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    Downtown Mixed-Use Quadplex Title is generated by Realmo AI

    1026 8th Street, Boone, IA 50036

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    Claim this Listing
    New
    For Sale
    $119,900

    COMMERCIAL - Boone, IA

    Property size:
    3,125 SF
    Lot size:
    0.07 Acres
    Price / SF:
    $38/SF
    Added:
    Jun 2, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 2 at 3:06 pm

    Property Features for 1026 8th Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial/mult
    Standard status
    Active
    APN
    088426281182037
    Size
    3,125 SF
    Lot size
    0.07 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1540

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas, Electric (Heating)
    Cooling system
    Central Air, Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1903
    Floors in Building
    2
    Flooring type
    Carpet, Vinyl
    Building materials
    Concrete
    Roof type
    Flat

    We can help!

    Listing Contact
    Emily Graeve
    Emily Graeve

    Listing agent Emily Graeve License #B42755

    Listing office RE/MAX Generations 814 8th St., Boone, IA

    Listing date Jun 2, 2026

    MLS# 70344

    Copyright © 2026 Central Iowa Board of Realtors, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Building built in 1903 with concrete construction materials and a flat roof
    • 4 apartments total: 3 units upstairs and 1 main‑floor unit
    • Main‑floor commercial space has 2 entry doors and could be divided into 2 spaces
    • Back main‑floor unit has its own exterior entrance and deck
    • Property is on well‑traveled 8th Street in Downtown Boone, across from Hy Vee
    • Utilities include public water and public sewer; heating is forced air with natural gas and electric heating

    Overview

    This mixed-use quadplex includes four apartments configured as three units upstairs and one main-floor unit, along with main-floor commercial space. The commercial area features two entry doors and offers the potential to be divided into two separate spaces. The back main-floor unit has its own exterior entrance and deck, adding privacy and convenience. Additional amenities include a rear parking area to support tenants and visitors.

    The property is located on well-traveled 8th Street in downtown Boone, directly across the street from Hy Vee. This positioning provides strong visibility and straightforward access for daily use, with the rear of the building supporting off-street parking.

    For investors or owner-operators, the combination of residential and commercial income can help diversify occupancy across unit types. The main-floor commercial layout is well suited for a variety of retail or service concepts that benefit from street-level access, while the upstairs apartment units provide additional rental inventory in a central downtown setting.
    Property Profile Location Intelligence

    Current Use by Public Records

    Sound Shoppe Electronics & Wireless Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Boone
    County
    Boone
    State
    Iowa
    Longitude
    -93.877068
    Latitude
    42.063495

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    FAQs

    What type of property is this?
    Quadplex - Downtown Boone building combines apartments with a main-floor commercial space and rear parking for flexible rental income.
    Where is this quadplex located?
    The property is located at 1026 8th Street Boone, IA.
    What is the asking price?
    The asking price for this property is $119,900.
    What are key features of this property?
    This property features: Building built in 1903 with concrete construction materials and a flat roof; 4 apartments total: 3 units upstairs and 1 main‑floor unit; Main‑floor commercial space has 2 entry doors and could be divided into 2 spaces
    (515) 433-2004
    We can help!
    Listing Contact
    Emily Graeve
    Emily Graeve
    Real Estate License ID: B42755
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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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