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    104 1st Avenue E unit 1 Newton, IA 50208

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    MULTI_FAMILY - Newton, IA

    Type:Apartment
    Property size:
    514 SF
    Added:
    Apr 1, 2026
    Days on Market:
    1
    Last Refresh:
    Apr 1 at 10:06 pm

    Property Features for 104 1st Avenue E unit 1

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Zoning
    Resid
    Bedrooms
    11
    Bathrooms
    15
    Rooms
    Bedroom 9, Bathroom 9, Bathroom 3, Bathroom 14, Bedroom 7, Bedroom 8, Bedroom 6, Bathroom 2, Bedroom 11, Bathroom 8, Bedroom 10, Bathroom 7, Bathroom 1, Bathroom 6, Bedroom 3, Bedroom 5, Bathroom 12, Bathroom 5, Bedroom 2, Bathroom 13, Bathroom 4, Bedroom 1, Bathroom 11, Bedroom 4, Bathroom 10, Bathroom 15
    Standard status
    Active
    APN
    0834142001
    Size
    514 SF

    Taxes and HOA fees

    TaxDescription
    ORIGINAL PLAT LOT 6 & S 44' LOT 5 BLK 15 ALSO KNOWN AS JEWEL CONDO UNIT 1
    TaxAnnualAmount
    7552

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Electric (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1900
    Number of units
    15
    Building materials
    Brick

    We can help!

    Listing Contact
    Scot Bergman
    Scot Bergman

    Listing agent Scot Bergman

    Listing office Agency Iowa 1551 SW Prairie Trail Parkway, Ankeny, IA

    Listing date Apr 1, 2026

    MLS# 737444

    Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Multifamily Condo Units Portfolio Package

    The Jewel Condominiums are a second-level multifamily development located directly across from the courthouse. The offering includes 15 deeded condo units, consisting of 11 one-bedroom units and 4 efficiency units. Ten units are nearly complete, while five units are taken to the studs and ready for finishing. The property features elevator access and two secured entrances on 1st Avenue and 1st Street. It is equipped with city water and sewer services, electric heat, and central A/C. Common areas have been updated. A new roof was installed in 2025. The project is currently vacant, providing flexibility for an investor to complete construction and implement a lease-up or resale strategy. The property has a strong small-market rental demand and a walkable downtown location, enhancing its long-term potential. The property has a size of 514 square feet and is zoned as Resid.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newton
    County
    Jasper
    State
    Iowa
    Longitude
    -93.0532018
    Latitude
    41.6996165

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    FAQs

    What type of property is this?
    Apartment building - Fifteen condo units offered as a portfolio package for sale.
    Where is this apartment building located?
    The property is located at 104 1st Avenue E unit 1 Newton, IA.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Portfolio package of 15 condo units offered as a single purchase.; Opportunity to complete construction on 5 units taken to the studs.; Updated common areas and new roof installed in 2025.
    (515) 864-6444
    We can help!
    Listing Contact
    Scot Bergman
    Scot Bergman
    Learn More
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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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