Multi-Use Medical Office
For Sale
$799,900
820 W Summit St, Winterset, IA 50273
Medical office and exam room layout with private offices, conference areas, and a large front lobby.
Property Size4,782 SF
Lot Size2.55 Acres
Price / SF$167.27
Days on Market23
Property Features for 820 W Summit St
General Information
Standard status
Active
Size
4,782 SF
Lot size
2.55 Acres
Zoning
TD1
Additional Details
Road Access
Yes
Amenities
private office spaces
exam room spaces
conference room areas
huge front lobby
basement with garage space
green space
Building Details
Year Built
1969
Listing Agency:
Homefront Real Estate, LLC
(515) 468-0409
Listed By:
Sarah Cowman
Source:
Kwlegacyrealty
Added: Jul 21
Changed: Aug 10
Last Checked: Aug 11 at 10:13AM
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 Homefront Real Estate, LLC
Investment Insights
Based on property information with market context.
This multi-use building offers a healthcare-friendly interior with private office spaces, exam room areas, conference room space, and a large front lobby. The property includes a basement with garage space, and it is configured to support either two separate businesses or one larger operation.
The building is located on a busy main road in Winterset, close to local schools and a school sports complex. It sits on 2.55 acres (m/l) and includes plenty of parking and green space.
The most recent reported uses were a dental office and a physical therapy office. The current zoning is TD1, and the sale includes four different parcel numbers.
The building is located on a busy main road in Winterset, close to local schools and a school sports complex. It sits on 2.55 acres (m/l) and includes plenty of parking and green space.
The most recent reported uses were a dental office and a physical therapy office. The current zoning is TD1, and the sale includes four different parcel numbers.
Key Highlights
- Multi‑use commercial building with 4,700+ SF plus a basement with garage space
- Medical office and exam room layout with private offices, conference areas, and a large front lobby
- Set up to accommodate 2 separate businesses or one larger operation
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
$66,158
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
8.27%
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%
$1,323,160
$1.3M
Cap Rate 7%
$945,114
$945.1K
Cap Rate 9%
$735,089
$735.1K
Market Conditions
NOI Build-Up for 4,782 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
$120.5K $25.20/SF
− Vacancy
−$10.2K −$2.14/SF
EGI
$110.3K $23.06/SF
− OpEx
−$44.1K −$9.22/SF
NOI
$66.2K $13.83/SF
Area
Madison County, IA
Vacancy
8.50%
Lease Rate
$25.20 /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%
$1,323,160
Cap Rate 7%
$945,114
Cap Rate 9%
$735,089
Alternative Uses
Best Use
Healthcare Medical
$945.1K
$827.0K – $1.10M
NOI $66,158 @ 7.0% cap · market cap 8.27%
Second Best
Office B
$900.1K
$787.6K – $1.05M
NOI $63,008 @ 7.0% cap · market cap 7.88%
Theoretical Best
Flex RnD
$4.60M
$4.03M – $5.37M
NOI $322,230 @ 7.0% cap · market cap 40.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
245
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 50273, IA
8,570
Population
3,927
Households
2.2
Avg Household Size
41
Median Age
25%
College-Educated
96%
High-School Grad
195.2 sq mi
ZIP Area
44
Density / Sq Mi
$80,018
Median Household Income
$48,149
Median Earnings
$948
Median Rent
$216,100
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office and exam room layout with private offices, conference areas, and a large front lobby.
Where is this medical office space located?
The property is located at 820 W Summit St Winterset, IA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Multi‑use commercial building with 4,700+ SF plus a basement with garage space; Medical office and exam room layout with private offices, conference areas, and a large front lobby; Set up to accommodate 2 separate businesses or one larger operation
