Multi-Tenant Office
New
For Sale
$950,000
101 S Delaware, Mason City, IA 50401
COMMERCIAL/INDUSTRIAL, 1 Story, MASON CITY, IA
Property Size8,375 SF
Price / SF$113.43
Days on Market2
Property Features for 101 S Delaware
General Information
Property type
Residential
Property subtype
Office
Zoning
Z5 - Central Business Dis
Subdivision
Southeast
Standard status
Active
Size
8,375 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Long see agent remarks
Tax Annual Amount
13206
Legal Description
Long see agent remarks
Utilities
Cooling system
Central Air
Building Details
Year built
1917
Floors in Building
1
Building materials
Block, Brick Veneer, Wood
Roof type
Rubber
Architectural style
Other
Listing Agency:
HILDEBRAND REAL ESTATE
(641) 423-5055
Listed By:
TIMOTHY LATHAM · License #S44162
(641) 425-0363
Added: Aug 26
Last Checked: Aug 27 at 5:06AM
MLS# 260649
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 8,375-square-foot office building in downtown Mason City contains multiple office and retail units within a one-story structure. The property dates to 1917 and uses block, brick veneer, and wood construction. Central air is in place, with new central air serving the two southern units. The rubber roof was completed in 2019.
The building is located across from Southbridge Mall and the Home2 Suites by Hilton hotel, which is identified as opening soon. Zoning is Z5 - Central Business Dis, supporting the property’s central-business-district setting. The combination of office and retail occupancy provides a varied commercial configuration within a single building.
The building is located across from Southbridge Mall and the Home2 Suites by Hilton hotel, which is identified as opening soon. Zoning is Z5 - Central Business Dis, supporting the property’s central-business-district setting. The combination of office and retail occupancy provides a varied commercial configuration within a single building.
Key Highlights
- 8,375‑square‑foot multi‑tenant office and retail building
- Z5 - Central Business Dis zoning
- Rubber roof completed in 2019
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
$64,722
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
6.81%
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%
$1,294,440
$1.3M
Cap Rate 7%
$924,600
$924.6K
Cap Rate 9%
$719,133
$719.1K
Market Conditions
NOI Build-Up for 8,375 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
$100.5K $12.00/SF
− Vacancy
−$8.0K −$0.96/SF
EGI
$92.5K $11.04/SF
− OpEx
−$27.7K −$3.31/SF
NOI
$64.7K $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%
$1,294,440
Cap Rate 7%
$924,600
Cap Rate 9%
$719,133
Alternative Uses
Best Use
Office B
$1.54M
$1.35M – $1.80M
NOI $107,970 @ 7.0% cap · market cap 11.37%
Second Best
Retail
$924.6K
$809.0K – $1.08M
NOI $64,722 @ 7.0% cap · market cap 6.81%
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $147,164 @ 7.0% cap · market cap 15.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,137
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Downtown office and retail property with central air serving the two southern units.
Where is this office building located?
The property is located at 101 S Delaware Mason City, IA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 8,375‑square‑foot multi‑tenant office and retail building; Z5 - Central Business Dis zoning; Rubber roof completed in 2019
