111 State St Mason City, IA 50401
- Office buildings
- 112,734 SF
- 2.18 lot acres
Current Use by Public Records
- Shazam Atm / Atm
- Masonite Corporation / Door Manufacturer
Property Details for 111 State St
- Year built
- 1990
- Lot size
- 2.18 lot acres
- Property size
- 112,734 SF
- Property type
- Office buildings
- APN
- 70927700900
- APU
- 70927700900
Description
This exceptional investment opportunity presents a Class A, single-tenant, net-leased executive office building located at 111 W State St, Mason City, IA 50401. The 113,022 square foot building, constructed in 1990 and renovated in 2018, sits on an 8.21-acre lot and is currently 100% occupied by Principal Life Insurance Company under a lease expiring December 31, 2024. The lease, originally commencing December 8, 2014, includes two five-year renewal options and features annual rent bumps of 1%. The current annual net operating income (NOI) is $1,187,861, with an average rent per square foot of $10.51. The property is zoned Z-5 and comprises a six-story building. The landlord is responsible for the roof, foundation, underground utilities, structural components, and exterior walls. This is a strong, stable investment with a significant remaining lease term and built-in rent growth, situated in a market directly serving Principal Financial Group's pension account services. The property offers a compelling opportunity for investors seeking a secure, high-quality net lease asset with a proven tenant.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Mason City
- County
- Cerro Gordo
- State
- Iowa
- Longitude
- -93.2035
- Latitude
- 43.1513
- CBSA code
- 32380
- CBSA name
- MASON CITY, IA MICROPOLITAN STATISTICAL AREA
