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    Leased Retail Storefront Building Title is generated by Realmo AI

    115 E Washington Street, Winterset, IA 50273

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    Claim this Listing
    For Sale
    $775,000

    SINGLE_FAMILY - Winterset, IA

    Type:Office
    Lot size:
    0.40 Acres
    Added:
    Jan 23, 2026
    Days on Market:
    132
    Last Refresh:
    Jun 4 at 12:06 pm

    Property Features for 115 E Washington Street

    General Information

    Property type
    Residential
    Property subtype
    Office
    Zoning
    C
    Standard status
    Active
    APN
    828000125130000
    Lot size
    0.40 Acres

    Taxes and HOA fees

    Tax Description
    LOTS 7 & 8, BLK 25 ORIGINAL (OLD PAMIDA BLDG)
    Tax Annual Amount
    7748

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1960
    Building materials
    Block, Stucco
    Architectural style
    Other

    We can help!

    Listing Contact
    Jeff Longman

    Listing agent Jeff Longman

    Listing office RE/MAX Precision 1951 E 18th Street, Ste. 103, Clive, IA

    Listing date Jan 23, 2026

    MLS# 733213

    Copyright © 2026 Des Moines Area Association 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

    • Fully leased commercial building with three retail tenants
    • Large parking lot with exterior safety/security lighting
    • ADA access and modern signage
    • Year built: 1960; block and stucco construction materials
    • Utilities include public water and public sewer
    • HVAC: forced air heating with natural gas and central air conditioning

    Overview

    This fully leased retail storefront building features three retail tenants and is presented as being in great condition. The property includes a large parking lot for customer access, exterior safety and security lighting, ADA access, and modern signage intended to support retail visibility. With multiple tenants in place, the building is set up for an investor or owner-operator seeking income-producing retail occupancy.

    Located at 115 E Washington Street in Winterset, Iowa, the building is positioned across the street from the John Wayne Birthplace & Museum and about one block from the historic town square. The listing also notes high traffic and visibility, supported by the building’s exterior presence and signage.

    For tenants and buyers, the practical value here is straightforward: established retail occupancy with ADA-accessible entry and ample parking, paired with a nearby draw from the John Wayne museum and the activity around the historic town square. Prospective purchasers are directed to request P&L statements from the listing agent, and additional marketing details are available through agent remarks.
    Property Profile Location Intelligence

    Current Use by Public Records

    Genesis Development Charitable Organization Lumberjack Design Co. (Bike/Boat/Book/etc) Store Family Directions of Iowa Counselor

    Suggested Use

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

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

    Similar Places Nearby

    • Rhapsody Rose Floral — 109 S John Wayne Dr, Winterset, IA 50273
    • Evergreen & Lily Floral Studio — 1001 E Court Ave, Winterset, IA 50273

    Location Insight

    • Map
    • Local Demand
    City
    Winterset
    County
    Madison
    State
    Iowa
    Longitude
    -94.012518
    Latitude
    41.333752

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    FAQs

    What type of property is this?
    Storefront property - Fully leased storefront building with ADA access, modern signage, and a large parking lot.
    Where is this storefront property located?
    The property is located at 115 E Washington Street Winterset, IA.
    What is the asking price?
    The asking price for this property is $775,000.
    What are key features of this property?
    This property features: Fully leased commercial building with three retail tenants; Large parking lot with exterior safety/security lighting; ADA access and modern signage
    (319) 430-5523
    We can help!
    Listing Contact
    Jeff Longman
    Request Owner's contact information
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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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