Two-Story Brick Mixed-Use
For Sale
$389,900
12 N 4th St, Clear Lake, IA 50428
Downtown commercial property combines flexible business space with an upstairs apartment and unfinished storage area.
Property Size4,036 SF
Price / SF$96.61
Days on Market282
Property Features for 12 N 4th St
General Information
Standard status
Active
Size
4,036 SF
Property subtype
Commercial
Additional Details
Road Access
Yes
Amenities
conference room
reception area
zoned hvac
efficiency apartment
Building Details
Year Built
1920
Buildings
1
Stories
2
Construction
brick
Listing Agency:
RE/MAX Results
(515) 988-3726
Listed By:
Matt Grohe (515) 988-3726 · License #S43998000
Source:
Desmoineshomesforsale
Added: Nov 21, 2025
Changed: Aug 30
Last Checked: Aug 25 at 6:05AM
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 Results
Investment Insights
Based on property information with market context.
Built in 1920, this two-story brick mixed-use property provides 4,036 square feet across a retail and office configuration. The main level includes open workspace, a conference room, reception area, four offices, two restrooms, and zoned HVAC. An unfinished lower level offers additional storage capacity.
The second floor contains a 2-bedroom, 1-bath efficiency apartment with loft-style ceilings and views over downtown Clear Lake. The property has a primary entrance on N 4th St along with an alley access point to the north, supporting separate movement through the building. Apartment showings require 24-hour notice.
The second floor contains a 2-bedroom, 1-bath efficiency apartment with loft-style ceilings and views over downtown Clear Lake. The property has a primary entrance on N 4th St along with an alley access point to the north, supporting separate movement through the building. Apartment showings require 24-hour notice.
Key Highlights
- 4,036‑square‑foot mixed‑use building constructed in 1920
- Two‑story brick construction in downtown Clear Lake
- Main level includes open space, conference room, reception, four offices, and two restrooms
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
$31,190
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
8.00%
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%
$623,800
$623.8K
Cap Rate 7%
$445,571
$445.6K
Cap Rate 9%
$346,556
$346.6K
Market Conditions
NOI Build-Up for 4,036 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
$48.4K $12.00/SF
− Vacancy
−$3.9K −$0.96/SF
EGI
$44.6K $11.04/SF
− OpEx
−$13.4K −$3.31/SF
NOI
$31.2K $7.73/SF
Area
Cerro Gordo County, IA
Vacancy
8.00%
Lease Rate
$12.00 /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%
$623,800
Cap Rate 7%
$445,571
Cap Rate 9%
$346,556
Alternative Uses
Best Use
Office B
$743.3K
$650.4K – $867.2K
NOI $52,032 @ 7.0% cap · market cap 13.34%
Second Best
Retail
$445.6K
$389.9K – $519.8K
NOI $31,190 @ 7.0% cap · market cap 8.00%
Theoretical Best
Office A
$1.01M
$886.5K – $1.18M
NOI $70,920 @ 7.0% cap · market cap 18.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
Explore this area
Business Placement
Demographics for 50428, IA
9,290
Population
5,630
Households
1.7
Avg Household Size
50
Median Age
32%
College-Educated
97%
High-School Grad
117.3 sq mi
ZIP Area
79
Density / Sq Mi
$72,932
Median Household Income
$42,235
Median Earnings
$769
Median Rent
$253,900
Median Home Value
Market
Vacancy Rate% for Office 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?
Mixed-use property - Downtown commercial property combines flexible business space with an upstairs apartment and unfinished storage area.
Where is this mixed-use property located?
The property is located at 12 N 4th St Clear Lake, IA.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: 4,036‑square‑foot mixed‑use building constructed in 1920; Two‑story brick construction in downtown Clear Lake; Main level includes open space, conference room, reception, four offices, and two restrooms
