Multi-Suite Retail Strip
For Sale
$975,000
114 Myrtle Street W, Davenport, IA 52802
Multi-suite retail property with pedestrian and vehicle access in an established downtown commercial setting.
Property Size8,780 SF
Days on Market192
Property Features for 114 Myrtle Street W
General Information
Standard status
Active
Size
8,780 SF
Property subtype
Commercial
Additional Details
Asking Price
$975,000
Taxes and HOA fees
Annual Taxes
$37,740
Building Details
Building Size
8,780 SF
Year Built
2014
Stories
1
Units
5
Tenancy
Multi
Listing Agency:
Mel Foster Co. Commercial
(563) 324-4488
Listed By:
Nick Roman · License #S7386000
(563) 324-4488
Source:
Exit2newbeginningz
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 10:51AM
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 Mel Foster Co. Commercial
Investment Insights
Based on property information with market context.
This strip center at 114 Myrtle Street W includes multiple retail suites and was built in 2014. The property provides a combination of pedestrian and vehicle access, with a strong street-facing presence suited to a multi-tenant retail configuration.
The center is located in downtown Davenport within a commercial setting that includes local businesses and restaurants, with residential development also present nearby. Its position in the downtown area places the property amid steady pedestrian activity and convenient access for customers arriving on foot or by vehicle.
The center is located in downtown Davenport within a commercial setting that includes local businesses and restaurants, with residential development also present nearby. Its position in the downtown area places the property amid steady pedestrian activity and convenient access for customers arriving on foot or by vehicle.
Key Highlights
- Multiple retail suites within a strip center configuration
- Built in 2014
- Located in downtown Davenport
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
$84,815
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
8.70%
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%
$1,696,300
$1.7M
Cap Rate 7%
$1,211,643
$1.2M
Cap Rate 9%
$942,389
$942.4K
Market Conditions
NOI Build-Up for 8,780 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
$131.7K $15.00/SF
− Vacancy
−$10.5K −$1.20/SF
EGI
$121.2K $13.80/SF
− OpEx
−$36.3K −$4.14/SF
NOI
$84.8K $9.66/SF
Area
Davenport, IA
Vacancy
8.00%
Lease Rate
$15.00 /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%
$1,696,300
Cap Rate 7%
$1,211,643
Cap Rate 9%
$942,389
Alternative Uses
Best Use
Retail
$1.21M
$1.06M – $1.41M
NOI $84,815 @ 7.0% cap · market cap 8.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,652 @ 7.0% cap · market cap 13.61%
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
690
Businesses Nearby
10k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 62%
Dining 29%
Electronics 9%
Shell
Shops & Services
6,465 visits/mo
0.1 miles
SUBWAY
Dining
3,017 visits/mo
0.1 miles
Metro by T-Mobile
Electronics
912 visits/mo
0.5 miles
Demographics for 52802, IA
9,967
Population
4,379
Households
2.3
Avg Household Size
39
Median Age
8%
College-Educated
84%
High-School Grad
10.4 sq mi
ZIP Area
958
Density / Sq Mi
$50,850
Median Household Income
$31,250
Median Earnings
$978
Median Rent
$84,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Multi-suite retail property with pedestrian and vehicle access in an established downtown commercial setting.
Where is this strip mall located?
The property is located at 114 Myrtle Street W Davenport, IA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Multiple retail suites within a strip center configuration; Built in 2014; Located in downtown Davenport
