Mixed-Use Plaza Frontage
For Sale
$730,000
Pending
10 1st SE St, Mason City, IA 50401
Six parcels with storefronts, apartments, and business potential.
Property Size4,554 SF
Days on Market669
Property Features for 10 1st SE St
General Information
Standard status
Pending
Size
4,554 SF
Property subtype
Commercial/Industrial
Building Details
Year Built
1978
Listing Agency:
HILDEBRAND REAL ESTATE
(641) 425-0363
Listed By:
TIMOTHY LATHAM · License #S44162
(641) 425-0363
Source:
Exitrealty
Added: Oct 30, 2024
Changed: Jul 10
Last Checked: Jul 23 at 8:33AM
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
Investment Insights
Based on property information with market context.
This offering comprises a package of six parcels with excellent visibility and a mix of storefronts and apartments. The properties are located on the plaza, near the Frank Lloyd Wright Hotel, dining, entertainment, and small businesses. The storefronts, some with apartments above, present opportunities for business ventures or leasing. Additionally, there are two stores opening up to the mall entrance with long-term tenants. The properties were formerly home to the Bergo family Mercantile stores for many years. A new roof has been installed on 9 S Federal, 11 S Federal & 10 1st SE. The total property size is 4554 square feet.
Key Highlights
- Package deal: Includes 6 parcels of property.
- Prime location on the plaza, home to the Frank Lloyd Wright Hotel.
- Excellent visibility and high‑traffic area.
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
$35,193
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
4.82%
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%
$703,860
$703.9K
Cap Rate 7%
$502,757
$502.8K
Cap Rate 9%
$391,033
$391.0K
Market Conditions
NOI Build-Up for 4,554 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
$54.6K $12.00/SF
− Vacancy
−$4.4K −$0.96/SF
EGI
$50.3K $11.04/SF
− OpEx
−$15.1K −$3.31/SF
NOI
$35.2K $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 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%
$703,860
Cap Rate 7%
$502,757
Cap Rate 9%
$391,033
Alternative Uses
Best Use
Retail
$502.8K
$439.9K – $586.6K
NOI $35,193 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$1.00M – $1.33M
NOI $80,022 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,083
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Six parcels with storefronts, apartments, and business potential.
Where is this storefront property located?
The property is located at 10 1st SE St 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 of property.; Prime location on the plaza, home to the Frank Lloyd Wright Hotel.; Excellent visibility and high‑traffic area.
