Street-Level Retail/Office Condo
For Sale
$899,140
120 W Main Street 1&2, Solon, IA 52333
Newly built street-level unit in a mixed-use condo with modern finishes, suited for retail, office, or service use.
Property Size3,470 SF
Price / SF$259.12
Days on Market432
Property Features for 120 W Main Street 1&2
General Information
Standard status
Active
Size
3,470 SF
Property subtype
Commercial
Zoning
C-R
Taxes and HOA fees
Annual Taxes
$24,593
Amenities
Concrete
Yes
1
No
Building
Public
0.17
.17 Acre
Building Details
Year Built
2020
Stories
1
Listing Agency:
SATTLER REALTY
(319) 981-2378
Listed By:
Kyle Steele
(319) 981-2378
Source:
Pinnaclerealtyia
Added: Jun 18, 2025
Changed: Aug 23
Last Checked: Aug 23 at 2:58AM
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 SATTLER REALTY
Investment Insights
Based on property information with market context.
Unit 2 at 120 W Main St is a newly built, street-level commercial condo unit within a mixed-use building. The space is designed with modern finishes and offers a flexible storefront layout appropriate for retail, office, or service users. The unit is available for lease on a NNN basis.
The property is positioned in downtown Solon and features a residential condo above the commercial level. This mixed-use configuration supports a consistent presence of daytime and evening activity generated by the building’s dual uses. Unit 2 may also be purchased together with Unit 1, which provides additional leased income-producing space.
For tenants, Unit 2’s street-level configuration and contemporary interior finishes make it a straightforward fit for businesses seeking a visible, customer-facing space. For owner-users or investors, Unit 2 can be acquired separately for sale, or combined with Unit 1 to create a larger portfolio within the same condo building. Please note that Unit 1 is not available for lease and can only be sold together with Unit 2. A residential condo is located above the commercial units.
The property is positioned in downtown Solon and features a residential condo above the commercial level. This mixed-use configuration supports a consistent presence of daytime and evening activity generated by the building’s dual uses. Unit 2 may also be purchased together with Unit 1, which provides additional leased income-producing space.
For tenants, Unit 2’s street-level configuration and contemporary interior finishes make it a straightforward fit for businesses seeking a visible, customer-facing space. For owner-users or investors, Unit 2 can be acquired separately for sale, or combined with Unit 1 to create a larger portfolio within the same condo building. Please note that Unit 1 is not available for lease and can only be sold together with Unit 2. A residential condo is located above the commercial units.
Key Highlights
- 2,041 SF street‑level commercial unit (Unit 2) in a mixed‑use condo building at 120 W Main St, downtown Solon
- Built in 2020; 1‑story unit with concrete flooring, heating and A/C
- Leased option: $19.95/SF NNN with operating expenses of $8.85/SF
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
$32,879
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
3.66%
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%
$657,580
$657.6K
Cap Rate 7%
$469,700
$469.7K
Cap Rate 9%
$365,322
$365.3K
Market Conditions
NOI Build-Up for 3,470 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
$50.0K $14.40/SF
− Vacancy
−$3.0K −$0.86/SF
EGI
$47.0K $13.54/SF
− OpEx
−$14.1K −$4.06/SF
NOI
$32.9K $9.48/SF
Area
Johnson County, IA
Vacancy
6.00%
Lease Rate
$14.40 /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%
$657,580
Cap Rate 7%
$469,700
Cap Rate 9%
$365,322
Alternative Uses
Best Use
Retail
$469.7K
$411.0K – $548.0K
NOI $32,879 @ 7.0% cap · market cap 3.66%
Second Best
Mixed Use
$380.3K
$332.8K – $443.7K
NOI $26,624 @ 7.0% cap · market cap 2.96%
Theoretical Best
Office A
$753.8K
$659.6K – $879.4K
NOI $52,766 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
Explore this area
Business Placement
Demographics for 52333, IA
7,312
Population
2,949
Households
2.5
Avg Household Size
43
Median Age
43%
College-Educated
98%
High-School Grad
85.6 sq mi
ZIP Area
85
Density / Sq Mi
$113,917
Median Household Income
$48,555
Median Earnings
$1,202
Median Rent
$347,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Newly built street-level unit in a mixed-use condo with modern finishes, suited for retail, office, or service use.
Where is this mixed-use property located?
The property is located at 120 W Main Street 1&2 Solon, IA.
What is the asking price?
The asking price for this property is $899,140.
What are key features of this property?
This property features: 2,041 SF street‑level commercial unit (Unit 2) in a mixed‑use condo building at 120 W Main St, downtown Solon; Built in 2020; 1‑story unit with concrete flooring, heating and A/C; Leased option: $19.95/SF NNN with operating expenses of $8.85/SF
