Four-Space Mixed-Use
307 8th Street Southwest, Altoona, IA 50009
For Sale
Contact for pricing
All suites are occupied, with C-2 General Commercial zoning and a finished basement.
Property Size6,800 SF
Price / SF$205.88
Days on Market43
Property Features for 307 8th Street Southwest
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Additional Details
Road Access
Office Units
Tenant in Place
Building Details
Buildings
Building Size
Tenancy
Listing Agency:
Pennie Carroll & Associates Real Estate
Listed By:
Pennie Carroll · License IA F05964000
(515) 490-8025
Source:
Crexi
Added: Sep 28
Changed: Nov 8
Last Checked: Nov 8 at 3:23PM
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 Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This multi-tenant mixed-use building contains four leased spaces, with 6,320 sq ft on the ground floor and a finished 480 sq ft basement. The main parcel measures approximately 0.688 acres, and an adjoining parcel is included. The property is zoned C-2 General Commercial.
The building fronts 8th Street, opposite Hy-Vee and near Walgreens. Recent improvements include a roof and front facade approximately 3 years old, along with newly installed exterior lights at the front.
The building fronts 8th Street, opposite Hy-Vee and near Walgreens. Recent improvements include a roof and front facade approximately 3 years old, along with newly installed exterior lights at the front.
Key Highlights
- Four leased spaces in a multi‑tenant building
- 6,320 sq ft of ground‑floor area plus a finished 480 sq ft basement
- Main parcel is approximately 0.688 acres; adjoining parcel included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,320
Cap Rate
4.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,346,400
$1.3M
Cap Rate 7%
$961,714
$961.7K
Cap Rate 9%
$748,000
$748.0K
Market Conditions
NOI Build-Up for 6,800 SF
Gross rent
$122.4K $18.00/SF
− Vacancy
−$14.7K −$2.16/SF
EGI
$107.7K $15.84/SF
− OpEx
−$40.4K −$5.94/SF
NOI
$67.3K $9.90/SF
Area
Polk County, IA
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,346,400
Cap Rate 7%
$961,714
Cap Rate 9%
$748,000
Alternative Uses
Best Use
Mixed Use
$961.7K
$841.5K – $1.12M
NOI $67,320 @ 7.0% cap · market cap 4.81%
Second Best
Retail
$896.0K
$784.0K – $1.05M
NOI $62,718 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$1.67M
$1.47M – $1.95M
NOI $117,230 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
4
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
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
Properties on Market for Mixed-use properties in Polk County
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - All suites are occupied, with C-2 General Commercial zoning and a finished basement.
Where is this mixed-use property located?
The property is located at 307 8th Street Southwest 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 building; 6,320 sq ft of ground‑floor area plus a finished 480 sq ft basement; Main parcel is approximately 0.688 acres; adjoining parcel included
