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    Historic Downtown Victorian With Apartment Title is generated by Realmo AI

    809 G Avenue, Fort Madison, IA 52627

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    For Sale
    $149,000

    MULTI_FAMILY - Fort Madison, IA

    Property size:
    3,680 SF
    Price / SF:
    $40/SF
    Added:
    May 18, 2026
    Days on Market:
    4
    Last Refresh:
    May 21 at 11:06 pm

    Property Features for 809 G Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Basement
    Full, Unfinished
    Standard status
    Active
    APN
    024715031590210
    Size
    3,680 SF

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    #287 809 AVE G E1/2 OF LOT 308
    Tax Annual Amount
    941

    Utilities

    Heating system
    Oil
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    2
    Building materials
    Brick

    We can help!

    Listing Contact
    Donna Amandus

    Listing agent Donna Amandus License #***

    Listing office Weichert Realtors-The Massimo Group 804 Main St, Keokuk, IA

    Listing date May 18, 2026

    MLS# 6338432 Listing URL

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

    HighLights

    • Prime downtown location with high visibility and foot traffic.
    • Versatile commercial space suitable for retail, dining, or entertainment.
    • Private 3‑bedroom apartment featuring vintage clawfoot tubs and a new deck/balcony.
    • Two‑car garage, a rare downtown amenity.
    • Original storefront and vintage tin ceiling showcasing historic character.
    • Income potential from renting out either the commercial space or the apartment.

    Overview

    This historic Victorian commercial building is located in the heart of downtown and features an original storefront and vintage tin ceiling. The property offers potential for a retail boutique, cafe, restaurant, art studio, or event venue. The main level features a classic storefront and flexible, spacious front retail or restaurant area with an original tin ceiling and large display windows. The open layout is ideal for retail, dining, or entertainment. The rear section provides storage space. There are two half bathrooms for guests and staff. The upper level features a private 3-bedroom apartment with garage, accessible from both the front and back entrances. The apartment offers a living space suitable for an owner-occupant or tenant. It includes three bedrooms and two full bathrooms, each with vintage clawfoot tubs, an inviting living area and eat-in kitchen with custom wood cabinetry, a laundry room with washer and dryer hookups, and walkout access to a new deck/balcony. A two-car garage is included. The apartment is occupied by a long-term renter. The property is centrally located in the heart of downtown with high visibility and foot traffic. The property size is 3680 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    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.

    Location Insight

    • Map
    • Local Demand
    City
    Fort Madison
    County
    Lee
    State
    Iowa
    Longitude
    -91.37
    Latitude
    40.6441

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    FAQs

    What type of property is this?
    Mixed-use property - Victorian commercial building with storefront and 3-bedroom apartment.
    Where is this mixed-use property located?
    The property is located at 809 G Avenue Fort Madison, IA.
    What is the asking price?
    The asking price for this property is $149,000.
    What are key features of this property?
    This property features: Prime downtown location with high visibility and foot traffic.; Versatile commercial space suitable for retail, dining, or entertainment.; **Private 3‑bedroom apartment featuring vintage clawfoot tubs and a new deck/balcony.**
    (319) 470-4881
    We can help!
    Listing Contact
    Donna Amandus
    Real Estate License ID: ***
    Learn More
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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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