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    20120 Highway 2 Centerville, IA 52544

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    For Sale
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    Income-producing commercial property with multiple business possibilities on 1.7 acres.

    Lot size:
    1.70 Acres

    Property Features for 20120 Highway 2

    General Information

    Standard status
    Active
    Zoning
    Business/Commercial
    Lot size
    1.70 Acres

    Building Details

    Year built
    1979

    We can help!

    Listing Contact
    John Durling
    Source: Crexi

    Listing Agency: Iowa Realty South Lakes Listing Agent: John Durling

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Versatile Commercial Property on Highway

    This commercial property offers 8,560 square feet of space on 1.7 acres. The multi-purpose building is divided to accommodate multiple business ventures. Currently, the property includes a fully equipped veterinary clinic set up for both large and small animal care, featuring a dedicated grooming area and 10 rear kennels. Additionally, there is commercial office space that includes a 2-bedroom apartment upstairs, providing additional rental income or convenient on-site living. A two-story former day spa addition, constructed in 2014 with geothermal heating and designed for flexibility, is also part of the property. The spa wing is plumbed with hot and cold water plus drains in six individual rooms, allowing for an easy transition back to a fully operational spa or adaptation for medical, wellness, or professional use. The lower level has been converted to living space, further expanding residential or rental options. The property's location on Highway 2, its flexible layout, and income-producing potential offer possibilities for medical, wellness, professional offices, multi-tenant investment, or live/work conversion. Up to 55 adjoining acres of pasture with four ponds are available for purchase, providing expansion opportunities.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Building Supply Big Box & Wholesale Store Storage Facility Bar & Pub Discount Store (Bike/Boat/Book/etc) Store Daycare Center Veterinary Clinic Pet Store Pet Store & Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Centerville
    County
    Appanoose
    State
    Iowa
    Longitude
    -92.90345
    Latitude
    40.739674

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    FAQs

    What type of property is this?
    Mixed-use property - Income-producing commercial property with multiple business possibilities on 1.7 acres.
    Where is this mixed-use property located?
    The property is located at 20120 Highway 2 Centerville, IA.
    What are key features of this property?
    This property features: - Income-producing commercial property featuring a veterinary clinic and commercial office space, including a 2-bedroom apartment.; - Prime highway location on 1.7 acres offering high visibility and accessibility.; - Versatile 8,560 sq ft multi-purpose building adaptable for various business ventures.
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    20120 Highway 2 Centerville, IA 52544
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    Centerville, IA 52544
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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.

    More about this property
    20120 Highway 2 Centerville, IA 52544
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    We can help!
    Listing Contact
    John Durling
    Real Estate License ID: S71387000
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