Climate-Controlled Storage and Retail
For Sale
$300,000
807 12th St, Belle Plaine, IA 52208
Updated multi-income building with nine 2024 climate-controlled storage units and framed upper-level apartment potential.
Property Size3,260 SF
Price / SF$92.02
Days on Market122
Property Features for 807 12th St
General Information
Standard status
Active
Size
3,260 SF
Taxes and HOA fees
Annual Taxes
$472
Building Details
Year Renovated
2024
Listing Agency:
Realty87
(319) 361-4663
Listed By:
Tami Timm · License #B41939000
(319) 361-4663
Source:
Exprealty
Added: Apr 24
Changed: Aug 23
Last Checked: Aug 22 at 5:41AM
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 Realty87
Investment Insights
Based on property information with market context.
This multi-income property offers turn-key, climate-controlled storage in the lower level, featuring nine newly added units available (new in 2024). The building has been substantially updated with new plumbing, electrical, and spray foam, and the storage area is presented as essentially new.
A charming main level provides additional space that can support retail or personal-service concepts. The upper level is framed and ready for completion as a one-bedroom apartment.
Located at 807 12th Street in Belle Plaine, IA, the property is positioned as a downtown opportunity with multiple income-producing components within a single building.
A charming main level provides additional space that can support retail or personal-service concepts. The upper level is framed and ready for completion as a one-bedroom apartment.
Located at 807 12th Street in Belle Plaine, IA, the property is positioned as a downtown opportunity with multiple income-producing components within a single building.
Key Highlights
- Updated multi‑income building with nine 2024 climate‑controlled storage units in the lower level
- Lower level storage features new plumbing, new electrical, and spray foam (updated)
- Upper level is framed and ready for completion of a 1‑bedroom apartment
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
$20,756
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
6.92%
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%
$415,120
$415.1K
Cap Rate 7%
$296,514
$296.5K
Cap Rate 9%
$230,622
$230.6K
Market Conditions
NOI Build-Up for 3,260 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
$25.4K $7.80/SF
− Vacancy
−$1.0K −$0.31/SF
EGI
$24.4K $7.49/SF
− OpEx
−$3.7K −$1.12/SF
NOI
$20.8K $6.37/SF
Area
Benton County, IA
Vacancy
3.97%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
15.00%
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%
$415,120
Cap Rate 7%
$296,514
Cap Rate 9%
$230,622
Alternative Uses
Best Use
Retail
$440.4K
$385.3K – $513.8K
NOI $30,826 @ 7.0% cap · market cap 10.28%
Second Best
Self Storage
$395.9K
$346.4K – $461.9K
NOI $27,713 @ 7.0% cap · market cap 9.24%
Theoretical Best
Specialty Retail
$471.8K
$412.9K – $550.5K
NOI $33,028 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 52208, IA
2,951
Population
1,451
Households
2
Avg Household Size
45
Median Age
17%
College-Educated
95%
High-School Grad
60.7 sq mi
ZIP Area
49
Density / Sq Mi
$71,336
Median Household Income
$45,202
Median Earnings
$773
Median Rent
$119,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Updated multi-income building with nine 2024 climate-controlled storage units and framed upper-level apartment potential.
Where is this storefront property located?
The property is located at 807 12th St Belle Plaine, IA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Updated multi‑income building with nine 2024 climate‑controlled storage units in the lower level; Lower level storage features new plumbing, new electrical, and spray foam (updated); Upper level is framed and ready for completion of a 1‑bedroom apartment
