Building Details

Year Built 2017

Listing Agency: IOWA REALTY Show Phone

Listed By: Ali Rashid Show Phone

Source: Pinnaclerealtyia

Added: Jun 22 Changed: Oct 15 Last Checked: Oct 20 at 7:05PM

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Investment Insights

Based on property information with market context.

This offering consists of 3,638 SF of commercial retail space, currently configured as one contiguous area. The property is marketed as a package and also presents the potential to be divided into two approximately 1,819 SF units, creating additional flexibility for different buyer needs.

For buyers interested in the individual unit configurations, the proposed division options are referenced in MLS Listings #202603961 (Units 102 & 103) and #202603962 (Unit 102).

The space is being presented based on these contiguous and proposed split configurations, making it suitable for purchasers looking for a straightforward package layout or the option to separate into two smaller units.

Key Highlights

• 3,638 SF contiguous commercial space marketed as a package
• Potential to divide into two approximately 1,819 SF units
• Year built: 2017

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$17,235

Cap Rate

3.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$344,700 $344.7K

Cap Rate 7%

$246,214 $246.2K

Cap Rate 9%

$191,500 $191.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,819 SF

Gross rent

$26.2K $14.40/SF

− Vacancy

−$1.6K −$0.86/SF

EGI

$24.6K $13.54/SF

− OpEx

−$7.4K −$4.06/SF

NOI

$17.2K $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 Rate 5%

$344,700

Cap Rate 7%

$246,214

Cap Rate 9%

$191,500

Alternative Uses

Best Use

Retail

$246.2K

$215.4K – $287.3K (±1% cap)

NOI $17,235 @ 7.0% cap · market cap 3.61%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$395.1K

$345.8K – $461.0K (±1% cap)

NOI $27,660 @ 7.0% cap · market cap 5.79%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Real Estate Agency Electrical Service Auto Parts Store Grocery & Convenience Store Pharmacy Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

240

Businesses Nearby

Under-served

Demand for This Use

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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - Single contiguous 3,638 SF retail commercial space offered as a package, with potential to divide into two units.

Where is this storefront property located?

The property is located at 121 W Main St Solon, IA.

What is the asking price?

The asking price for this property is $478,000.

What are key features of this property?

This property features: 3,638 SF contiguous commercial space marketed as a package; Potential to divide into two approximately 1,819 SF units; Year built: 2017