Strip Mall with Four Leased
For Sale
$1,400,000
307 8th Street SW, Altoona, IA 50009
CommercialSale, Retail, Altoona, IA
Property Size6,800 SF
Lot Size1.00 Acres
Price / SF$205.88
Days on Market16
Property Features for 307 8th Street SW
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
C-2
Security features
Security
Elementary school district
Southeast Polk
Middle school district
Southeast Polk
High school district
Southeast Polk
Directions
From I-80, take Exit 143 toward Altoona. Head South on 1st Ave, turn right onto 8th Street SW, and continue West to 317 8th St. SW. Property will be on the right.
Subdivision
Altoona
Standard status
Active
APN
17100332003000
Lot size
1.00 Acres
Taxes and HOA fees
Tax Description
-EX N 110F- W 157F LT 5 OP OUTLOT 4 ENSIGNS ADD
Tax Annual Amount
23336
Legal Description
-EX N 110F- W 157F LT 5 OP OUTLOT 4 ENSIGNS ADD
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1995
Flooring type
Tile
Building materials
Brick, Frame
Roof type
Rubber
Architectural style
Other
Listing Agency:
Pennie Carroll & Associates
(515) 490-8025
Listed By:
Pennie Carroll · License #F05964000
(515) 967-2903
Added: Sep 23
Changed: Sep 28
Last Checked: Oct 8 at 6:06AM
MLS# 749887
Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multi-tenant retail property at 307 8th Street SW contains four leased spaces. Ground-floor area totals 6,320 square feet, with an additional 480-square-foot finished basement. The building dates to 1995 and has brick and frame construction, tile flooring, forced-air natural gas heat, central air, public water and sewer, and a rubber roof. The roof and front facade are approximately 3 years old, and new exterior lights have been installed at the front.
The property is zoned C-2. It fronts 8th Street, across from Hy-Vee and near Walgreens. The sale includes an adjoining parcel in addition to the parcel containing the building.
The property is zoned C-2. It fronts 8th Street, across from Hy-Vee and near Walgreens. The sale includes an adjoining parcel in addition to the parcel containing the building.
Key Highlights
- Four leased spaces in a multi‑tenant retail building
- 6,320 sq ft of ground‑floor area and a 480 sq ft finished basement
- Adjoining parcel included in the sale
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$62,718
Cap Rate
4.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,254,360
$1.3M
Cap Rate 7%
$895,971
$896.0K
Cap Rate 9%
$696,867
$696.9K
Market Conditions
NOI Build-Up for 6,800 SF
Gross rent
$97.9K $14.40/SF
− Vacancy
−$8.3K −$1.22/SF
EGI
$89.6K $13.18/SF
− OpEx
−$26.9K −$3.95/SF
NOI
$62.7K $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%
$1,254,360
Cap Rate 7%
$895,971
Cap Rate 9%
$696,867
Alternative Uses
Best Use
Retail
$896.0K
$784.0K – $1.05M
NOI $62,718 @ 7.0% cap · market cap 4.48%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$6.55M
$5.73M – $7.64M
NOI $458,211 @ 7.0% cap · market cap 32.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
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
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 - All tenant suites are occupied, and an adjoining parcel is included in the sale.
Where is this strip mall located?
The property is located at 307 8th Street 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: Four leased spaces in a multi‑tenant retail building; 6,320 sq ft of ground‑floor area and a 480 sq ft finished basement; Adjoining parcel included in the sale
