Flex Space with
For Sale
$339,000
413 E Grade Street, Winterset, IA 50273
CommercialSale, Winterset, IA
Property Size1,620 SF
Lot Size0.26 Acres
Price / SF$209.26
Days on Market185
Property Features for 413 E Grade Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Comm
Elementary school district
Winterset
Middle school district
Winterset
High school district
Winterset
Directions
On Grade Street.
Subdivision
Winterset
Standard status
Active
APN
820000204051100
Lot size
0.26 Acres
Taxes and HOA fees
Tax Description
LOTS 6 & 7, BLOCK 4 GUIBERSON'S
Tax Annual Amount
2105
Legal Description
LOTS 6 & 7, BLOCK 4 GUIBERSON'S
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
kitchen
Building Details
Year built
2003
Building materials
MetalSiding
Listing Agency:
Madison County Realty
(515) 462-3120
Listed By:
Jennifer Stover
(515) 480-3389
Added: Feb 16
Changed: Aug 19
Last Checked: Aug 20 at 6:06PM
MLS# 734506
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 flex-space property combines 900 sf of dedicated office space with a practical commercial work area. The existing kitchen configuration can be reworked into an open workshop because plumbing runs above the floor. A powered 12x10 overhead door supports equipment movement and deliveries. Built in 2003, the metal-sided building includes forced-air natural-gas heat and central air conditioning.
The property is located at 413 E Grade Street in Winterset, Iowa, with public water and public sewer service. Comm zoning, available parking, and an adaptable interior support a range of commercial configurations without relying on a fixed layout.
The property is located at 413 E Grade Street in Winterset, Iowa, with public water and public sewer service. Comm zoning, available parking, and an adaptable interior support a range of commercial configurations without relying on a fixed layout.
Key Highlights
- 900 sf of dedicated office space
- Powered 12x10 overhead door
- Above‑floor plumbing allows kitchen‑to‑workshop conversion
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
$21,345
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
6.30%
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%
$426,900
$426.9K
Cap Rate 7%
$304,929
$304.9K
Cap Rate 9%
$237,167
$237.2K
Market Conditions
NOI Build-Up for 1,620 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
$35.6K $21.96/SF
− Vacancy
−$7.1K −$4.39/SF
EGI
$28.5K $17.57/SF
− OpEx
−$7.1K −$4.39/SF
NOI
$21.3K $13.18/SF
Area
Madison County, IA
Vacancy
20.00%
Lease Rate
$21.96 /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%
$426,900
Cap Rate 7%
$304,929
Cap Rate 9%
$237,167
Alternative Uses
Best Use
Flex RnD
$1.56M
$1.36M – $1.82M
NOI $109,162 @ 7.0% cap · market cap 32.20%
Second Best
Office B
$304.9K
$266.8K – $355.8K
NOI $21,345 @ 7.0% cap · market cap 6.30%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
469
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50273, IA
8,570
Population
3,927
Households
2.2
Avg Household Size
41
Median Age
25%
College-Educated
96%
High-School Grad
195.2 sq mi
ZIP Area
44
Density / Sq Mi
$80,018
Median Household Income
$48,149
Median Earnings
$948
Median Rent
$216,100
Median Home Value
Market
Vacancy Rate% for Office 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?
Flex space - Metal-sided commercial building offers dedicated office area and adaptable workshop plumbing.
Where is this flex space located?
The property is located at 413 E Grade Street Winterset, IA.
What is the asking price?
The asking price for this property is $339,000.
What are key features of this property?
This property features: 900 sf of dedicated office space; Powered 12x10 overhead door; Above‑floor plumbing allows kitchen‑to‑workshop conversion
