Divisible Retail Storefront
For Sale
$478,000
121 W Main St, Solon, IA 52333
Single contiguous 3,638 SF retail commercial space offered as a package, with potential to divide into two units.
Property Size1,819 SF
Price / SF$262.78
Days on Market79
Property Features for 121 W Main St
General Information
Standard status
Active
Size
1,819 SF
Property subtype
Commercial
Zoning
COMMERCIAL
Taxes and HOA fees
Annual Taxes
$24,458
Amenities
ConcreteSlabGrade,Concrete
Paved
Building Details
Year Built
2017
Listing Agency:
Miehe Commercial Real Estate
(319) 393-0900
Listed By:
Ali Rashid
(319) 333-2886
Source:
Pinnaclerealtyia
Added: Jun 22
Changed: Sep 7
Last Checked: Sep 7 at 5:32AM
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 Miehe Commercial Real Estate
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.
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 = 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
$17,235
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
3.61%
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%
$344,700
$344.7K
Cap Rate 7%
$246,214
$246.2K
Cap Rate 9%
$191,500
$191.5K
Market Conditions
NOI Build-Up for 1,819 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
$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 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%
$344,700
Cap Rate 7%
$246,214
Cap Rate 9%
$191,500
Alternative Uses
Best Use
Retail
$246.2K
$215.4K – $287.3K
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
NOI $27,660 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
