Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    119 3Rd St Knoxville, IA 50138

    Sponsored
    For Sale
    $79,900

    High-visibility, versatile commercial space in downtown Knoxville.

    Property size:
    1,200 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    352
    This 1,200 square foot commercial building is ideally situated on the east side of Knoxville's town square, offering exceptional visibility and accessibility. The property boasts C-4 zoning, providing flexibility for a variety of commercial uses. The interior features an open main area, a small upper loft at the rear, and a basement perfect for mechanicals or storage. Recent updates to the building's façade, including work completed in 2023, enhance its curb appeal. A covered/screened rear outdoor area provides additional space. Access to the upper level is via a shared stairway with former apartments, and a shared hallway with an adjoining building. The 0.03-acre lot provides ample space for the building and potential future expansion. Prospective buyers are responsible for conducting due diligence and working with the City of Knoxville to ensure compliance with all future usage requirements. All provided information is based on owner-supplied data and public records. This presents a unique opportunity to acquire a well-maintained commercial property in a thriving downtown location. The combination of its prime location, versatile layout, and recent updates makes this an attractive investment.

    Property Features for 119 3Rd St

    General Information

    Property type
    Other commercial real estate
    Square Feet
    1,200 SF
    Lot Size
    1,307 SF

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Sheryl Chambers

    Learn more

    Property Insight Report
    Property Profile Location Intelligence

    Current Use by Public Records

    Gibson Jewelry Jewelry Store

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Marion
    State
    Iowa
    Longitude
    -93.09617
    Latitude
    41.31833

    Nearby Comparable

    • $699,000
      11,034 SF

      Historic Knoxville Mixed-Use Building

      Remodeled 1920 building with storefronts and apartments in prime location.
      307 E Main St, Knoxville, IA 50138
      View Details
    • $750,000
      0.14 Acres

      Downtown Knoxville Commercial Gem

      Prime Commercial & Residential Investment
      307 Main St, Knoxville, IA 50138
      View Details
    • $315,000
      11,913 SF

      Downtown Knoxville Commercial Gem

      Prime location, 11,913 sq ft, endless potential.
      107 Main St, Knoxville, IA 50138
      View Details
    • $199,000
      3,068 SF

      Prime Knoxville Office Space

      High-visibility office, 3068 sq ft
      112 1St St, Knoxville, IA 50138
      View Details
    • $199,000
      3,068 SF

      Downtown Knoxville Commercial Property

      High-visibility office & land, 3068 sq ft
      112 1St St, Knoxville, IA 50138
      View Details
    • Contact for pricing

      Development Lot Near Highway 5

      Development lot available for build to suit or ground lease.
      1111 S Lincoln St, Knoxville, IA 50138
      View Details
    • $1,750,000
      9,751 SF

      24-Unit Multifamily Investment Opportunity

      High-performing, fully occupied 24-unit complex with strong cash flow.
      1718 Dolores St, Knoxville, IA 50138
      View Details
    • $322,500
      32.25 Acres

      Versatile Land Tract Near Knoxville

      32.25 acres in Marion County, Iowa, near Highway 5.
      Mckimber St, Knoxville, IA 50138
      View Details
    • $229,125
      23.50 Acres

      Scenic Land Ready to Build

      23.5 acre build site near Knoxville, Iowa.
      Tbd Ia-5, Knoxville, IA 50138
      View Details

    Nearby Similar for Sale

    • $1,750,000
      9,751 SF

      24-Unit Multifamily Investment Opportunity

      High-performing, fully occupied 24-unit complex with strong cash flow.
      1718 Dolores St, Knoxville, IA 50138
      View Details
    • $699,000
      11,034 SF

      Historic Knoxville Mixed-Use Building

      Remodeled 1920 building with storefronts and apartments in prime location.
      307 E Main St, Knoxville, IA 50138
      View Details
    • $750,000
      0.14 Acres

      Downtown Knoxville Commercial Gem

      Prime Commercial & Residential Investment
      307 Main St, Knoxville, IA 50138
      View Details
    • $199,000
      3,068 SF

      Prime Knoxville Office Space

      High-visibility office, 3068 sq ft
      112 1St St, Knoxville, IA 50138
      View Details
    • $315,000
      11,913 SF

      Downtown Knoxville Commercial Gem

      Prime location, 11,913 sq ft, endless potential.
      107 Main St, Knoxville, IA 50138
      View Details

    FAQs

    What type of property is this?
    Commercial real estate - High-visibility, versatile commercial space in downtown Knoxville.
    Where is this commercial real estate located?
    The property is located at 119 3Rd St Knoxville, IA.
    What is the asking price?
    The asking price for this property is $79,900.
    (641) 842-2910
    Request Owner's contact information
    119 3Rd St Knoxville, IA 50138
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    119 3Rd St
    Knoxville, IA 50138
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    119 3Rd St Knoxville, IA 50138
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Sheryl Chambers
    (641) 842-2910
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.