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    Mixed-Use Investment in Downtown Indianola Title is generated by Realmo AI

    120 N Howard Street, Indianola, IA 50125

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    For Sale
    $350,000

    MULTI_FAMILY - Other - Indianola, IA

    Property size:
    2,400 SF
    Lot size:
    0.10 Acres
    Price / SF:
    $145/SF
    Added:
    May 12, 2026
    Days on Market:
    22
    Last Refresh:
    Jun 2 at 10:06 pm

    Property Features for 120 N Howard Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    C/MR
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bathroom 1, Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 3, Bedroom 3, Basement, Bedroom 2
    Appliances
    Refrigerator, Stove
    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

    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
    Carpet, Laminate
    Building materials
    Brick
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Ryan Rivera
    Ryan Rivera

    Listing agent Ryan Rivera

    Listing office Zealty Home Advisors 2524 Post Street, West Des Moines, IA

    Listing date May 12, 2026

    MLS# 740604 Listing URL

    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.

    HighLights

    • Prime downtown location directly across from the new Warren County Courthouse and on the town square.
    • Mixed‑use property with a main‑level commercial space and three upper‑level apartments.
    • Strong rental history with long‑term tenants in both the commercial space and bonus storage.
    • Gross monthly rent of $3,325 with additional income potential from storage space.
    • Separate electric and gas meters for each unit, with tenants paying their own utilities.
    • Newer vinyl windows and electric baseboard heat.

    Overview

    This mixed-use property is located in downtown Indianola. The property at 120 N Howard Street features a main-level commercial space with a long-term tenant of nearly 10 years, plus three upper-level apartments. The apartments consist of two 1-bedroom units and one 2-bedroom unit. Each apartment includes a kitchen, living room and bathroom. There is one ground floor commercial space. Additional income potential comes from a bonus storage space currently leased by a long-term tenant. The property features newer vinyl windows and electric baseboard heat. Each unit has separate electric and gas meters, with tenants paying their own electric and gas utilities. The landlord pays for water, trash, and taxes. The property is located directly across from the new Warren County Courthouse and on the town square, offering visibility and convenience near dining, nightlife, shopping, and Simpson College. Street parking is available. The property has a strong rental history and is zoned C/MR. The lot size is 0.1033 acres and the property size is 2400 square feet. The gross rent is $3,325 per month.
    Property Profile Location Intelligence

    Current Use by Public Records

    Tiny Tots to Teens Discount Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianola
    County
    Warren
    State
    Iowa
    Longitude
    -93.560571
    Latitude
    41.361031

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with commercial space and apartments in prime location.
    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: Prime downtown location directly across from the new Warren County Courthouse and on the town square.; Mixed‑use property with a main‑level commercial space and three upper‑level apartments.; Strong rental history with long‑term tenants in both the commercial space and bonus storage.
    (515) 554-5870
    We can help!
    Listing Contact
    Ryan Rivera
    Ryan Rivera
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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.

    More about this property
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