Triplex with Ground-Floor Commercial
For Sale
$350,000
120 N Howard Street, Indianola, IA 50125
MULTI_FAMILY - Other - Indianola, IA
Property Size2,400 SF
Lot Size0.10 Acres
Price / SF$145.83
Days on Market92
Property Features for 120 N Howard Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C/MR
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Basement, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3
Appliances
Refrigerator, Stove
Lot features
Rectangular Lot
Elementary school district
Indianola
Middle school district
Indianola
High school district
Indianola
Directions
From Hwy 92 and 65 to North on 65 to E Salem. West on E Salem to N Howard. North to property.
Subdivision
Indianola
Standard status
Active
APN
48020120090
Size
2,400 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
25-76-24 INDIANOLA OTP LOT 9 BLK 12
Tax Annual Amount
3266
Legal Description
25-76-24 INDIANOLA OTP LOT 9 BLK 12
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Electric (Heating)
Cooling system
Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Flooring type
Laminate, Carpet
Building materials
Brick
Roof type
Rubber
Architectural style
Other
Listing Agency:
Zealty Home Advisors
(515) 329-4667
Listed By:
Ryan Rivera
(515) 554-5870
Added: May 12
Changed: Aug 4
Last Checked: Aug 11 at 10:06PM
MLS# 740604
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.
120 N Howard Street is a triplex-style mixed-use property with one ground-floor commercial space and three upper-level apartments. The commercial space has a long-term tenant of nearly 10 years. The apartments include two 1-bedroom units and one 2-bedroom unit, each with a kitchen, living room, and bathroom. A bonus storage space is also leased by a long-term tenant.
The building is constructed of brick and was built in 1900. Exterior improvements include newer vinyl windows. Heating is electric baseboard, and cooling includes window unit(s) plus central air. Each unit has separate electric and gas meters, with tenants paying their own electric and gas utilities. The landlord pays water, trash, and taxes.
The property sits on a 0.1033-acre lot and totals 2,400 square feet. The roof is rubber, with public water and public sewer service. Located directly across from the new Warren County Courthouse and on the town square, it offers street parking nearby in a central downtown setting.
The building is constructed of brick and was built in 1900. Exterior improvements include newer vinyl windows. Heating is electric baseboard, and cooling includes window unit(s) plus central air. Each unit has separate electric and gas meters, with tenants paying their own electric and gas utilities. The landlord pays water, trash, and taxes.
The property sits on a 0.1033-acre lot and totals 2,400 square feet. The roof is rubber, with public water and public sewer service. Located directly across from the new Warren County Courthouse and on the town square, it offers street parking nearby in a central downtown setting.
Key Highlights
- 0.1033‑acre lot and 2,400 square feet total
- One ground‑floor commercial space with long‑term tenant of nearly 10 years
- Three apartments: two 1‑bedroom units and one 2‑bedroom unit
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
$30,869
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
8.82%
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%
$617,380
$617.4K
Cap Rate 7%
$440,986
$441.0K
Cap Rate 9%
$342,989
$343.0K
Market Conditions
NOI Build-Up for 2,400 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
$47.5K $19.80/SF
− Vacancy
−$3.4K −$1.43/SF
EGI
$44.1K $18.37/SF
− OpEx
−$13.2K −$5.51/SF
NOI
$30.9K $12.86/SF
Area
Warren County, IA
Vacancy
7.20%
Lease Rate
$19.80 /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%
$617,380
Cap Rate 7%
$440,986
Cap Rate 9%
$342,989
Alternative Uses
Best Use
Retail
$441.0K
$385.9K – $514.5K
NOI $30,869 @ 7.0% cap · market cap 8.82%
Second Best
Multifamily LT 5
$309.7K
$271.0K – $361.3K
NOI $21,677 @ 7.0% cap · market cap 6.19%
Theoretical Best
Flex RnD
$2.31M
$2.02M – $2.70M
NOI $161,722 @ 7.0% cap · market cap 46.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
517
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?
Triplex - Triplex mixed with main-level commercial space, zoned C/MR, featuring separate utility metering for each unit.
Where is this triplex located?
The property is located at 120 N Howard Street Indianola, IA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 0.1033‑acre lot and 2,400 square feet total; One ground‑floor commercial space with long‑term tenant of nearly 10 years; Three apartments: two 1‑bedroom units and one 2‑bedroom unit
