Remodeled Mixed-Use Office
New
For Sale
$499,900
122 S John Wayne Dr, Winterset, IA 50273
Flexible commercial building with office, venue, conference, and kitchenette areas on a prominent corner lot.
Property Size1,708 SF
Price / SF$292.68
Days on Market4
Property Features for 122 S John Wayne Dr
General Information
Standard status
Active
Size
1,708 SF
Site & Location
Corner Location
Yes
Road Access
Yes
Amenities
reception area
conference room
kitchenette
Building Details
Year Built
1952
Buildings
1
Building Size
1,708 SF
Listing Agency:
Summerset Realty
(515) 468-5635
Listed By:
Rachel Eller · License #S66781000
Source:
Kwlegacyrealty
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 16 at 9:54AM
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 Summerset Realty
Investment Insights
Based on property information with market context.
This 1,708-square-foot mixed-use commercial building was remodeled for a combination of professional office and venue rental use. The interior includes a reception area with a built-in front desk, office and work areas, a conference room, and a kitchenette. The layout supports its current use while allowing for other office, retail, studio, service, or event functions identified for the property.
Built in 1952 and positioned on a corner lot along John Wayne Drive in Winterset’s business district, the property sits caddy-corner from the John Wayne Birthplace & Museum. Off-street parking provides on-site convenience for clients, customers, employees, and guests.
Built in 1952 and positioned on a corner lot along John Wayne Drive in Winterset’s business district, the property sits caddy-corner from the John Wayne Birthplace & Museum. Off-street parking provides on-site convenience for clients, customers, employees, and guests.
Key Highlights
- 1,708‑square‑foot remodeled mixed‑use commercial building
- Current combination of professional office and venue rental use
- Reception area with built‑in front desk, office/work areas, conference room, and kitchenette
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$22,731
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.55%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$454,620
$454.6K
Cap Rate 7%
$324,729
$324.7K
Cap Rate 9%
$252,567
$252.6K
Market Conditions
NOI Build-Up for 1,708 SF
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.
Gross rent
$40.0K $23.40/SF
− Vacancy
−$3.6K −$2.11/SF
EGI
$36.4K $21.29/SF
− OpEx
−$13.6K −$7.99/SF
NOI
$22.7K $13.31/SF
Area
Madison County, IA
Vacancy
9.00%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$454,620
Cap Rate 7%
$324,729
Cap Rate 9%
$252,567
Alternative Uses
Best Use
Mixed Use
$324.7K
$284.1K – $378.9K
NOI $22,731 @ 7.0% cap · market cap 4.55%
Second Best
Office B
$321.5K
$281.3K – $375.1K
NOI $22,505 @ 7.0% cap · market cap 4.50%
Theoretical Best
Flex RnD
$1.64M
$1.44M – $1.92M
NOI $115,092 @ 7.0% cap · market cap 23.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
533
Businesses Nearby
Explore this area
Business Placement
Demographics for 50273, IA
8,570
Population
3,927
Households
2.2
Avg Household Size
41
Median Age
25%
College-Educated
96%
High-School Grad
195.2 sq mi
ZIP Area
44
Density / Sq Mi
$80,018
Median Household Income
$48,149
Median Earnings
$948
Median Rent
$216,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible commercial building with office, venue, conference, and kitchenette areas on a prominent corner lot.
Where is this mixed-use property located?
The property is located at 122 S John Wayne Dr Winterset, IA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 1,708‑square‑foot remodeled mixed‑use commercial building; Current combination of professional office and venue rental use; Reception area with built‑in front desk, office/work areas, conference room, and kitchenette
