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    223 Central Ave W Clarion, IA 50525
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    223 Central Ave W, Clarion, IA 50525

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    • Office buildings
    • 2,508 SF
    • 0.17 lot acres
    For Sale
    $199,999
    View Listing →
    Updated Commercial Building on Highway For Sale
    $199,999
    2,508 SF

    Updated Commercial Building on Highway

    Commercial building suitable for office, retail, or income property.

    223 Central Avenue W, Clarion, IA 50525
    View Listing
    Property ID
    US25-1947803
    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

    • K & L Technical Services / Tech Support Center / (Bike/Boat/Book/etc) Store
    • Farm Bureau Financial Services - Dave Stanton / Financial Advisor

    Property Details for 223 Central Ave W

    Year built
    1947
    Lot size
    0.17 lot acres
    Property type
    Office buildings
    APN
    07-31-367-003
    APU
    731367003

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 7, 2022 — Thomas E Frantz — Deed · related $135k · First Citizens Bank
    Sep 13, 2016 — Thomas E Frantz — Deed · related $140k · First Citizens Bank
    Dec 28, 2012 $60,000 Thomas E Frantz Security Savings Bank Co Warranty Deed $130k · Security Savings Bank
    Nov 26, 2012 $55,000 Security Savings Bank Be Boyd S Blasi Sheriffs Deed · related —

    Description

    This exceptional 2,508 square foot office building, situated on a 0.17-acre lot at 223 Central Avenue West in Clarion, Iowa, presents a remarkable opportunity. Ideally located at the heart of Wright County, directly on Highway 3, this property boasts high visibility and accessibility. Substantial updates have been implemented within the last decade, ensuring modern functionality and appeal. The building's versatile design lends itself to a variety of uses, including office space, retail ventures, or as an income-generating property. Its adaptable layout allows for division into two separate rental units, or utilization as a single cohesive space. One side features five offices, a large lobby/waiting area, and a spacious bathroom, while the second area includes a separate office, bathroom, and its own lobby/waiting area. All doorways measure 36 inches, and both bathrooms are designed for wheelchair accessibility, promoting inclusivity and convenience. Currently, the property is available for both sale and lease, offering flexibility for potential buyers and tenants. This prime location and adaptable space make it an exceptional investment opportunity with significant potential for return.

    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
    Clarion
    County
    Wright
    State
    Iowa
    Longitude
    -93.7351
    Latitude
    42.7318

    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
    2023
    $2,586
    $18,700
    $117,000
    $135,700
    -
    $18,700
    $117,000
    $135,700

    Comparable in this City

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      OFFICE BUILDING
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    Similar Nearby for Sale

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      Commercial Property with Two Buildings

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      2,508 SF

      Updated Commercial Building on Highway

      Commercial building suitable for office, retail, or income property.
      223 Central Ave W, Clarion, IA 50525
      View Details
    • $215,000
      5,000 SF

      Commercial Property on Highway 3

      Two buildings on a lot with highway frontage.
      1412 Central Ave W, Clarion, IA 50525
      View Details
    • Contact for pricing
      7,200 SF

      7200 SF Commercial/Storage Building

      7200 SF building suitable for commercial or storage use.
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      View Details
    View Listing
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    Clarion, IA 50525
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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.

    More about this property
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