Four-Unit Rental
For Sale
$199,900
104 E Boston Avenue, Indianola, IA 50125
MultiFamily, Indianola, IA
Property Size1,776 SF
Lot Size0.21 Acres
Price / SF$112.56
Days on Market106
Property Features for 104 E Boston Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
1
Bathrooms
5
Rooms
Bedroom 1, Bathroom 5, Bathroom 2, Bathroom 4, Bathroom 1, Bathroom 3
Parking features
Garage
Lot features
Rectangular Lot
Elementary school district
Indianola
Middle school district
Indianola
High school district
Indianola
Directions
Hwy 65/69 to Boston Ave, west to property.
Subdivision
Indianola
Standard status
Active
APN
48020020160
Size
1,776 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
25-76-24 INDIANOLA OTP LOTS 16 & 17 BLK 2
Tax Annual Amount
2690
Legal Description
25-76-24 INDIANOLA OTP LOTS 16 & 17 BLK 2
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Water source
Public
Amenities
common area backyard
Building Details
Year built
1900
Floors in Building
2
Number of units
4
Building materials
VinylSiding
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
Iowa Realty Indianola
(515) 453-6600
Listed By:
Emily Keller - Lampman
(515) 453-5662
Added: May 15
Changed: Aug 19
Last Checked: Aug 28 at 11:06PM
MLS# 740926
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.
Investment Insights
Based on property information with market context.
This four-unit residential property contains 1,776 square feet on a 0.2066-acre lot and is fully rented. The configuration includes three studio apartments and one one-bedroom apartment, with five bathrooms overall. A shared backyard and one-car detached garage add functional common and storage space.
Built in 1900, the building has vinyl siding, an asphalt shingle roof, natural gas forced-air heat, and window-unit cooling. Electrical improvements include an updated meter and panel along with substantial rewiring. The property is served by public water and public sewer and carries Res zoning in Indianola, Iowa.
Built in 1900, the building has vinyl siding, an asphalt shingle roof, natural gas forced-air heat, and window-unit cooling. Electrical improvements include an updated meter and panel along with substantial rewiring. The property is served by public water and public sewer and carries Res zoning in Indianola, Iowa.
Key Highlights
- Four‑unit property with 3 studio apartments and 1 BR apartment
- 1,776 square feet on a 0.2066‑acre lot
- Fully rented configuration
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,041
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$320,820
$320.8K
Cap Rate 7%
$229,157
$229.2K
Cap Rate 9%
$178,233
$178.2K
Market Conditions
NOI Build-Up for 1,776 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$24.5K $13.80/SF
− Vacancy
−$1.6K −$0.90/SF
EGI
$22.9K $12.90/SF
− OpEx
−$6.9K −$3.87/SF
NOI
$16.0K $9.03/SF
Area
Warren County, IA
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$320,820
Cap Rate 7%
$229,157
Cap Rate 9%
$178,233
Alternative Uses
Best Use
Multifamily LT 5
$229.2K
$200.5K – $267.4K
NOI $16,041 @ 7.0% cap · market cap 8.02%
Second Best
Apartment 5plus
$212.9K
$186.3K – $248.4K
NOI $14,906 @ 7.0% cap · market cap 7.46%
Theoretical Best
Flex RnD
$1.71M
$1.50M – $1.99M
NOI $119,674 @ 7.0% cap · market cap 59.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
805
Businesses Nearby
Explore this area
Business Placement
Demographics for 50125, IA
20,906
Population
8,039
Households
2.6
Avg Household Size
39
Median Age
34%
College-Educated
97%
High-School Grad
162.4 sq mi
ZIP Area
129
Density / Sq Mi
$86,463
Median Household Income
$42,822
Median Earnings
$975
Median Rent
$248,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied residential income property with updated electrical service, public utilities, and a detached garage.
Where is this quadplex located?
The property is located at 104 E Boston Avenue Indianola, IA.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Four‑unit property with 3 studio apartments and 1 BR apartment; 1,776 square feet on a 0.2066‑acre lot; Fully rented configuration
