Former Service Station
For Sale
$129,000
402 11th Street, Dewitt, IA 52742
Commercial-zoned former service station along 11th Street, offered as-is and requiring significant work.
Property Size1,120 SF
Days on Market30
Property Features for 402 11th Street
General Information
Standard status
Active
Size
1,120 SF
Property subtype
Commercial
Zoning
COMMR
Property Condition
Severity
Major
Evidence
Property does need significant work
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$992
Building Details
Building Size
1,120 SF
Year Built
1900
Listing Agency:
Ruhl&Ruhl REALTORS DeWitt
(563) 659-9433
Listed By:
Shelly Borota
(563) 659-9433
Source:
Ozmentrealestate
Added: Jul 22
Changed: Aug 18
Last Checked: Aug 20 at 3:07PM
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 Ruhl&Ruhl REALTORS DeWitt
Investment Insights
Based on property information with market context.
Built in 1900, this former service station is positioned along the 11th Street corridor in De Witt, Iowa. The property requires significant work and is being offered in its existing condition, giving the next owner a basis for restoration or redevelopment. Its commercial zoning is designated COMMR. The site is located at 402 11th Street, with the property’s future use and improvements subject to applicable requirements. The offering is available for sale on an as-is basis.
Key Highlights
- Former service station built in 1900
- Commercial zoning designated COMMR
- Located at 402 11th Street, De Witt, IA 52742
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
$11,529
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
8.94%
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%
$230,580
$230.6K
Cap Rate 7%
$164,700
$164.7K
Cap Rate 9%
$128,100
$128.1K
Market Conditions
NOI Build-Up for 1,120 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
$16.8K $15.00/SF
− Vacancy
−$1.4K −$1.28/SF
EGI
$15.4K $13.73/SF
− OpEx
−$3.8K −$3.43/SF
NOI
$11.5K $10.29/SF
Area
Clinton County, IA
Vacancy
8.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$230,580
Cap Rate 7%
$164,700
Cap Rate 9%
$128,100
Alternative Uses
Best Use
Specialty Retail
$164.7K
$144.1K – $192.2K
NOI $11,529 @ 7.0% cap · market cap 8.94%
Second Best
Retail
$158.7K
$138.9K – $185.2K
NOI $11,112 @ 7.0% cap · market cap 8.61%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
Explore this area
Business Placement
Demographics for 52742, IA
7,651
Population
3,077
Households
2.5
Avg Household Size
42
Median Age
32%
College-Educated
97%
High-School Grad
117.0 sq mi
ZIP Area
65
Density / Sq Mi
$92,500
Median Household Income
$50,536
Median Earnings
$933
Median Rent
$241,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Gas station - Commercial-zoned former service station along 11th Street, offered as-is and requiring significant work.
Where is this gas station located?
The property is located at 402 11th Street Dewitt, IA.
What is the asking price?
The asking price for this property is $129,000.
What are key features of this property?
This property features: Former service station built in 1900; Commercial zoning designated COMMR; Located at 402 11th Street, De Witt, IA 52742
