Listing Agency: GLD COMMERCIAL Show Phone

Listed By: Angie Glick Show Phone

Source: Exprealty

Added: Jul 21 Changed: Oct 5 Last Checked: Oct 13 at 12:02AM

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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 GLD COMMERCIAL

Investment Insights

Based on property information with market context.

This 4,361-square-foot mixed-use property occupies a former fire station in downtown Mount Vernon. The building is positioned for commercial redevelopment, with a brewery and restaurant concept previously designed and approved by the City. Architectural plans and renderings can be provided to qualified buyers after execution of an NDA.

The property includes dedicated off-street parking and an opportunity for outdoor patio space, features that support a range of potential commercial configurations. Prior ownership efforts also included securing Grayfield and IDEA grants. The owner may consider a lease in addition to a sale.

Key Highlights

• 4,361‑square‑foot former fire station in downtown Mount Vernon
• Brewery and restaurant concept previously designed and approved by the City
• Architectural plans and renderings available to qualified buyers under NDA

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$44,182

Cap Rate

7.43%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$883,640 $883.6K

Cap Rate 7%

$631,171 $631.2K

Cap Rate 9%

$490,911 $490.9K

Market Conditions

NOI Build-Up for 4,361 SF

Gross rent

$63.8K $14.64/SF

− Vacancy

−$4.9K −$1.13/SF

EGI

$58.9K $13.51/SF

− OpEx

−$14.7K −$3.38/SF

NOI

$44.2K $10.13/SF

Area

Linn County, IA

Vacancy

7.73%

Lease Rate

$14.64 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$883,640

Cap Rate 7%

$631,171

Cap Rate 9%

$490,911

Alternative Uses

Best Use

Specialty Retail

$631.2K

$552.3K – $736.4K (±1% cap)

NOI $44,182 @ 7.0% cap · market cap 7.43%

Second Best

Mixed Use

$551.5K

$482.6K – $643.5K (±1% cap)

NOI $38,607 @ 7.0% cap · market cap 6.49%

Theoretical Best

Self Storage

$734.0K

$642.2K – $856.3K (±1% cap)

NOI $51,377 @ 7.0% cap · market cap 8.63%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Breweries

Suggested Use

Top Pick Real Estate Agency HVAC Service Law Firm Big Box & Wholesale Store Kitchen & Bath Showroom Bakery

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

386

Businesses Nearby

Explore this area Business Placement

Demographics for 52314, IA

5,937

Population

1,949

Households

3

Avg Household Size

33

Median Age

45%

College-Educated

96%

High-School Grad

59.3 sq mi

ZIP Area

100

Density / Sq Mi

$106,667

Median Household Income

$36,477

Median Earnings

$886

Median Rent

$279,800

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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

Frequently Asked Questions

What type of property is this?

Mixed-use property - Former fire station with approved redevelopment plans for brewery and restaurant concepts, plus off-street parking and patio potential.

Where is this mixed-use property located?

The property is located at 217 1st St Nw Mount Vernon, IA.

What is the asking price?

The asking price for this property is $595,000.

What are key features of this property?

This property features: 4,361‑square‑foot former fire station in downtown Mount Vernon; Brewery and restaurant concept previously designed and approved by the City; Architectural plans and renderings available to qualified buyers under NDA