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    Versatile Commercial Space in Manchester Title is generated by Realmo AI

    107 S Franklin St, Manchester, IA 52057

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    For Sale
    $425,000

    COMMERCIAL - Manchester, IA

    Property size:
    14,850 SF
    Lot size:
    0.39 Acres
    Price / SF:
    $28/SF
    Added:
    Sep 26, 2025
    Days on Market:
    235
    Last Refresh:
    May 18 at 9:06 am

    Property Features for 107 S Franklin St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Comm
    Rooms
    Basement
    Standard status
    Active
    APN
    631321100800
    Size
    14,850 SF
    Lot size
    0.39 Acres

    Taxes and HOA fees

    Tax Description
    SUB LOTS 146 & 197 LTS 4 & 5
    Tax Annual Amount
    10329

    Building Details

    Year built
    1900
    Flooring type
    Carpet, Wood
    Building materials
    Concrete Block
    Roof type
    Membrane

    We can help!

    Listing Contact
    Tyler Lautke

    Listing agent Tyler Lautke

    Listing office Realty87 5414 BLAIRS FOREST WAY NE, Cedar Rapids, IA

    Listing date Sep 26, 2025

    MLS# 2508109

    Copyright © 2026 Cedar Rapids Area Association 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.

    HighLights

    • Prime downtown location on a main strip with high traffic and visibility
    • Large space with nearly 15,000 sqft above grade, offering versatile possibilities
    • Rich history with only 4 owners since 1900
    • Downstairs storage and former youth center with handicap accessibility
    • Upstairs space ready for renovation into apartments, retail, or other uses
    • Durable concrete block construction and membrane roof

    Overview

    This commercial property, with a history of only four owners since 1900, offers prime visibility in Manchester, Iowa. Situated on a main downtown strip en route to a popular grocery store and white water tourist attraction, the location benefits from built-in traffic and visibility. The property, formerly a pharmacy, drug store, and 50's ice cream parlor, presents a versatile space for realizing various business dreams. The above-grade area encompasses nearly 15,000 square feet, offering possibilities for retail ventures or creative uses. The downstairs area provides warehousing storage and a former youth center with handicap accessibility. The upstairs space is ready for potential apartments, additional retail space, or a dance hall. The 0.39-acre lot is located in Delaware County. This property is zoned for commercial use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    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
    Manchester
    County
    Delaware
    State
    Iowa
    Longitude
    -91.458023
    Latitude
    42.4836018

    Nearby Similar for Sale

    • $139,000
      2,090 SF

      Manchester Iowa Duplex For Sale

      Duplex in Manchester, Iowa with long-term tenants.
      312 S Brewer Street, Manchester, IA 52057-0000
      View Details
    • $489,900
      15,000 SF

      Versatile Historic Manchester Building

      Prime downtown location with retail, warehousing, and residential potential.
      107 S Franklin St, Manchester, IA, 52057-2102
      View Details

    FAQs

    What type of property is this?
    Retail space - Historic commercial building with retail, storage, and residential potential.
    Where is this retail space located?
    The property is located at 107 S Franklin St Manchester, IA.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: Prime downtown location on a main strip with high traffic and visibility; Large space with nearly 15,000 sqft above grade, offering versatile possibilities; Rich history with only 4 owners since 1900
    (319) 367-8760
    We can help!
    Listing Contact
    Tyler Lautke
    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.

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