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    Restaurant Building with Paved Parking Title is generated by Realmo AI

    1402 W Sheridan Avenue, Shenandoah, IA 51601

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    Restaurant building with cafe dining, semi-private rooms, and kitchen support areas, offered as-is with paved customer parking.

    Type:Retail, Industrial
    Added:
    May 27, 2026
    Days on Market:
    12
    Last Refresh:
    Jun 6 at 4:16 am

    Property Features for 1402 W Sheridan Avenue

    General Information

    Standard status
    Active
    Property subtype
    Retail, Industrial

    Building Details

    Year Built
    1950

    We can help!

    Listing Contact
    Shawn Munsinger

    Listing agent Shawn Munsinger License #B61143000

    Listing office Orton Realty

    Listing date May 27, 2026

    Source Crexi

    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 Orton Realty

    HighLights

    • Restaurant building built in 1950, offered with building and contents selling as‑is.
    • Cafe‑style dining area plus two additional semi‑private dining rooms.
    • Drink prep station and dishwashing station connected to the kitchen.
    • Rear includes two storage rooms/offices, two pantries, mechanicals, and a walk‑in cooler and freezer.
    • White block exterior with a rubber membrane roof.
    • Paved customer parking and located near retail and fast‑food businesses along the town’s main highway traffic flow; cross street is Sheridan Ave.

    Overview

    This property is a restaurant building previously used for generations and now available for a new business. The exterior consists of durable white block construction with a rubber membrane roof. Inside, the layout includes a cafe-style dining area plus two additional semi-private dining rooms. A drink prep station is located just off the two dining rooms, followed by the dishwashing station and kitchen. The rear of the building provides two storage rooms and/or offices, two pantries, mechanical areas, and a walk-in cooler and freezer. Building and contents are offered for sale as-is.

    The building is situated in a highly visible location along the main highway traffic flow through town. The cross street is Sheridan Ave., described as Shenandoah’s downtown “main street,” adding traffic from the opposite direction. The property also includes plenty of paved parking for customers and guests. The surrounding area is characterized by nearby gas stations and fast food restaurants, along with local goods and services.

    For operators looking for an existing restaurant footprint, the on-site dining rooms, drink prep area, dishwashing station, kitchen, and cold storage support a straightforward redevelopment of a foodservice concept. The as-is sale should be planned around any needed updates, repairs, or operational changes for the next tenant or buyer.
    Location Intelligence

    Current Use by Public Records

    China Gate Restaurant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Shenandoah
    County
    Page
    State
    Iowa
    Longitude
    -95.384428
    Latitude
    40.765814

    FAQs

    What type of property is this?
    Conventional restaurant - Restaurant building with cafe dining, semi-private rooms, and kitchen support areas, offered as-is with paved customer parking.
    Where is this conventional restaurant located?
    The property is located at 1402 W Sheridan Avenue Shenandoah, IA.
    What is the asking price?
    The asking price for this property is $149,000.
    What are key features of this property?
    This property features: Restaurant building built in 1950, offered with building and contents selling as‑is.; Cafe‑style dining area plus two additional semi‑private dining rooms.; Drink prep station and dishwashing station connected to the kitchen.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Shawn Munsinger
    Real Estate License ID: B61143000
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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