Single-Level Quadplex With
For Sale
Under Contract
$235,000
1120 N Green Street, Ottumwa, IA 52501
Residential Income, Ottumwa, IA
Property Size3,687 SF
Lot Size0.45 Acres
Price / SF$63.74
Days on Market14
Property Features for 1120 N Green Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Directions
From N Court St, turn East onto Highland Ave and follow all the way down the hill. The street will curve to the left and turn into N Green. 4 plex will be on the right.
Standard status
Active Under Contract
APN
007410960003010
Size
3,687 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
See legal abstract for full legal... MAHON'S 2ND SUB N 105'OF LT5 & S1/2 VAC FELIX ST ABUTTIN G LT 5 (1120 N GREEN) Wapello County PIN 007410960003010
Tax Annual Amount
3556
Legal Description
See legal abstract for full legal... MAHON'S 2ND SUB N 105'OF LT5 & S1/2 VAC FELIX ST ABUTTIN G LT 5 (1120 N GREEN) Wapello County PIN 007410960003010
Utilities
Heating system
Forced Air
Water source
Public
Amenities
coin-operated laundry
Building Details
Year built
1994
Floors in Building
1
Number of units
4
Building materials
Vinyl Siding
Listing Agency:
RE/MAX Pride Ottumwa
(641) 683-3777
Listed By:
Hannah Troxel
(641) 814-6868
Added: Aug 17
Changed: Aug 23
Last Checked: Aug 30 at 4:06AM
MLS# 6341682
Copyright © 2026 NoCoast MLS. 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.
Built in 1994, this single-level quadplex contains 3,687 square feet and four matching apartments, each with two bedrooms and one bathroom. The building has vinyl siding, forced-air heating, and public water. A coin-operated laundry area serves the units, while a separate office and storage room with a half bath provides space for property administration or storage. Utilities are connected through a shared system for centralized management.
The property occupies 0.45 acres at 1120 N Green Street in Ottumwa, Iowa. Its north-side setting provides access to shopping, schools, and the hospital. The straightforward unit layout and shared service features create a compact multifamily configuration with on-site support space.
The property occupies 0.45 acres at 1120 N Green Street in Ottumwa, Iowa. Its north-side setting provides access to shopping, schools, and the hospital. The straightforward unit layout and shared service features create a compact multifamily configuration with on-site support space.
Key Highlights
- Four identical 2‑bedroom, 1‑bath units in a single‑level layout
- 3,687 square feet on a 0.45‑acre parcel
- Coin‑operated laundry located on site
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
$21,138
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
8.99%
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%
$422,760
$422.8K
Cap Rate 7%
$301,971
$302.0K
Cap Rate 9%
$234,867
$234.9K
Market Conditions
NOI Build-Up for 3,687 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
$33.2K $9.00/SF
− Vacancy
−$3.0K −$0.81/SF
EGI
$30.2K $8.19/SF
− OpEx
−$9.1K −$2.46/SF
NOI
$21.1K $5.73/SF
Area
Wapello County, IA
Vacancy
9.00%
Lease Rate
$9.00 /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%
$422,760
Cap Rate 7%
$301,971
Cap Rate 9%
$234,867
Alternative Uses
Best Use
Multifamily LT 5
$302.0K
$264.2K – $352.3K
NOI $21,138 @ 7.0% cap · market cap 8.99%
Second Best
Apartment 5plus
$288.8K
$252.7K – $336.9K
NOI $20,215 @ 7.0% cap · market cap 8.60%
Theoretical Best
Office A
$806.5K
$705.7K – $940.9K
NOI $56,455 @ 7.0% cap · market cap 24.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
177
Businesses Nearby
Explore this area
Business Placement
Demographics for 52501, IA
30,313
Population
13,654
Households
2.2
Avg Household Size
38
Median Age
20%
College-Educated
87%
High-School Grad
225.3 sq mi
ZIP Area
135
Density / Sq Mi
$59,091
Median Household Income
$40,173
Median Earnings
$955
Median Rent
$109,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four matching apartments share centralized utility management and an on-site laundry area.
Where is this quadplex located?
The property is located at 1120 N Green Street Ottumwa, IA.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Four identical 2‑bedroom, 1‑bath units in a single‑level layout; 3,687 square feet on a 0.45‑acre parcel; Coin‑operated laundry located on site
