Multi-Tenant Office
New
For Sale
$950,000
101 S Delaware, Mason City, IA 50401
Office and retail configuration with a 2019 roof and central air serving two southern units.
Property Size8,375 SF
Price / SF$113.43
Days on Market3
Property Features for 101 S Delaware
General Information
Standard status
Active
Size
8,375 SF
Property subtype
Commercial
Building Details
Year Built
1917
Buildings
1
Tenancy
Multi
Listing Agency:
HILDEBRAND REAL ESTATE
(641) 425-0363
Listed By:
Timothy Latham · License #118
Source:
Janefischer
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 29 at 7:02PM
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 HILDEBRAND REAL ESTATE
Investment Insights
Based on property information with market context.
This 8,375-square-foot, multi-tenant commercial building dates to 1917 and combines office and retail space. The roof was completed in 2019, while the two southern units have new central air conditioning, providing updated components within the older structure.
The property is in downtown Mason City at 101 S Delaware, across from Southbridge Mall and the new Home2 Suites by Hilton hotel opening soon. Its established multi-unit layout supports a combination of office and retail occupancy within the building.
The property is in downtown Mason City at 101 S Delaware, across from Southbridge Mall and the new Home2 Suites by Hilton hotel opening soon. Its established multi-unit layout supports a combination of office and retail occupancy within the building.
Key Highlights
- 8,375‑square‑foot multi‑tenant office and retail building
- 1917 construction with a roof completed in 2019
- New central air in the 2 southern units
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
$64,722
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
6.81%
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%
$1,294,440
$1.3M
Cap Rate 7%
$924,600
$924.6K
Cap Rate 9%
$719,133
$719.1K
Market Conditions
NOI Build-Up for 8,375 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
$100.5K $12.00/SF
− Vacancy
−$8.0K −$0.96/SF
EGI
$92.5K $11.04/SF
− OpEx
−$27.7K −$3.31/SF
NOI
$64.7K $7.73/SF
Area
Cerro Gordo County, IA
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,294,440
Cap Rate 7%
$924,600
Cap Rate 9%
$719,133
Alternative Uses
Best Use
Office B
$1.54M
$1.35M – $1.80M
NOI $107,970 @ 7.0% cap · market cap 11.37%
Second Best
Retail
$924.6K
$809.0K – $1.08M
NOI $64,722 @ 7.0% cap · market cap 6.81%
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $147,164 @ 7.0% cap · market cap 15.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 50401, IA
28,981
Population
14,746
Households
2
Avg Household Size
43
Median Age
22%
College-Educated
94%
High-School Grad
148.2 sq mi
ZIP Area
196
Density / Sq Mi
$63,807
Median Household Income
$38,929
Median Earnings
$868
Median Rent
$134,100
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?
Office building - Office and retail configuration with a 2019 roof and central air serving two southern units.
Where is this office building located?
The property is located at 101 S Delaware Mason City, IA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 8,375‑square‑foot multi‑tenant office and retail building; 1917 construction with a roof completed in 2019; New central air in the 2 southern units
