PETERSEN PLAZA OFFICE/RETAIL
Petersen Plaza Office/Retail Building
202 1st Street Southeast, Mason City, IA 50401
Property Details
Offering Price:
Occupancy:
Gross Leasable Area:
Cap Rate:
In-Place Income:
Year Built:
Price Per Gross Square Foot:
$1,540,000
99%
+/- 22,064 Sq Ft
8.61%
$132,574
1925
$69.80
Marcus & Millichap is excited to present this exclusive investment opportunity for an historically significant office/retail building in the vibrant city of Mason City, Iowa. Built in 1925 and located at 202 1st St SE, Petersen Plaza consists of 22,064 square feet plus an 800 square foot basement area, and primarily features a mix of professional office and government tenants as well as retail tenants utilizing 17,920 rentable square feet situated upon one-half acre of land just two blocks from Mason City's downtown district. Featuring an abundance of floor-to-ceiling windows with 21 individual office suites between the main level, with four separate exterior entrance doors as well as an elevator for second floor tenants. Several of the first-floor units are directly accessible from the 8,400 square foot concrete paved parking area.
Mason City, known as the "River City," is a dynamic and charming community that combines small-town charm with urban conveniences. Home to a thriving arts scene, including the iconic Frank Lloyd Wright-designed Park Inn Hotel, Mason City offers a unique blend of cultural experiences. The region is renowned for its strong economy, diverse industries, and a highly skilled workforce, making it an ideal investment destination. With its strategic location and easy access to major transportation routes, the property provides convenience for both employees and clients.
Highlights:
Impressive 99% Occupancy Rate, showcasing the high demand for office space in the area and a stable tenant base.
Meticulously maintained building, renovated across the years.
Stabilized rent roll with long-term tenant occupancy.
Extremely low 1.9% submarket vacancy rate, expressing heightened demand for office space.
Replaceable, below-market rents of $7.45/sf compared with average market rents of $13.56/sf.
Subject Property features a significant number of small-space offices, enabling a multitude of office users to occupy with limited overhead.
Property features one 14' wide x 12' high garage-style unit with heating and air conditioning.
Just a two-block walk to Downtown Mason City and the Southbridge Mall.
