Underwood Commercial Property For
131 3rd Street Underwood, IA 51576
131 3rd Street, Underwood, IA, 51576
Contact for pricing
For Sale
Contact for pricing
Commercial property with multiple buildings and business space potential.
Property Size2,268 SF
Price / SF$145.50
Days on Market76
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 Updated: Jul 10 at 3:58PM Checked: Jul 22 at 8:03AM
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.
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.
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 |
2,268 SF · lease $15.48/SF/yr · vacancy 8.44% · expense 30.00%
Alternative Uses
Best Use
Retail
$321.5K
$281.3K – $375.0K
NOI $22,502 @ 7.0% cap · market cap 6.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$433.1K
$379.0K – $505.3K
NOI $30,320 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Outskirts
(Bike/Boat/Book/etc) Store
Nesting Grounds Coffee ...
Cafe & Coffee Shop
Similar For Sale Nearby
FAQs
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 $330,000.
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.
