Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1005 E Pennsylvania Ave Ottumwa, IA 52501
    Back to Search
    Property profile & analytics

    1005 E Pennsylvania Ave Ottumwa, IA 52501

    View on Map
    • Medical Office Space
    • 87,967 SF
    • 4.28 lot acres
    For Lease
    $2,805,000
    View Listing →
    Renovated Healthcare Destination in Ottumwa For Lease
    $2,805,000

    Renovated Healthcare Destination in Ottumwa

    Premier healthcare facility with customizable suites near Ottumwa Regional Hospital.

    1005 E Pennsylvania Ave, Ottumwa, IA 52501
    View Listing
    Property ID
    US25-2073054
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Medical Office Space

    Property Details for 1005 E Pennsylvania Ave

    Year built
    1976
    Lot size
    4.28 lot acres
    Property size
    87,967 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    7411990001010
    APU
    7411990001010

    Description

    This exceptional Ottumwa, IA medical office building, located at 1005 E Pennsylvania Ave (cross street: W. Penn Ave), offers 70,046 square feet of versatile space in a Class B building renovated in 2023. The property features multiple suites, ranging from a minimum of 1,200 square feet to a maximum contiguous space of 25,000 square feet, with 25,000 square feet currently vacant. The two-story building boasts a 12-foot ceiling height, three elevators, and ample parking. It benefits from its proximity to Ottumwa Regional Hospital, a level 3 trauma center. The building is undergoing a complete renovation and modernization of common areas and the exterior, promising a first-class medical facility at competitive lease rates. The property is ideal for medical practices seeking flexible, modern space, with build-to-suit options and tenant improvement allowances available upon negotiation. This prime location in Ottumwa, IA (zip code 52501) offers excellent visibility and accessibility. Inquire today to learn more about leasing opportunities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Ottumwa
    County
    Wapello
    State
    Iowa
    Longitude
    -92.3884
    Latitude
    41.0284
    CBSA code
    36900
    CBSA name
    OTTUMWA, IA MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $243,984
    $165,600
    $6,065,380
    $6,230,980
    -
    $165,600
    $6,065,380
    $6,230,980

    Comparable in this City

    • Value Estimation by Request
      1,212 SF

      Ottumwa, IA 52501

      MEDICAL BUILDING • 1,212 SF
      Ottumwa, IA 52501
      View Details
    • Value Estimation by Request
      2,318 SF

      610 Main St

      MEDICAL BUILDING • 2,318 SF
      610 Main St, Ottumwa, IA 52501-3167
      View Details
    • Value Estimation by Request
      3,960 SF

      2427 Northgate St

      MEDICAL BUILDING • 3,960 SF
      2427 Northgate St, Ottumwa, IA 52501-1117
      View Details
    • Value Estimation
      $1,025,000
      10,021 SF

      931 Pennsylvania Ave

      MEDICAL BUILDING • 10,021 SF
      931 Pennsylvania Ave, Ottumwa, IA 52501-2138
      View Details
    • Value Estimation by Request
      3,152 SF

      1116 Pennsylvania Ave

      MEDICAL BUILDING • 3,152 SF
      1116 Pennsylvania Ave, Ottumwa, IA 52501-2109
      View Details
    • Value Estimation
      $1,205,000
      5,074 SF

      1255 Theatre Dr

      MEDICAL BUILDING • 5,074 SF
      1255 Theatre Dr, Ottumwa, IA 52501-3772
      View Details

    Similar Nearby for Sale

    • $179,000
      0.35 Acres

      Well-Maintained Commercial Building in Ottumwa

      Versatile commercial space in high-traffic area, ideal for various uses.
      1429 Albia Rd, Ottumwa, IA 52501
      View Details
    • $2,000,000
      21,198 SF

      Downtown Ottumwa Office Space

      21,198 SF office space in downtown Ottumwa, Iowa.
      127 E Main St, Ottumwa, IA 52501
      View Details
    • Contact for pricing
      26,207 SF

      Ottumwa Office Building For Sale

      26,207 SF Class A office building in Ottumwa, Iowa.
      123 E 3Rd St, Ottumwa, IA 52501
      View Details
    • $275,000

      Ottumwa Commercial Space with Office

      Versatile commercial space with office and secure fenced lot.
      617 Church St, Ottumwa, IA 52501
      View Details
    • $3,370,000
      11,400 SF

      New Retail Construction NNN Leases

      New construction retail property with NNN leases in Ottumwa.
      1000 Wildwood Dr, Ottumwa, IA 52501
      View Details
    • $274,500
      14.86 Acres

      Ottumwa Tillable Land For Sale

      14.86 acres of tillable land with high CSR2 rating.
      150Th St, Ottumwa, IA 52501
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Renovated Healthcare Destination in Ottumwa

      Premier healthcare facility with customizable suites near Ottumwa Regional Hospital.
      1005 E Pennsylvania Ave, Ottumwa, IA 52501
      View Details
    • Contact for pricing
      1,200 SF

      Prime Retail or Office Space

      Class A retail or office space in Ottumwa's commercial corridor.
      1000 Wildwood Dr, Ottumwa, IA 52501
      View Details
    • Contact for pricing

      Retail Space in Ottumwa, Iowa

      Retail space available in a thriving Ottumwa commercial district.
      819 Albia Rd, Ottumwa, IA 52501
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1005 E Pennsylvania Ave
    Ottumwa, IA 52501
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1005 E Pennsylvania Ave, Ottumwa, IA, 52501
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!