131 3RD Street, Underwood, IA 51576
- Added:
- Mar 28, 2026
- Days on Market:
- 97
- Last Refresh:
- Jul 2 at 10:06 pm
Property Features for 131 3RD Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- APN
- 764216253013
- Size
- 2,268 SF
Taxes and HOA fees
- Tax Description
- UNDERWOOD TOWN-ORIG PLAT LTS 8 & 9 BLK 8
Utilities
- Cooling system
- Ductless
Building Details
- Year built
- 2022
- Roof type
- Flat, Metal
Listing agent Shelly Jager License #S44357000 (402) 659-7909
Listing office Better Homes and Gardens Real Estate The Good Life Group 12 Menard Dr, Omaha, IA (402) 932-5989
Listing date Mar 28, 2026
Copyright © 2026 Southwest Iowa Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Commercial property on Main Street in Underwood, Iowa, with ductless cooling and flat/metal roofing
- Year built: 2022
- Includes three separate buildings with potential for up to four individual business spaces
- Suitable for retail, office, or service‑based operations
Overview
Located at 131 3RD Street in Underwood, Iowa, the property is positioned on Main Street, supporting visibility and exposure for retail, office, or service-based operations. It sits within a well-established small-town business environment with existing local businesses nearby.
For owner-occupants, the property’s multi-building layout can work for combining uses or expanding within the same ownership. For investors or operators, the ability to accommodate up to four separate business spaces provides a practical framework for pursuing multiple tenant setups, subject to how the space is configured.
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 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Underwood
- County
- Pottawattamie
- State
- Iowa
- Longitude
- -95.676243
- Latitude
- 41.38683
