Three-Space Retail
For Sale
$320,000
131 3RD Street, Underwood, IA 51576
Commercial Sale, UNDERWOOD, IA
Property Size2,268 SF
Price / SF$141.09
Days on Market203
Property Features for 131 3RD Street
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Railroad Highway to Underwood. Right on 3rd St . Follow to property.
Subdivision
14A
Standard status
Active
APN
764216253013
Size
2,268 SF
Taxes and HOA fees
Tax Description
UNDERWOOD TOWN-ORIG PLAT LTS 8 & 9 BLK 8
Legal Description
UNDERWOOD TOWN-ORIG PLAT LTS 8 & 9 BLK 8
Utilities
Cooling system
Ductless
Building Details
Year built
2022
Roof type
Flat, Metal
Listing Agency:
Better Homes and Gardens Real Estate The Good Life Group
(402) 932-5989
Listed By:
Shelly Jager · License #S44357000
(402) 659-7909
Added: Mar 28
Changed: Oct 2
Last Checked: Oct 16 at 3:06AM
MLS# 26-553
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.
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Investment Insights
Based on property information with market context.
At 131 3rd Street in Underwood, this retail property contains three separate rental spaces. Two of the rental-space buildings date to 2022; a silo configured as a venue was built in 2025 and accommodates up to 88 people. The property measures 2,268 square feet and has ductless cooling. Roof types listed are flat and metal.
Tenants cover utilities other than trash. Local businesses surround the property.
Tenants cover utilities other than trash. Local businesses surround the property.
Key Highlights
- Three separate rental spaces
- 2,268 square feet of property
- Silo venue built in 2025 with capacity for up to 88 people
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.
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Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
52
Businesses Nearby
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
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Retail space - The property comprises three separate rental spaces, including an event venue housed in a silo.
Where is this retail space 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: Three separate rental spaces; 2,268 square feet of property; Silo venue built in 2025 with capacity for up to 88 people
