Four-Suite Strip
For Sale
$1,400,000
307 8th St SW, Altoona, IA 50009
The multi-tenant building has C-2 General Commercial zoning and an adjoining parcel included in the sale.
Property Size6,320 SF
Price / SF$221.52
Days on Market13
Property Features for 307 8th St SW
General Information
Standard status
Active
Size
6,320 SF
Property subtype
Commercial
Building Details
Year Built
1995
Listing Agency:
Pennie Carroll & Associates
Listed By:
Pennie Carroll (515) 490-8025 · License #F05964000
(515) 490-8025
Source:
Desmoineshomesforsale
Added: Sep 24
Changed: Oct 3
Last Checked: Oct 5 at 7:23PM
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 Pennie Carroll & Associates
Investment Insights
Based on property information with market context.
This Altoona strip mall contains four commercial spaces, all currently leased. The ground floor totals 6,320 sq ft, with an additional 480 sq ft of finished basement space. The main parcel is approximately 0.688 acres, and an adjoining parcel is also included. Zoning for the main parcel is C-2 General Commercial.
The property fronts 8th Street SW, opposite Hy-Vee and near Walgreens. The roof and front facade are approximately 3 years old, and new exterior lights have been installed at the front. The building was constructed in 1995.
The property fronts 8th Street SW, opposite Hy-Vee and near Walgreens. The roof and front facade are approximately 3 years old, and new exterior lights have been installed at the front. The building was constructed in 1995.
Key Highlights
- All four commercial spaces are currently leased
- 6,320 sq ft of ground‑floor space plus a 480 sq ft finished basement
- Main parcel is approximately 0.688 acres; adjoining parcel also included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,291
Cap Rate
4.16%
Suggested Prices Based on Cap Rates
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
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 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
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - The multi-tenant building has C-2 General Commercial zoning and an adjoining parcel included in the sale.
Where is this strip mall located?
The property is located at 307 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: All four commercial spaces are currently leased; 6,320 sq ft of ground‑floor space plus a 480 sq ft finished basement; Main parcel is approximately 0.688 acres; adjoining parcel also included
