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    Commercial Land with Historic Water Tower Title is generated by Realmo AI

    315 N Elm Street, Iola, KS 66749

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    Claim this Listing
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    For Sale
    $35,000

    LAND - Iola, KS

    Lot size:
    0.29 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 2 at 2:06 pm

    Property Features for 315 N Elm Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Resid
    Vegetation
    Natural State
    Fencing
    Chain Link
    Standard status
    Active
    APN
    0010772604028005000
    Lot size
    0.29 Acres

    Taxes and HOA fees

    Tax Description
    BOUGHTON'S SUBDIVISION OF IOLA, S26, T24, R18, BEG SW COR LT S, N 80', E TO E LT LN, S 150', NWLY TO POB & N2 ABAN RR R/W ADJ S THRF
    Tax Annual Amount
    89

    We can help!

    Listing Contact
    Jennifer Chester
    Jennifer Chester

    Listing agent Jennifer Chester License #00228497

    Listing office Crown Realty 102 E Jackson, Paola, KS

    Listing date Jun 2, 2026

    MLS# 2623649 Listing URL

    Copyright © 2026 Heartland Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Commercial lot fenced with chain link
    • Historic water tower on the property
    • Flat, highly accessible lot on N Elm Street in Iola
    • Situated on a spacious lot with room for parking and outdoor guest areas

    Overview

    This offering is a 0.29-acre commercial land parcel in Iola, Kansas, positioned for creative re-use. The site includes a historic, standout water tower structure, providing a built-in centerpiece for an adaptive hospitality or destination concept. With a flat, highly accessible layout, the property presents a blank canvas around the tower for compatible outdoor guest areas and related site improvements.

    The property is located at 315 N Elm Street in Iola. The site is described as being flat and easily accessible, with proximity to central traffic corridors and visibility along N Elm Street. Local context in the marketing materials points to upcoming interest from the planned Lehigh Portland State Park development in Iola, which could support demand for unique lodging and destination experiences.

    For buyers, this is best suited to an investor or operator looking for a distinctive development opportunity tied to a recognizable landmark. The presence of the historic water tower supports creative redevelopment into a memorable lodging or observation-style attraction, while the surrounding level land can accommodate complementary outdoor guest uses. Zoned Resid, the property may be appropriate for ventures that align with the area’s residential zoning framework; buyers should confirm feasibility with local authorities prior to planning any renovation or operational use.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bed & breakfasts

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Iola ks 6749 — 1398-1318, N Walnut St, Iola, KS 66749

    Location Insight

    • Map
    • Local Demand
    City
    Iola
    County
    Allen
    State
    Kansas
    Longitude
    -95.3964262
    Latitude
    37.9246729

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    FAQs

    What type of property is this?
    Bed & breakfast - Residential-zoned land on N Elm Street offers a distinctive historic water tower and flexible space for destination hospitality concepts.
    Where is this bed & breakfast located?
    The property is located at 315 N Elm Street Iola, KS.
    What is the asking price?
    The asking price for this property is $35,000.
    What are key features of this property?
    This property features: Commercial lot fenced with chain link; Historic water tower on the property; Flat, highly accessible lot on N Elm Street in Iola
    (620) 228-1413
    We can help!
    Listing Contact
    Jennifer Chester
    Jennifer Chester
    Real Estate License ID: 00228497
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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