Building Details

Year Built 1850

Listing Agency: Mel Foster Co. Commercial

Listed By: Thad Denhartog, SIOR · License #B39654000/471.002649 Show Phone

Source: Bktchicago

Added: Sep 30 Last Checked: Oct 1 at 4:47PM

Report an Issue

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 Mel Foster Co. Commercial

Investment Insights

Based on property information with market context.

Built in 1850, this storefront property is in downtown LeClaire along Cody Road. Its most recent occupancy was Sneaky Pete's restaurant.

The property sits within a walkable riverfront district near the Mississippi River, with dining, retail, entertainment, and tourism activity in the surrounding area.

Key Highlights

• Built in 1850
• Most recently occupied by Sneaky Pete's restaurant
• Located in downtown LeClaire's walkable riverfront district

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

$70,242

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

7.39%

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%

$1,404,840 $1.4M

Cap Rate 7%

$1,003,457 $1.0M

Cap Rate 9%

$780,467 $780.5K

Market Conditions

NOI Build-Up for 7,046 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

$109.1K $15.48/SF

− Vacancy

−$8.7K −$1.24/SF

EGI

$100.3K $14.24/SF

− OpEx

−$30.1K −$4.27/SF

NOI

$70.2K $9.97/SF

Area

Scott County, IA

Vacancy

8.00%

Lease Rate

$15.48 /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%

$1,404,840

Cap Rate 7%

$1,003,457

Cap Rate 9%

$780,467

Alternative Uses

Best Use

Specialty Retail

$1.25M

$1.09M – $1.46M (±1% cap)

NOI $87,511 @ 7.0% cap · market cap 9.21%

Second Best

Retail

$1.00M

$878.0K – $1.17M (±1% cap)

NOI $70,242 @ 7.0% cap · market cap 7.39%

Theoretical Best

Industrial

$5.73M

$5.01M – $6.68M (±1% cap)

NOI $400,763 @ 7.0% cap · market cap 42.19%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Real Estate Agency Building Supply Auto Repair Shop Dental Office HVAC Service Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

332

Businesses Nearby

5k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 62% Dining 38%

Le Claire Shops & Services

3,282 visits/mo 0.1 miles

Happy Joe's Dining

2,048 visits/mo 0.1 miles

Demographics for 52753, IA

6,176

Population

2,489

Households

2.5

Avg Household Size

41

Median Age

38%

College-Educated

96%

High-School Grad

24.7 sq mi

ZIP Area

250

Density / Sq Mi

$100,122

Median Household Income

$56,594

Median Earnings

$1,120

Median Rent

$306,700

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this storefront properties located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Corner Storefront with River Views

Le Claire, IA 52753

$350,000

1,920 SF

View details

Historic Live-Work Property

Le Claire, IA 52753

$450,000

1,350 SF

View details

Ranch-Style Quadplex

903 MAY Court, Le Claire, IA 52753

$249,900

View details

Similar Off Market Nearby

• Cody Rose Flower Co. — 423 N Cody Rd, Le Claire, IA 52753

Frequently Asked Questions

What type of property is this?

Storefront property - The building was most recently occupied by Sneaky Pete's restaurant.

Where is this storefront property located?

The property is located at 203 N Cody Rd Le Claire, 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: Built in 1850; Most recently occupied by Sneaky Pete's restaurant; Located in downtown LeClaire's walkable riverfront district