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    409 Driftwood St Correctionville, IA 51016

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    409 Driftwood St Correctionville, IA 51016

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    • Office buildings
    • 672 SF
    • 0.07 lot acres
    For Sale
    $57,000
    View Listing →
    Downtown Correctionville Office Building For Sale
    $57,000
    3,172 SF

    Downtown Correctionville Office Building

    Move-in ready office building with parking in downtown Correctionville.

    409 Driftwood Street, Correctionville, IA 51016
    View Listing
    Property ID
    US25-0145408
    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

    • Dixon Construction Co / Construction Company

    Property Details for 409 Driftwood St

    Year built
    1910
    Construction
    FRAME
    Lot size
    0.07 lot acres
    Property size
    672 SF
    Zone code
    C-24
    Property type
    Office buildings
    APN
    884301229008
    APU
    884301229008

    Description

    This exceptional commercial property, located at 409 Driftwood St in Correctionville, Iowa, presents a unique investment opportunity. The property consists of two buildings totaling 3,172 square feet, situated on a 0.14-acre lot. Built in 1910, this single-story structure offers versatile space ideal for a variety of commercial uses. The interior layout includes three private offices, two open work areas, a dedicated conference room, and substantial back storage. The buildings can be utilized as a single cohesive unit or easily subdivided to create two separate storefronts, catering to diverse business needs. Ample parking is conveniently located at the rear of the property. This move-in ready property is offered for sale at $80,000, or available for lease at $1,500 per month on a triple net (NNN) basis, with tenant responsibility for taxes, insurance, and maintenance. The property's central location in downtown Correctionville, Iowa, zip code 51016, ensures high visibility and accessibility. This is a rare opportunity to acquire a well-maintained, adaptable commercial space in a thriving community. The property is zoned for commercial use.

    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
    Correctionville
    County
    Woodbury
    State
    Iowa
    Longitude
    -95.7865
    Latitude
    42.4746
    CBSA code
    43580
    CBSA name
    SIOUX CITY, IA-NE-SD METROPOLITAN 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
    2023
    $404
    $4,200
    $17,580
    $21,780
    -
    $4,200
    $17,580
    $21,780

    Comparable in this City

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      OFFICE BUILDING • 2,500 SF
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      675 SF

      412 5th St

      PROFESSIONAL BUILDING • 675 SF
      412 5th St, Correctionville, IA 51016-7712
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      7,000 SF

      312 Driftwood St

      OFFICE BUILDING • 7,000 SF
      312 Driftwood St, Correctionville, IA 51016-7732
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      2,472 SF

      524 Driftwood St

      MEDICAL BUILDING • 2,472 SF
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      MEDICAL BUILDING • 5,466 SF
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    Similar Nearby for Sale

    • $57,000
      3,172 SF

      Downtown Correctionville Office Building

      Move-in ready office building with parking in downtown Correctionville.
      409 Driftwood St, Correctionville, IA 51016
      View Details
    • New
      $699,000
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      Commercial Building in Correctionville, Iowa

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    View Listing
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    Correctionville, IA 51016
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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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