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Downtown Mason City 99% Occupied Office/Retail Plaza
202 1st Street Southeast, Mason City, IA
$1,640,000
Price
8.08%
Cap Rate
$132,574
NOI
Overview
Description
Marcus & Millichap is pleased to present an 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.
Petersen Plaza has a rich history in the automotive industry. Originally built for the Dahl Motor Company which sold Ford, Lincoln and Fordson automobiles. Harry Dahl and his family were involved in the A.H. Dahl and Co. general store in Wisconsin in 1911 when he realized that selling Fords alongside his general merchandise in the store would bring in extra money! The Dahls would order and receive wooden crates with parts of the Ford cars and would then assemble the parts to sell as a finished automobile. They even had to provide lessons on how to drive the cars. They realized it made sense to expand their dealerships to larger towns, and in 1925 they opened Dahl Motor Company at 202-206 First Street Southeast in Mason City, Iowa. As years went by, numerous other families took over the building and continued to sell motor vehicles.
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.
About Mason City, IA
In 2014, Downtown Mason City was named as 1 of the 10 Great Neighborhoods of the 30 Great Places in America by the American Planning Association representing ‘the gold standard’ for ‘a true sense of place, cultural and historical interest, community involvement and a vision for tomorrow’.
Community leadership values strong neighborhoods. City officials work with neighborhood residents and community organizations to improve neighborhoods and the quality of life for citizens. The employees of the City of Mason City are dedicated to meeting the needs of its citizens and ensuring that there is no ‘trouble in River City’.
A rich architectural heritage is found in Mason City, which contains one of the largest concentrations of Prairie School architecture in one location, featuring both commercial and residential buildings. The only remaining Frank Lloyd Wright designed hotel located in downtown has been restored to a functional hotel due to a complete renovation including restoration of the distinctive brick and terra-cotta facade and art glass windows.
Mason City is the largest retail shopping hub in north central Iowa.
Mason City is the county seat for Cerro Gordo County in north central Iowa and is located approximately halfway between the capital cities of St Paul, Minnesota Minnesota and Des Moines, Iowa. The area of the city is 28.1 square miles of incorporated land.
Mason City is accessible by Interstate 35 to the west and Interstate 27/18 to the south, which is also known as the Avenue of the Saints, and Highways 65 and 122 intersect in the center of the community.
Population: 28,079
Documents
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OM_Petersen_Plaza_202_1st_Street_SE__Mason_City__IA.pdf
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Location
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