Underwood Commercial Property For
For Sale
Contact for pricing
131 3rd Street, Underwood, IA 51576
Commercial property with multiple buildings and business space potential.
Property Size2,268 SF
Price / SF$141.09
Days on Market164
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 Agency:
Better Homes and Gardens Real Estate The Good Life Group
Listed By:
Shelly Jager · License #IA S44357000
Source:
Crexi
Added: May 9
Changed: Oct 4
Last Checked: Oct 19 at 6:41AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Located on Main Street in Underwood, Iowa, this commercial property offers visibility and exposure. The property includes three separate buildings with the potential to accommodate up to four individual business spaces, providing flexibility for multiple uses or income-generating opportunities. The property is situated within a well-established and supportive small-town business community. Surrounded by existing local businesses, the property benefits from consistent traffic and community engagement. The property size is 2268 square feet. This location is suitable for retail, office, or service-based operations and offers potential for owner-occupants or investors.
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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,502
Cap Rate
7.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$450,040
$450.0K
Cap Rate 7%
$321,457
$321.5K
Cap Rate 9%
$250,022
$250.0K
Market Conditions
NOI Build-Up for 2,268 SF
Gross rent
$35.1K $15.48/SF
− Vacancy
−$3.0K −$1.31/SF
EGI
$32.1K $14.17/SF
− OpEx
−$9.6K −$4.25/SF
NOI
$22.5K $9.92/SF
Area
Pottawattamie County, IA
Vacancy
8.44%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$450,040
Cap Rate 7%
$321,457
Cap Rate 9%
$250,022
Alternative Uses
Best Use
Retail
$321.5K
$281.3K – $375.0K
NOI $22,502 @ 7.0% cap · market cap 7.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$433.1K
$379.0K – $505.3K
NOI $30,320 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
52
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 51576, IA
2,058
Population
751
Households
2.7
Avg Household Size
40
Median Age
32%
College-Educated
97%
High-School Grad
46.3 sq mi
ZIP Area
44
Density / Sq Mi
$107,679
Median Household Income
$47,314
Median Earnings
$819
Median Rent
$291,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial property with multiple buildings and business space potential.
Where is this storefront property located?
The property is located at 131 3rd Street Underwood, IA.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: 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.
