Leased Office Suite with
For Sale
$80,000
413 E Main Street, Central City, IA 52214
Office suite with reception, private rooms, restroom, basement storage, and large retail windows, currently leased through January 2028.
Property Size890 SF
Price / SF$89.89
Days on Market583
Property Features for 413 E Main Street
General Information
Standard status
Active
Size
890 SF
Property subtype
Commercial
Zoning
C-3
Occupancy
100%
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$992
Amenities
Wood
Yes
1
Display Window(s)
Storage
Building,Land
Public
0.02
.02 Ac
Building Details
Year Built
1891
Stories
1
Listing Agency:
AWRE - Commercial & Development
(319) 393-0900
Listed By:
Karrie Schultz · License #B63691000
(319) 540-1281
Source:
Pinnaclerealtyia
Added: Feb 7, 2025
Changed: Sep 12
Last Checked: Sep 13 at 4:58AM
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 AWRE - Commercial & Development
Investment Insights
Based on property information with market context.
This office suite is currently occupied and leased to a photography business through January 2028, with renewal options. The building has been updated with new flooring, fresh interior and exterior paint, and the roof was patched and sealed in May 2025. Inside, the space features large retail windows, a reception area, two private rooms, and one restroom, along with a back patio area. A dry basement is available for additional storage.
The property is located in the heart of Central City’s historic district with easy access to Hwy 13.
The suite is configured to support a customer-facing entry with a dedicated reception area, private offices, and on-site storage in the basement.
The property is located in the heart of Central City’s historic district with easy access to Hwy 13.
The suite is configured to support a customer-facing entry with a dedicated reception area, private offices, and on-site storage in the basement.
Key Highlights
- Currently leased to a photography business through January 2028 with renewal options
- Recent updates include new flooring (new carpet) and fresh exterior and interior paint
- Roof patched and sealed in May 2025
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
$4,250
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
5.31%
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%
$85,000
$85.0K
Cap Rate 7%
$60,714
$60.7K
Cap Rate 9%
$47,222
$47.2K
Market Conditions
NOI Build-Up for 890 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
$7.5K $8.40/SF
− Vacancy
−$1.8K −$2.03/SF
EGI
$5.7K $6.37/SF
− OpEx
−$1.4K −$1.59/SF
NOI
$4.3K $4.78/SF
Area
Linn County, IA
Vacancy
24.20%
Lease Rate
$8.40 /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%
$85,000
Cap Rate 7%
$60,714
Cap Rate 9%
$47,222
Alternative Uses
Best Use
Office B
$60.7K
$53.1K – $70.8K
NOI $4,250 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Self Storage
$149.8K
$131.1K – $174.8K
NOI $10,485 @ 7.0% cap · market cap 13.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
135
Businesses Nearby
Explore this area
Business Placement
Demographics for 52214, IA
3,001
Population
1,339
Households
2.2
Avg Household Size
45
Median Age
22%
College-Educated
98%
High-School Grad
90.2 sq mi
ZIP Area
33
Density / Sq Mi
$83,450
Median Household Income
$49,672
Median Earnings
$825
Median Rent
$235,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Office suite with reception, private rooms, restroom, basement storage, and large retail windows, currently leased through January 2028.
Where is this office units located?
The property is located at 413 E Main Street Central City, IA.
What is the asking price?
The asking price for this property is $80,000.
What are key features of this property?
This property features: Currently leased to a photography business through January 2028 with renewal options; Recent updates include new flooring (new carpet) and fresh exterior and interior paint; Roof patched and sealed in May 2025
