131 3rd Street Underwood, IA 51576
Commercial property with multiple buildings and business space potential.
- Added:
- May 9, 2026
- Days on Market:
- 64
- Last Refresh:
- Jun 29 at 12:39 am
Property Features for 131 3rd Street
General Information
- Standard status
- Active
- Size
- 2,268 SF
- Property subtype
- Special Purpose
Building Details
- Year Built
- 2022
Listing office Better Homes and Gardens Real Estate The Good Life Group
Listing date May 9, 2026
Source Crexi
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 Better Homes and Gardens Real Estate The Good Life Group
Investment Insights
Based on property information with market context.
Key Highlights
- Prime Main Street location in Underwood, Iowa, offering excellent visibility and exposure.
- Three separate buildings with potential for up to four individual business spaces, providing flexible use.
- Strong income‑generating opportunities for investors or owner‑occupants.
Local Financial Insights For Retail
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 | $35.1k | $15.48 |
| − Vacancy | −$3.0k | −$1.31 |
| EGI | $32.1k | $14.17 |
| − OpEx | −$9.6k | −$4.25 |
| NOI | $22.5k | $9.92 |
