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    Renovated Multifamily Portfolio in Hawarden Title is generated by Realmo AI

    1115 CENTRAL AVE, Hawarden, IA 51023

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    Claim this Listing
    For Sale
    $2,240,000

    MULTI_FAMILY - Hawarden, IA

    Property size:
    2,208 SF
    Lot size:
    0.76 Acres
    Price / SF:
    $1,014/SF
    Added:
    Feb 9, 2026
    Days on Market:
    114
    Last Refresh:
    Jun 3 at 11:06 am

    Property Features for 1115 CENTRAL AVE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Res
    Bedrooms
    3
    Bathrooms
    2
    Rooms
    Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bathroom 2
    Standard status
    Active
    APN
    19167-13-35-356-008
    Size
    2,208 SF
    Lot size
    0.76 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    LS1-8 BLK 28 & S50' OF VAC 12TH ST WESTERN TOWN LOT COMPANY'S 2ND ADD
    Tax Annual Amount
    9518

    Building Details

    Year built
    1975
    Number of units
    32

    We can help!

    Listing Contact
    Nic Madsen

    Listing agent Nic Madsen

    Listing office Gateway Real Estate Advisors 700 Nebraska St, Dakota Dunes, IA

    Listing date Feb 9, 2026

    MLS# 831744 Listing URL

    Copyright © 2026 Northwest Iowa Regional Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Fully Renovated: 26 of 32 units are completely renovated, offering a turnkey investment.
    • Multifamily Portfolio: A 32‑unit portfolio with a mix of one- and two‑bedroom units.
    • Diversified Layout: Consists of four separate parcels, reducing operational risk.
    • Strong Tenant Demand: Modern interiors support strong tenant demand and stable occupancy.
    • Minimal Deferred Maintenance: The renovations result in minimal deferred maintenance.
    • Investment Opportunity: Suited for investors seeking a stabilized asset and long‑term hold potential.

    Overview

    This is an opportunity to acquire a 32-unit multifamily portfolio in Hawarden, Iowa. The portfolio consists of 28 one-bedroom units and 4 two-bedroom units situated across four separate parcels. A total of 26 of the 32 units have been completely renovated. The portfolio includes: 1115 Central Ave - 4 units, 1111 Ave F - 4 units, 707 Ave I - 8 units, and 608 12th St - 16 units. The properties, totaling 2208 square feet on a 0.76-acre lot, may be sold as a complete portfolio or separately by parcel. All units have been fully redone, providing modern interiors. The diversified layout across multiple buildings helps reduce operational risk while allowing for efficient management. This offering is suited for investors seeking a stabilized asset and long-term hold potential in a growing regional market.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Hawarden
    County
    Sioux
    State
    Iowa
    Longitude
    -96.485646
    Latitude
    42.999256

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      Excellent-condition downtown building offers flexible office space, a large lobby, and a drive-up window for client service.
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      Hawarden Commercial Building For Sale

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    FAQs

    What type of property is this?
    Apartment building - 32-unit multifamily portfolio with renovated units in Hawarden, Iowa.
    Where is this apartment building located?
    The property is located at 1115 CENTRAL AVE Hawarden, IA.
    What is the asking price?
    The asking price for this property is $2,240,000.
    What are key features of this property?
    This property features: Fully Renovated: 26 of 32 units are completely renovated, offering a turnkey investment.; Multifamily Portfolio: A 32‑unit portfolio with a mix of one- and two‑bedroom units.; Diversified Layout: Consists of four separate parcels, reducing operational risk.
    (712) 540-6562
    We can help!
    Listing Contact
    Nic Madsen
    Request Owner's contact information
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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.

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