Street-Level Mixed-Use
For Sale
$899,140
120 W Main Street Unit 1&2, Solon, IA 52333
Modern commercial condominium offering retail, office, and service-use flexibility in a downtown setting.
Property Size3,470 SF
Price / SF$259.12
Days on Market452
Property Features for 120 W Main Street Unit 1&2
General Information
Standard status
Active
Size
3,470 SF
Property subtype
Commercial
Lease Term
[]
Additional Details
Floor
Ground
Asking Price
$560,000
Office Units
1
Building Details
Year Built
2020
Buildings
1
Tenancy
Multi
Listing Agency:
SKOGMAN REALTY COMMERCIAL
Listed By:
Tiffany Earl Williams-WSG CRE
(319) 364-8121
Source:
Cbhrealty
Added: Jun 4, 2025
Changed: Aug 28
Last Checked: Aug 28 at 2:55PM
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 SKOGMAN REALTY COMMERCIAL
Investment Insights
Based on property information with market context.
Unit 2 at 120 W Main Street provides 2,041 SF of street-level commercial space within a mixed-use condominium building completed in 2020. The unit has modern finishes and is configured for retail, office, or service-oriented use. A residential condominium occupies the level above.
Unit 1, comprising 1,429 SF, is leased and may be acquired together with Unit 2. The combined offering totals 3,470 SF, creating a two-unit commercial condominium package with existing leased space in Unit 1 and newly built commercial space in Unit 2.
Unit 1, comprising 1,429 SF, is leased and may be acquired together with Unit 2. The combined offering totals 3,470 SF, creating a two-unit commercial condominium package with existing leased space in Unit 1 and newly built commercial space in Unit 2.
Key Highlights
- 2,041 SF street‑level commercial unit
- Mixed‑use condominium building completed in 2020
- Unit 1 adds 1,429 SF of leased space
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
$39,818
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
4.43%
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%
$796,360
$796.4K
Cap Rate 7%
$568,829
$568.8K
Cap Rate 9%
$442,422
$442.4K
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
$62.5K $18.00/SF
− Vacancy
−$9.4K −$2.70/SF
EGI
$53.1K $15.30/SF
− OpEx
−$13.3K −$3.82/SF
NOI
$39.8K $11.48/SF
Area
Johnson County, IA
Vacancy
15.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$796,360
Cap Rate 7%
$568,829
Cap Rate 9%
$442,422
Alternative Uses
Best Use
Office B
$568.8K
$497.7K – $663.6K
NOI $39,818 @ 7.0% cap · market cap 4.43%
Second Best
Retail
$469.7K
$411.0K – $548.0K
NOI $32,879 @ 7.0% cap · market cap 3.66%
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
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
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 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 - Modern commercial condominium offering retail, office, and service-use flexibility in a downtown setting.
Where is this mixed-use property located?
The property is located at 120 W Main Street Unit 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; Mixed‑use condominium building completed in 2020; Unit 1 adds 1,429 SF of leased space
