111 State StMason City, IA 50401

Property Details for 111 State St

Year built

1990

Lot size

2.18 AC

Property size (Sq ft)

112,734 SF

Property type

Office buildings

APN

70927700900

APU

70927700900

Description

This exceptional investment opportunity presents a Class A, single-tenant, net-leased executive office building located at 111 W State St, Mason City, IA 50401. The 113,022 square foot building, constructed in 1990 and renovated in 2018, sits on an 8.21-acre lot and is currently 100% occupied by Principal Life Insurance Company under a lease expiring December 31, 2024. The lease, originally commencing December 8, 2014, includes two five-year renewal options and features annual rent bumps of 1%. The current annual net operating income (NOI) is $1,187,861, with an average rent per square foot of $10.51. The property is zoned Z-5 and comprises a six-story building. The landlord is responsible for the roof, foundation, underground utilities, structural components, and exterior walls. This is a strong, stable investment with a significant remaining lease term and built-in rent growth, situated in a market directly serving Principal Financial Group's pension account services. The property offers a compelling opportunity for investors seeking a secure, high-quality net lease asset with a proven tenant.

• CAP approach

  CAP return

  Valuation

  6%

  $18,557,258

  6.5%

  $17,129,778

  7%

  $15,906,222

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,753,944

  Geo Method

  $5,753,944

• Alternative Use

  Use

  Valuation

  Residential

  $21,240,924

  Hospitality

  $19,456,572

  Educational

  $16,187,640

  Medical

  $16,744,357

  Retail

  $25,180,772

Location Insight

City

Mason City

County

Cerro Gordo

State

Iowa

Latitude

43.1513

Longitude

-93.2035

CBSA code

32380

CBSA name

MASON CITY, IA MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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