Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    215 State St Algona, IA 50511

    • Office buildings
    • 2,582 SF
    • 0.07 lot acres
    For Sale
    View listing
    $100,000
    Last Sale
    Dec 29, 2021
    $97,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-0535722
    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.

    Current Use by Public Records

    • Office buildings

    Property Details for 215 State St

    Year built
    1938
    Lot size
    0.07 lot acres
    Property size
    2,582 SF
    Property type
    Office buildings
    APN
    22-02-456-014
    APU
    2202456014

    Description

    This attractive brick and wood-fronted commercial building in downtown Algona, Iowa, presents a fantastic investment opportunity. The property boasts approximately 2582 square feet of space, ideally suited for office or professional use. The main level features a welcoming reception/waiting area, four private offices (each measuring 11 x 13 feet), a meeting room (19 x 12 feet), a break room (14 x 9 feet), a half-bath, and ample storage. Additional storage is available in the basement. Recent updates include fresh paint in the reception area, hallway, and meeting room. The building sits on a 0.07-acre lot and offers convenient access to a public parking lot and alley via a rear entry/exit. The sale is contingent upon the existing tenant's lease agreement. This property is located at 215 E State Street, Algona, IA, and is priced at $100,000. The dimensions provided are approximate. Serious inquiries only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Algona
    County
    Kossuth
    State
    Iowa
    Longitude
    -94.2347
    Latitude
    43.0692

    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
    2021
    $1,624
    $8,672
    $115,027
    $123,699
    -
    $8,672
    $115,027
    $123,699

    Comparable in this City

    • Value Estimation by Request
      3,645 SF

      105 Hall St

      PROFESSIONAL BUILDING • 3,645 SF
      105 Hall St, Algona, IA 50511-2318
      View Details
    • Value Estimation
      $3,570,000
      67,629 SF

      808 Hwy 18th W

      PROFESSIONAL BUILDING • 67,629 SF
      808 Hwy 18th W, Algona, IA 50511-7234
      View Details
    • Value Estimation
      $1,030,000
      18,696 SF

      121 State St

      PROFESSIONAL BUILDING • 18,696 SF
      121 State St, Algona, IA 50511-2670
      View Details
    • Value Estimation by Request
      3,000 SF

      111 Hall St

      PROFESSIONAL BUILDING • 3,000 SF
      111 Hall St, Algona, IA 50511-2318
      View Details
    • Value Estimation by Request
      5,788 SF

      220 State St

      PROFESSIONAL BUILDING • 5,788 SF
      220 State St, Algona, IA 50511-2736
      View Details
    • Value Estimation by Request
      4,055 SF

      25 State St

      PROFESSIONAL BUILDING • 4,055 SF
      25 State St, Algona, IA 50511-2656
      View Details

    Similar Nearby for Sale

    • $109,000

      Prime Location Commercial Building

      Commercial building in prime location near courthouse and law enforcement.
      111 N Hall St, Algona, IA 50511
      View Details
    • $100,000
      0.07 Acres

      Algona Office Building - Prime Location

      Downtown Algona office building, excellent investment.
      215 State St, Algona, IA 50511
      View Details
    • $359,500

      Spacious Condo Near Downtown

      Three-bedroom condo with attached garage, move-in ready condition.
      602 E Lucas St, Algona, IA 50511
      View Details
    • $68,000

      Residential Land Near Golf Course

      Large lot suitable for custom home construction near golf course.
      1303 N Country Club Rd, Algona, IA 50511
      View Details
    • $296,000
      0.90 Acres

      Algona Commercial Property - High Visibility!

      Prime location, multiple buildings, high traffic area.
      1308 Highway 18, Algona, IA 50511
      View Details
    • $45,000

      Vacant Lot Ready for Building

      Corner lot near swimming pool and pickle ball courts.
      Riverview Hts, Algona, IA 50511
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      5,600 SF

      Algona Plaza Retail Space Available

      Prime Kossuth County retail space, multiple units.
      1500 Us-169, Algona, IA 50511
      View Details
    • Contact for pricing
      2,636 SF

      Former Restaurant with Drive-Thru

      2,636 SF former restaurant space available for sublease.
      1513 Highway 169 N, Algona, IA 50511
      View Details
    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.
    215 State St
    Algona, IA 50511
    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

    Google sign-in failed. Please try again or use another login method.