Multi-Tenant Retail Building with
For Sale
Contact for pricing
307-321 8th St SW, Altoona, IA 50009
Multi-tenant retail building offering three leaseable spaces with strong visibility and signage opportunities.
Property Size6,320 SF
Price / SF$221.52
Days on Market526
Property Features for 307-321 8th St SW
General Information
Standard status
Active
Size
6,320 SF
Property subtype
RETAIL
Building Details
Tenancy
Multi
Listing Agency:
LPT Realty
(515) 490-9592
Listed By:
Tom Butler
(515) 491-1561
Source:
Moodyscre
Added: Apr 8, 2025
Changed: Sep 9
Last Checked: Sep 15 at 5:43AM
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 LPT Realty
Investment Insights
Based on property information with market context.
This multi-tenant retail building at 307-321 8th St SW in Altoona, IA provides flexible space for retail users. The property includes three leaseable spaces ranging from 940 SF up to 6,320 SF, supporting a range of store sizes while keeping the merchandising concept under one roof. The building is designed for storefront operations, with easy access and signage opportunities.
The property benefits from visibility on Altoona’s high-traffic 8th St. That street exposure can be especially valuable for retail tenants looking to attract passersby and support storefront branding through on-site signage.
For tenants seeking adaptable retail footprints with prominent street visibility, this building offers a straightforward leasing setup across three spaces.
The property benefits from visibility on Altoona’s high-traffic 8th St. That street exposure can be especially valuable for retail tenants looking to attract passersby and support storefront branding through on-site signage.
For tenants seeking adaptable retail footprints with prominent street visibility, this building offers a straightforward leasing setup across three spaces.
Key Highlights
- Three leaseable retail spaces from 940 SF up to 6,320 SF
- Property totals 6,320 SF
- Visibility on Altoona’s high‑traffic 8th St
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
$58,291
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
4.16%
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%
$1,165,820
$1.2M
Cap Rate 7%
$832,729
$832.7K
Cap Rate 9%
$647,678
$647.7K
Market Conditions
NOI Build-Up for 6,320 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
$91.0K $14.40/SF
− Vacancy
−$7.7K −$1.22/SF
EGI
$83.3K $13.18/SF
− OpEx
−$25.0K −$3.95/SF
NOI
$58.3K $9.22/SF
Area
Polk County, IA
Vacancy
8.50%
Lease Rate
$14.40 /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%
$1,165,820
Cap Rate 7%
$832,729
Cap Rate 9%
$647,678
Alternative Uses
Best Use
Retail
$832.7K
$728.6K – $971.5K
NOI $58,291 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$6.08M
$5.32M – $7.10M
NOI $425,867 @ 7.0% cap · market cap 30.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
135k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 48%
Shops & Services 29%
Dining 18%
Beauty & Spa 2%
Hy-Vee
Groceries
52,424 visits/mo
0.2 miles
Fareway
Groceries
12,239 visits/mo
0.5 miles
Pet Supplies Plus
Shops & Services
9,549 visits/mo
0.2 miles
Altoona #1
Shops & Services
7,349 visits/mo
0.1 miles
Scooter's Coffee
Dining
7,031 visits/mo
0.1 miles
Demographics for 50009, IA
21,230
Population
8,829
Households
2.4
Avg Household Size
37
Median Age
33%
College-Educated
96%
High-School Grad
27.9 sq mi
ZIP Area
761
Density / Sq Mi
$90,393
Median Household Income
$52,227
Median Earnings
$1,201
Median Rent
$261,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Multi-tenant retail building offering three leaseable spaces with strong visibility and signage opportunities.
Where is this retail space located?
The property is located at 307-321 8th St SW Altoona, IA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Three leaseable retail spaces from 940 SF up to 6,320 SF; Property totals 6,320 SF; Visibility on Altoona’s high‑traffic 8th St
