Downtown Mixed-Use
For Sale
$350,000
Pending
120 N Howard Street, Indianola, IA 50125
MultiFamily, Indianola, IA
Property Size2,400 SF
Lot Size0.10 Acres
Days on Market138
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
Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Basement, Bathroom 3, Bedroom 1
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
Pending
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
Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Flooring type
Carpet, Laminate
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: Sep 24
Last Checked: Sep 26 at 12:06AM
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.
This 2,400-square-foot mixed-use building includes one ground-floor commercial space and three apartments above. The residential component comprises two one-bedroom units and one two-bedroom unit, each with a kitchen, living room, and bathroom. Brick construction, newer vinyl windows, electric baseboard heat, and separate electric and gas meters support the existing configuration. A bonus storage area provides an additional leased component, while street parking serves the property.
The building occupies a 0.1033-acre lot at 120 N Howard Street in downtown Indianola, directly across from the Warren County Courthouse and on the town square. Dining, nightlife, shopping, and Simpson College are identified nearby. Public water and sewer serve the property, and the roof is rubber. The property is zoned C/MR and was built in 1900.
The building occupies a 0.1033-acre lot at 120 N Howard Street in downtown Indianola, directly across from the Warren County Courthouse and on the town square. Dining, nightlife, shopping, and Simpson College are identified nearby. Public water and sewer serve the property, and the roof is rubber. The property is zoned C/MR and was built in 1900.
Key Highlights
- 2,400 square feet with one commercial space and three upper‑level apartments
- Residential mix includes two 1‑bedroom units and one 2‑bedroom unit
- 0.1033‑acre lot at 120 N Howard Street in downtown Indianola
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
$31,941
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
9.13%
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%
$638,820
$638.8K
Cap Rate 7%
$456,300
$456.3K
Cap Rate 9%
$354,900
$354.9K
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
$56.2K $23.40/SF
− Vacancy
−$5.1K −$2.11/SF
EGI
$51.1K $21.29/SF
− OpEx
−$19.2K −$7.99/SF
NOI
$31.9K $13.31/SF
Area
Warren County, IA
Vacancy
9.00%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
37.50%
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%
$638,820
Cap Rate 7%
$456,300
Cap Rate 9%
$354,900
Alternative Uses
Best Use
Mixed Use
$456.3K
$399.3K – $532.4K
NOI $31,941 @ 7.0% cap · market cap 9.13%
Second Best
Retail
$441.0K
$385.9K – $514.5K
NOI $30,869 @ 7.0% cap · market cap 8.82%
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
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Open Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
766
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick property combining a commercial storefront with three apartments and separately metered utilities.
Where is this mixed-use property 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: 2,400 square feet with one commercial space and three upper‑level apartments; Residential mix includes two 1‑bedroom units and one 2‑bedroom unit; 0.1033‑acre lot at 120 N Howard Street in downtown Indianola
