent remarks
Tax Annual Amount
3330
Legal Description
long see agent remarks
Utilities
Cooling system
Central Air
Building Details
Year built
1978
Floors in Building
1
Building materials
Block
Architectural style
Other
Listing Agency:
HILDEBRAND REAL ESTATE
(641) 423-5055
Listed By:
TIMOTHY LATHAM · License #S44162
(641) 425-0363
Added: Oct 30, 2024
Changed: Aug 19
Last Checked: Sep 27 at 3:06PM
MLS# 240777
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.
Investment Insights
Based on property information with market context.
This offering combines six parcels totaling 4,554 square feet in a mixed-use commercial configuration. The portfolio includes storefronts facing the plaza, select apartments above the retail spaces, and two additional stores opening toward the mall entrance. Those mall-facing spaces have long-term tenants. The buildings were constructed in 1978 with block construction and central air conditioning.
The property is located at 10 1st SE in Mason City, Iowa, within a plaza that includes the Frank Lloyd Wright Hotel, restaurants, entertainment venues, and several small businesses. Roof replacements are noted for 9 S Federal, 11 S Federal, and 10 1st SE. The package is suited to an owner seeking a combination of retail, apartment, and leased commercial space.
The property is located at 10 1st SE in Mason City, Iowa, within a plaza that includes the Frank Lloyd Wright Hotel, restaurants, entertainment venues, and several small businesses. Roof replacements are noted for 9 S Federal, 11 S Federal, and 10 1st SE. The package is suited to an owner seeking a combination of retail, apartment, and leased commercial space.
Key Highlights
- Six‑parcel mixed‑use package totaling 4,554 square feet
- Storefronts front the plaza, with apartments above some retail spaces
- Two stores open to the mall entrance and have long‑term tenants
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,193
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.82%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$703,860
$703.9K
Cap Rate 7%
$502,757
$502.8K
Cap Rate 9%
$391,033
$391.0K
Market Conditions
NOI Build-Up for 4,554 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$54.6K $12.00/SF
− Vacancy
−$4.4K −$0.96/SF
EGI
$50.3K $11.04/SF
− OpEx
−$15.1K −$3.31/SF
NOI
$35.2K $7.73/SF
Area
Cerro Gordo County, IA
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$703,860
Cap Rate 7%
$502,757
Cap Rate 9%
$391,033
Alternative Uses
Best Use
Retail
$502.8K
$439.9K – $586.6K
NOI $35,193 @ 7.0% cap · market cap 4.82%
Second Best
Mixed Use
$439.1K
$384.3K – $512.3K
NOI $30,740 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$1.14M
$1.00M – $1.33M
NOI $80,022 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,083
Businesses Nearby
Explore this area
Business Placement
Demographics for 50401, IA
28,981
Population
14,746
Households
2
Avg Household Size
43
Median Age
22%
College-Educated
94%
High-School Grad
148.2 sq mi
ZIP Area
196
Density / Sq Mi
$63,807
Median Household Income
$38,929
Median Earnings
$868
Median Rent
$134,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Six parcels combine storefronts, upper-level apartments, and mall-facing retail spaces in a central Mason City commercial setting.
Where is this mixed-use property located?
The property is located at 10 1st SE Mason City, IA.
What is the asking price?
The asking price for this property is $730,000.
What are key features of this property?
This property features: Six‑parcel mixed‑use package totaling 4,554 square feet; Storefronts front the plaza, with apartments above some retail spaces; Two stores open to the mall entrance and have long‑term tenants
