Three-Suite Retail
For Sale
$1,400,000
402 Indianhead Dr, Mason City, IA 50401
COMMERCIAL/INDUSTRIAL, 1 Story, MASON CITY, IA
Property Size6,148 SF
Lot Size0.99 Acres
Price / SF$227.72
Days on Market125
Property Features for 402 Indianhead Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Z4 - Multi-Use District
Subdivision
Southwest
Standard status
Active
Size
6,148 SF
Lot size
0.99 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
L1 BLK 2 INDIANHEAD PARK 1
Legal Description
L1 BLK 2 INDIANHEAD PARK 1
Utilities
Cooling system
Central Air
Building Details
Year built
2003
Floors in Building
1
Building materials
Brick Veneer
Roof type
Rubber
Architectural style
Other
Listing Agency:
HILDEBRAND REAL ESTATE
(641) 423-5055
Listed By:
TIMOTHY LATHAM · License #S44162
(641) 425-0363
Added: May 26
Changed: Aug 19
Last Checked: Sep 27 at 3:06PM
MLS# 260376
Copyright © 2026 Greater Mason City Board of Realtors. 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 6,148-square-foot retail storefront contains three suites within a one-story brick-veneer building constructed in 2003. The property includes central air conditioning and a rubber roof, with a 0.99-acre site supporting the commercial improvements. Zoning is Z4 - Multi-Use District.
The property is located at 402 Indianhead Dr in Mason City, Iowa, near Indianhead Square retail center. Walmart and Kohl’s are identified as nearby retailers. Suite occupancy includes one Subway location and two US Cellular suites, providing an established multi-tenant configuration for the property.
The property is located at 402 Indianhead Dr in Mason City, Iowa, near Indianhead Square retail center. Walmart and Kohl’s are identified as nearby retailers. Suite occupancy includes one Subway location and two US Cellular suites, providing an established multi-tenant configuration for the property.
Key Highlights
- 6,148‑square‑foot retail storefront on a 0.99‑acre site
- Three suites in a one‑story building
- One suite leased to Subway and two suites leased to US Cellular
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
$47,512
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
3.39%
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%
$950,240
$950.2K
Cap Rate 7%
$678,743
$678.7K
Cap Rate 9%
$527,911
$527.9K
Market Conditions
NOI Build-Up for 6,148 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
$73.8K $12.00/SF
− Vacancy
−$5.9K −$0.96/SF
EGI
$67.9K $11.04/SF
− OpEx
−$20.4K −$3.31/SF
NOI
$47.5K $7.73/SF
Area
Cerro Gordo County, IA
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$950,240
Cap Rate 7%
$678,743
Cap Rate 9%
$527,911
Alternative Uses
Best Use
Retail
$678.7K
$593.9K – $791.9K
NOI $47,512 @ 7.0% cap · market cap 3.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $108,032 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50401, IA
28,981
Population
14,746
Households
2
Avg Household Size
43
Median Age
22%
College-Educated
94%
High-School Grad
148.2 sq mi
ZIP Area
196
Density / Sq Mi
$63,807
Median Household Income
$38,929
Median Earnings
$868
Median Rent
$134,100
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
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Frequently Asked Questions
What type of property is this?
Storefront property - Brick-veneer commercial building with central air and a flexible multi-suite layout.
Where is this storefront property located?
The property is located at 402 Indianhead Dr Mason City, 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: 6,148‑square‑foot retail storefront on a 0.99‑acre site; Three suites in a one‑story building; One suite leased to Subway and two suites leased to US Cellular
