Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    147 N Ward St Ottumwa, IA 52501

    Sponsored
    For Sale
    $140,000

    MULTI_FAMILY - Ottumwa, IA

    Property size:
    1,482 SF
    Lot size:
    0.10 Acres
    Days on Market:
    4
    Last Refresh:
    Feb 27 at 3:06 am

    Property Features for 147 N Ward St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    APN
    7417190082000
    Basement
    Unfinished
    Size
    1,482 SF
    Lot size
    0.10 Acres

    Utilities

    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1920
    Number of units
    3
    Building materials
    Wood Siding, Vinyl Siding

    We can help!

    Listing Contact
    Lonnie Lunsford

    Team Real Estate (641) 682-2221

    Listing agent Lonnie Lunsford (641) 682-2221

    Listing date Feb 24, 2026

    MLS# 6335500 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Move-in Ready Ottumwa 3-Plex

    This move-in-ready 3-plex, located near downtown and shopping in Ottumwa, Iowa, is ideal for investors seeking a steady income stream. The building has been remodeled and features new electric and plumbing systems. Each of the three units includes one bedroom, one bathroom, a living room, and a kitchen. The property has a total size of 1482 square feet and sits on a lot of 0.1 acres. Each unit is equipped with a separate electric meter, allowing tenants to manage their own electric bills. This residential income property offers a healthy rental income stream.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Ottumwa
    County
    Wapello
    State
    Iowa
    Longitude
    -92.423723
    Latitude
    41.003671

    Nearby Similar for Sale

    • $179,000
      0.35 Acres

      Well-Maintained Commercial Building in Ottumwa

      Versatile commercial space in high-traffic area, ideal for various uses.
      1429 Albia Rd, Ottumwa, IA 52501
      View Details
    • $275,000

      Ottumwa Commercial Space with Office

      Versatile commercial space with office and secure fenced lot.
      617 Church St, Ottumwa, IA 52501
      View Details
    • $249,000
      Pending

      Historic Landmark with Event Spaces

      Remarkable Ottumwa landmark with event spaces and apartment potential.
      220 N Court St, Ottumwa, IA 52501
      View Details
    • $345,000
      0.06 Acres

      Mixed-Use Building in Ottumwa, Iowa

      Mixed-use building with bar, apartments, and office space for sale.
      116 N Market St, Ottumwa, IA 52501
      View Details
    • Contact for pricing
      26,207 SF

      Ottumwa Office Building For Sale

      26,207 SF Class A office building in Ottumwa, Iowa.
      123 E 3Rd St, Ottumwa, IA 52501
      View Details
    • $539,000
      6,000 SF

      Prime Ottumwa Commercial Property

      Versatile 3+ Acre Commercial Space
      2504 Roemer Ave, Ottumwa, IA 52501
      View Details
    • New
      $125,000
      2,667 SF

      Income-Producing Commercial Building in Ottumwa

      Well-maintained commercial building with income potential in Church Street district.
      501 N Sheridan Ave, Ottumwa, IA 52501
      View Details
    • $160,000
      2,866 SF

      Updated Fourplex Investment Opportunity

      Fully updated fourplex in Ottumwa, Iowa, with steady rental income.
      112 E 6Th St E, Ottumwa, IA 52501
      View Details
    • $180,000
      1,824 SF

      Updated Fourplex in Ottumwa, Iowa

      Turnkey investment opportunity: renovated fourplex with modern amenities and strong rental potential.
      524 N Wapello St, Ottumwa, IA 52501
      View Details
    • Contact for pricing
      968 SF

      Spacious Condo with Flexible Layout

      Well-maintained condo featuring a versatile layout and updated kitchen.
      1335 N Elm St, Ottumwa, IA 52501
      View Details
    • $1,500,000
      5,760 SF

      Fox Run Golf Course: Ottumwa, IA

      Prime Recreational Property: 18-Hole Golf Course
      304 Golf Ave, Ottumwa, IA 52501
      View Details
    • $125,000
      0.21 Acres

      Prime Ottumwa Commercial Space

      Huge Church Street building, endless potential!
      408 Church St, Ottumwa, IA 52501
      View Details

    FAQs

    What type of property is this?
    Triplex - Remodeled 3-plex near downtown Ottumwa, ideal for investors.
    Where is this triplex located?
    The property is located at 147 N Ward St Ottumwa, IA.
    What is the asking price?
    The asking price for this property is $140,000.
    What are key features of this property?
    This property features: - Move-in-ready 3-Plex ideal for investors seeking steady income.; - Remodeled units with new electric and plumbing throughout the building.; - Separate electric meters for each unit, tenant-paid electric bills.
    (641) 226-2235
    Request Owner's contact information
    147 N Ward St Ottumwa, IA 52501
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    147 N Ward St
    Ottumwa, IA 52501
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    147 N Ward St Ottumwa, IA 52501
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Lonnie Lunsford
    Real Estate License ID: ***
    (641) 226-2235 (641) 682-2221
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!