Condo-Style Professional Office
For Sale
$949,500
Pending
2419 2nd Avenue North, Fort Dodge, IA 50501
Condo-style suite in Kingsgate Center, suited for professional services including medical, insurance, and retail.
Property Size7,585 SF
Days on Market1886
Property Features for 2419 2nd Avenue North
General Information
Standard status
Pending
Size
7,585 SF
Taxes and HOA fees
Annual Taxes
$23,956
Listing Agency:
Kesterson Realty Inc
(515) 955-7714
Listed By:
Jim Kesterson · License #B11960
(515) 570-0672
Source:
Exprealty
Added: Jul 8, 2021
Changed: Sep 3
Last Checked: Sep 4 at 8:02AM
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 Kesterson Realty Inc
Investment Insights
Based on property information with market context.
This for-sale space is located in Kingsgate Center and is offered in a condo-type configuration. The property is positioned as a flexible option for professional services, with suitability noted for medical use, insurance-related operations, food service, and retail shop concepts.
The space is located at 2419 2nd Avenue North in Fort Dodge, IA 50501. For prospective occupants or buyers, the condo-style setup can be convenient for maintaining a defined, independently managed suite within the broader center.
At the time of listing, the property is offered as a 7,585 square foot suite in the Kingsgate Center.
The space is located at 2419 2nd Avenue North in Fort Dodge, IA 50501. For prospective occupants or buyers, the condo-style setup can be convenient for maintaining a defined, independently managed suite within the broader center.
At the time of listing, the property is offered as a 7,585 square foot suite in the Kingsgate Center.
Key Highlights
- Condo‑style suite in Kingsgate Center
- Suitable for professional services including medical, insurance, food service, and retail
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
$83,150
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
8.76%
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%
$1,663,000
$1.7M
Cap Rate 7%
$1,187,857
$1.2M
Cap Rate 9%
$923,889
$923.9K
Market Conditions
NOI Build-Up for 7,585 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
$166.6K $21.96/SF
− Vacancy
−$28.0K −$3.69/SF
EGI
$138.6K $18.27/SF
− OpEx
−$55.4K −$7.31/SF
NOI
$83.2K $10.96/SF
Area
Webster County, IA
Vacancy
16.80%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
40.00%
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%
$1,663,000
Cap Rate 7%
$1,187,857
Cap Rate 9%
$923,889
Alternative Uses
Best Use
Healthcare Medical
$1.19M
$1.04M – $1.39M
NOI $83,150 @ 7.0% cap · market cap 8.76%
Second Best
Office B
$999.6K
$874.7K – $1.17M
NOI $69,972 @ 7.0% cap · market cap 7.37%
Theoretical Best
Office A
$1.37M
$1.20M – $1.59M
NOI $95,680 @ 7.0% cap · market cap 10.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
891
Businesses Nearby
Explore this area
Business Placement
Demographics for 50501, IA
28,492
Population
13,198
Households
2.2
Avg Household Size
39
Median Age
20%
College-Educated
92%
High-School Grad
152.2 sq mi
ZIP Area
187
Density / Sq Mi
$66,130
Median Household Income
$36,934
Median Earnings
$779
Median Rent
$139,700
Median Home Value
Market
Vacancy Rate% for Office 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?
Office units - Condo-style suite in Kingsgate Center, suited for professional services including medical, insurance, and retail.
Where is this office units located?
The property is located at 2419 2nd Avenue North Fort Dodge, IA.
What is the asking price?
The asking price for this property is $949,500.
What are key features of this property?
This property features: Condo‑style suite in Kingsgate Center; Suitable for professional services including medical, insurance, food service, and retail
