Mixed-Use Plaza Properties
For Sale
$730,000
Pending
11 S Federal Ave, Mason City, IA 50401
Six parcels with storefronts, apartments, and business opportunities.
Property Size3,520 SF
Days on Market714
Property Features for 11 S Federal Ave
General Information
Standard status
Pending
Size
3,520 SF
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$3,790
Building Details
Year Built
1928
Listing Agency:
HILDEBRAND REAL ESTATE
(641) 423-5055
Listed By:
TIMOTHY LATHAM · License #S44162
(641) 425-0363
Source:
Exitrealty
Added: Nov 14, 2024
Changed: Oct 25
Last Checked: Sep 29 at 8:27AM
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 HILDEBRAND REAL ESTATE
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Investment Insights
Based on property information with market context.
This offering comprises a package of six parcels with excellent visibility, presenting a mix of historical significance, prime location, and diverse opportunities. The properties are situated in a plaza, home to the only Frank Lloyd Wright Hotel in the World, alongside dining, entertainment, and small businesses. The storefronts, some with apartments above, front the plaza, while two additional stores with long-term tenants open to the mall entrance. These properties offer the potential to start a business, lease spaces, and explore Mason City's programs for renovation cost assistance. Historically, the storefronts housed the Bergo family Mercantile stores. Included in the sale are properties at 9 S Federal, 11 S Federal, and 10 1st SE, which have a new roof. The total property size is 3520 square feet.
Key Highlights
- Package deal: Includes 6 parcels with multiple storefronts and potential apartments.
- Prime location on the plaza, home to the Frank Lloyd Wright Hotel.
- Excellent visibility and high traffic area for business opportunities.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,203
Cap Rate
3.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$544,060
$544.1K
Cap Rate 7%
$388,614
$388.6K
Cap Rate 9%
$302,256
$302.3K
Market Conditions
NOI Build-Up for 3,520 SF
Gross rent
$42.2K $12.00/SF
− Vacancy
−$3.4K −$0.96/SF
EGI
$38.9K $11.04/SF
− OpEx
−$11.7K −$3.31/SF
NOI
$27.2K $7.73/SF
Area
Cerro Gordo County, IA
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$544,060
Cap Rate 7%
$388,614
Cap Rate 9%
$302,256
Alternative Uses
Best Use
Retail
$388.6K
$340.0K – $453.4K
NOI $27,203 @ 7.0% cap · market cap 3.73%
Second Best
Mixed Use
$339.4K
$297.0K – $396.0K
NOI $23,760 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$883.6K
$773.2K – $1.03M
NOI $61,853 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 50401, IA
28,981
Population
14,746
Households
2
Avg Household Size
43
Median Age
22%
College-Educated
94%
High-School Grad
148.2 sq mi
ZIP Area
196
Density / Sq Mi
$63,807
Median Household Income
$38,929
Median Earnings
$868
Median Rent
$134,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Six parcels with storefronts, apartments, and business opportunities.
Where is this mixed-use property located?
The property is located at 11 S Federal Ave Mason City, IA.
What is the asking price?
The asking price for this property is $730,000.
What are key features of this property?
This property features: Package deal: Includes 6 parcels with multiple storefronts and potential apartments.; Prime location on the plaza, home to the Frank Lloyd Wright Hotel.; Excellent visibility and high traffic area for business opportunities.
