Building Details

Year Built 1914

Buildings 1

Tenancy Multi

Listing Agency: Lepic-Kroeger, REALTORS Show Phone

Listed By: Doug McAllister Show Phone

Source: Pinnaclerealtyia

Added: Sep 5 Changed: Oct 21 Last Checked: Oct 20 at 5:48PM

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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 Lepic-Kroeger, REALTORS

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Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This 4,800-square-foot mixed-use building combines commercial and residential space within a two-level configuration. The main floor contains commercial space with display windows and is currently occupied by the Kava House business; the business is excluded from the sale. Four one-bedroom apartments are located on the upper level. Updated mechanical systems and ongoing maintenance support the building’s existing layout.

Built in 1914, the property occupies 0.39 acres at 122 2nd Street SE in Swisher, Iowa. Commercial zoning supports the property’s mixed-use format. The offering includes the building only, providing a combination of storefront commercial space and upstairs apartment units in a single asset.

Key Highlights

• 4,800 SF mixed‑use building
• Four upstairs one‑bedroom apartments
• Main‑level commercial space with display windows

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,481

Cap Rate

6.50%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$909,620 $909.6K

Cap Rate 7%

$649,729 $649.7K

Cap Rate 9%

$505,344 $505.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,800 SF

Gross rent

$69.1K $14.40/SF

− Vacancy

−$4.1K −$0.86/SF

EGI

$65.0K $13.54/SF

− OpEx

−$19.5K −$4.06/SF

NOI

$45.5K $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%

$909,620

Cap Rate 7%

$649,729

Cap Rate 9%

$505,344

Alternative Uses

Best Use

Retail

$649.7K

$568.5K – $758.0K (±1% cap)

NOI $45,481 @ 7.0% cap · market cap 6.50%

Second Best

Multifamily LT 5

$632.6K

$553.5K – $738.0K (±1% cap)

NOI $44,281 @ 7.0% cap · market cap 6.33%

Theoretical Best

Office A

$1.04M

$912.4K – $1.22M (±1% cap)

NOI $72,991 @ 7.0% cap · market cap 10.43%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Kava House & Cafe Restaurant

Suggested Use

Top Pick Auto Repair Shop Plumbing Service (Bike/Boat/Book/etc) Store Auto Parts Store Hair Salon Dental Office

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

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

64

Businesses Nearby

Explore this area Business Placement

Demographics for 52338, IA

3,457

Population

1,380

Households

2.5

Avg Household Size

45

Median Age

44%

College-Educated

98%

High-School Grad

33.4 sq mi

ZIP Area

104

Density / Sq Mi

$124,357

Median Household Income

$58,253

Median Earnings

$1,067

Median Rent

$384,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Frequently Asked Questions

What type of property is this?

Mixed-use property - Main-level commercial space is paired with four upstairs one-bedroom apartments.

Where is this mixed-use property located?

The property is located at 122 2nd Street SE Swisher, IA.

What is the asking price?

The asking price for this property is $699,950.

What are key features of this property?

This property features: 4,800 SF mixed‑use building; Four upstairs one‑bedroom apartments; Main‑level commercial space with display windows