Mixed-Use Buildings with
For Sale
$815,000
112 & 116 E Court Ave, Winterset, IA 50273
Two addresses offer leased commercial space, residential apartments, and a rear warehouse used for storage.
Property Size4,524 SF
Price / SF$180.15
Days on Market281
Property Features for 112 & 116 E Court Ave
General Information
Standard status
Active
Size
4,524 SF
Property subtype
Commercial
Additional Details
Multifamily Units
5
Building Details
Year Built
1894
Buildings
3
Tenancy
Multi
Listing Agency:
RE/MAX Precision
Listed By:
Jeff Longman (319) 430-5523 · License #S71773000
(319) 430-5523
Source:
Desmoineshomesforsale
Added: Jan 9
Changed: Oct 1
Last Checked: Oct 16 at 9:18AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Precision
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Investment Insights
Based on property information with market context.
The offering comprises two mixed-use buildings at 112 and 116 E Court Ave, with three commercial tenants occupying the first floor and five residential apartments on the second floor. A one-story warehouse on the south side provides additional space that has been used for storage. The buildings contain 1,540 SF at 112 E Court Ave and 4,524 SF at 116 E Court Ave. Construction dates are 1871 and 1894, respectively.
The properties sit across from Winterset’s historic town square, within the county seat of Madison County. The surrounding community is associated with covered bridges, John Wayne’s birthplace, scenic byways, holiday festivals, and an active local business community. Winterset has a population of 5,421, while Madison County has 17,161 residents.
The properties sit across from Winterset’s historic town square, within the county seat of Madison County. The surrounding community is associated with covered bridges, John Wayne’s birthplace, scenic byways, holiday festivals, and an active local business community. Winterset has a population of 5,421, while Madison County has 17,161 residents.
Key Highlights
- Three commercial tenants on the first floor and five residential apartments upstairs
- 1,540 SF building at 112 E Court Ave, built 1871
- 4,524 SF building at 116 E Court Ave, built 1894
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$60,209
Cap Rate
7.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,204,180
$1.2M
Cap Rate 7%
$860,129
$860.1K
Cap Rate 9%
$668,989
$669.0K
Market Conditions
NOI Build-Up for 4,524 SF
Gross rent
$105.9K $23.40/SF
− Vacancy
−$9.5K −$2.11/SF
EGI
$96.3K $21.29/SF
− OpEx
−$36.1K −$7.99/SF
NOI
$60.2K $13.31/SF
Area
Madison County, IA
Vacancy
9.00%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,204,180
Cap Rate 7%
$860,129
Cap Rate 9%
$668,989
Alternative Uses
Best Use
Warehouse
$3.64M
$3.19M – $4.25M
NOI $254,996 @ 7.0% cap · market cap 31.29%
Second Best
Mixed Use
$860.1K
$752.6K – $1.00M
NOI $60,209 @ 7.0% cap · market cap 7.39%
Theoretical Best
Flex RnD
$4.35M
$3.81M – $5.08M
NOI $304,845 @ 7.0% cap · market cap 37.40%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
533
Businesses Nearby
Explore this area
Business Placement
Demographics for 50273, IA
8,570
Population
3,927
Households
2.2
Avg Household Size
41
Median Age
25%
College-Educated
96%
High-School Grad
195.2 sq mi
ZIP Area
44
Density / Sq Mi
$80,018
Median Household Income
$48,149
Median Earnings
$948
Median Rent
$216,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two addresses offer leased commercial space, residential apartments, and a rear warehouse used for storage.
Where is this mixed-use property located?
The property is located at 112 & 116 E Court Ave Winterset, IA.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: Three commercial tenants on the first floor and five residential apartments upstairs; 1,540 SF building at 112 E Court Ave, built 1871; 4,524 SF building at 116 E Court Ave, built 1894
