Live-Work Office
124 W Summit St Winterset, IA 50273
New
124 W Summit St, Winterset, IA, 50273
$440,000
For Sale
$440,000
Built in 2006, this property offers office space on the first floor and living quarters below with a walk-out patio.
Property Size1,447 SF
Price / SF$304.08
Days on Market1
Property Features for 124 W Summit St
General Information
- Standard status
- Active
- Size
- 1,447 SF
Building Details
- Year Built
- 2006
Listing agency
Madison County Realty
(515) 979-8086
Listed by
Larry Corkrean
Source
Kwlegacyrealty
Added: Jul 21 Checked: Jul 21 at 12:34PM
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 Madison County Realty
Investment Insights
Based on property information with market context.
Built in 2006, this live-work building was most recently used as a dental office and includes office and residential components under one roof. The first floor features four dedicated office rooms, 1.5 bathrooms, and a lobby/reception area. The lower level provides two bedrooms (one non-conforming), full baths, a kitchen/dining area, and a family room that opens to a large patio via walk-out access. An attached one-car garage supports the residential use.
The building is described as having high visibility and traffic count on W. Summit. Construction and systems include 2x6 framing, HardiPlank siding, geothermal heating and cooling with a new unit installed in 2021, 50-year steel shingles, high density cellulose insulation, cat 5 wiring, and a Kinetico water system.
Overall, the configuration supports a combined work-and-living setup, with separate office and living layouts and direct outdoor access from the lower-level kitchen area.
The building is described as having high visibility and traffic count on W. Summit. Construction and systems include 2x6 framing, HardiPlank siding, geothermal heating and cooling with a new unit installed in 2021, 50-year steel shingles, high density cellulose insulation, cat 5 wiring, and a Kinetico water system.
Overall, the configuration supports a combined work-and-living setup, with separate office and living layouts and direct outdoor access from the lower-level kitchen area.
Key Highlights
- Built in 2006 with geothermal heating/cooling and HardiPlank siding
- 1st floor dental‑office layout with 4 dedicated office rooms, 1.5 bathrooms, and lobby/reception area
- Lower level living space with 2 bedrooms (one non‑conforming), full baths, kitchen/dining, and family room
Local Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.5k | $25.20 |
| − Vacancy | −$3.1k | −$2.14 |
| EGI | $33.4k | $23.06 |
| − OpEx | −$13.3k | −$9.22 |
| NOI | $20.0k | $13.83 |
1,447 SF · lease $25.20/SF/yr · vacancy 8.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$286.0K
$250.2K – $333.7K
NOI $20,019 @ 7.0% cap · market cap 4.55%
Second Best
Mixed Use
$275.1K
$240.7K – $321.0K
NOI $19,258 @ 7.0% cap · market cap 4.38%
Theoretical Best
Flex RnD
$1.39M
$1.22M – $1.63M
NOI $97,505 @ 7.0% cap · market cap 22.16%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Oswald Gwen G ...
Dental Office
Summit Dental PLC
Dental Office
Similar For Sale Nearby
FAQs
What type of property is this?
Live-work space - Built in 2006, this property offers office space on the first floor and living quarters below with a walk-out patio.
Where is this live-work space located?
The property is located at 124 W Summit St Winterset, IA.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Built in 2006 with geothermal heating/cooling and HardiPlank siding; 1st floor dental‑office layout with 4 dedicated office rooms, 1.5 bathrooms, and lobby/reception area; Lower level living space with 2 bedrooms (one non‑conforming), full baths, kitchen/dining, and family room
