Flex Space with Loft
For Sale
$270,000
15715 Delaware Avenue, Mason City, IA 50401
Industrial building with work areas, storage rooms, oversized doors, and a gravel yard.
Property Size3,600 SF
Lot Size0.89 Acres
Price / SF$75
Days on Market61
Property Features for 15715 Delaware Avenue
General Information
Standard status
Active
Size
3,600 SF
Lot size
0.89 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,016
Building Details
Building Size
3,600 SF
Year Built
1981
Units
1
Listing Agency:
Jane Fischer & Associates LLC
(641) 420-1955
Listed By:
Jenna Sheriff · License #B64769
(641) 420-1955
Source:
Sweeneyrealestate
Added: Jun 11
Changed: Aug 8
Last Checked: Aug 9 at 12:37PM
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 Jane Fischer & Associates LLC
Investment Insights
Based on property information with market context.
This flex property includes a 3,600-square-foot building constructed in 1981 on two parcels totaling 0.89 acres. The interior features concrete flooring, high ceilings, oversized doors, designated work areas, storage rooms, and loft space. These improvements support a range of storage, equipment, workshop, project, and business uses described for the property.
A gravel yard extends outside the building, providing space for parking, access, and maneuvering. The property sits at the end of a private dead-end road in Mason City, with open countryside surrounding the site. The combination of enclosed work and storage areas with an outdoor yard creates a flexible setup for operations requiring both building space and exterior functionality.
A gravel yard extends outside the building, providing space for parking, access, and maneuvering. The property sits at the end of a private dead-end road in Mason City, with open countryside surrounding the site. The combination of enclosed work and storage areas with an outdoor yard creates a flexible setup for operations requiring both building space and exterior functionality.
Key Highlights
- 3,600‑square‑foot flex building constructed in 1981
- Two parcels totaling 0.89 acres
- Concrete floors, high ceilings, and oversized doors
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
$20,866
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
7.73%
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%
$417,320
$417.3K
Cap Rate 7%
$298,086
$298.1K
Cap Rate 9%
$231,844
$231.8K
Market Conditions
NOI Build-Up for 3,600 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
$32.4K $9.00/SF
− Vacancy
−$2.6K −$0.72/SF
EGI
$29.8K $8.28/SF
− OpEx
−$8.9K −$2.48/SF
NOI
$20.9K $5.80/SF
Area
Cerro Gordo County, IA
Vacancy
8.00%
Lease Rate
$9.00 /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%
$417,320
Cap Rate 7%
$298,086
Cap Rate 9%
$231,844
Alternative Uses
Best Use
Warehouse
$362.0K
$316.7K – $422.3K
NOI $25,337 @ 7.0% cap · market cap 9.38%
Second Best
Industrial
$298.1K
$260.8K – $347.8K
NOI $20,866 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$903.7K
$790.7K – $1.05M
NOI $63,259 @ 7.0% cap · market cap 23.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,137
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial building with work areas, storage rooms, oversized doors, and a gravel yard.
Where is this flex space located?
The property is located at 15715 Delaware Avenue Mason City, IA.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: 3,600‑square‑foot flex building constructed in 1981; Two parcels totaling 0.89 acres; Concrete floors, high ceilings, and oversized doors
