Building Details

Year Built 1928

Listing Agency: HILDEBRAND REAL ESTATE Show Phone

Listed By: TIMOTHY LATHAM · License #S44162 Show Phone

Source: Exitrealty

Added: Nov 15, 2024 Changed: Oct 25 Last Checked: Sep 30 at 11:18AM

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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 HILDEBRAND REAL ESTATE

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Investment Insights

Based on property information with market context.

This offering comprises a package of six parcels with excellent visibility and a rich history. The properties are located in a plaza that is home to the only Frank Lloyd Wright Hotel in the World, along with dining, entertainment, and small businesses. The properties present an opportunity to start a business, lease spaces, and potentially utilize Mason City's programs for updating costs. The storefronts were formerly home to the Bergo family Mercantile stores. The properties include storefronts on the plaza, some with apartments above, and two stores opening to the mall entrance with long-term tenants. The properties include 9 S Federal, 11 S Federal & 10 1st SE. The total property size is 3520 square feet. A new roof has been installed on 9 S Federal, 11 S Federal & 10 1st SE.

Key Highlights

• Package deal: Includes 6 parcels with storefronts and potential apartments.
• Prime location on the plaza, home to the Frank Lloyd Wright Hotel.
• Excellent visibility and high traffic area.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,203

Cap Rate

3.73%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$544,060 $544.1K

Cap Rate 7%

$388,614 $388.6K

Cap Rate 9%

$302,256 $302.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,520 SF

Gross rent

$42.2K $12.00/SF

− Vacancy

−$3.4K −$0.96/SF

EGI

$38.9K $11.04/SF

− OpEx

−$11.7K −$3.31/SF

NOI

$27.2K $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 Rate 5%

$544,060

Cap Rate 7%

$388,614

Cap Rate 9%

$302,256

Alternative Uses

Best Use

Retail

$388.6K

$340.0K – $453.4K (±1% cap)

NOI $27,203 @ 7.0% cap · market cap 3.73%

Second Best

Mixed Use

$339.4K

$297.0K – $396.0K (±1% cap)

NOI $23,760 @ 7.0% cap · market cap 3.25%

Theoretical Best

Office A

$883.6K

$773.2K – $1.03M (±1% cap)

NOI $61,853 @ 7.0% cap · market cap 8.47%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Main Street Mason ... Charitable Organization North Iowa Regional ... Storage Facility River City Sculptures ... Resort MANPOWER Employment Agency North Central Iowa ... Employment Agency

Suggested Use

Top Pick Real Estate Agency Dental Office Grocery & Convenience Store Skin Care Clinic Bakery Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,137

Businesses Nearby

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

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Contact for pricing

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Six parcels with storefronts, apartments, and business opportunities.

Where is this mixed-use property located?

The property is located at 9 S Federal Ave Mason City, IA.

What is the asking price?

The asking price for this property is $730,000.

What are key features of this property?

This property features: Package deal: Includes 6 parcels with storefronts and potential apartments.; Prime location on the plaza, home to the Frank Lloyd Wright Hotel.; Excellent visibility and high traffic area.