Updated 4-Unit
For Sale
$179,900
1517 4th Ave S, Fort Dodge, IA 50501
Residential Income, Fort Dodge, IA
Property Size2,187 SF
Lot Size0.19 Acres
Price / SF$82.26
Days on Market31
Property Features for 1517 4th Ave S
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
4
Rooms
Bedroom 2, Bedroom 5, Bathroom 1, Bedroom 3, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 4
Parking features
On Street
Exterior features
Paved Street
Elementary school district
Duncombe
Middle school district
Duncombe
High school district
Duncombe
Subdivision
Webster
Standard status
Active
Size
2,187 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
2546
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Number of units
4
Roof type
Asphalt
Listing Agency:
Coldwell Banker Associated Realtors · Coldwell Banker Real Estate
(515) 955-7000
Listed By:
Keenan Schuur
(515) 571-4468
Added: Aug 18
Changed: Sep 13
Last Checked: Sep 17 at 11:06PM
MLS# 30175
Copyright © 2026 Fort Dodge Board of Realtors. 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 updated quadplex contains 2,187 square feet arranged as three one-bedroom units and one two-bedroom unit. Three of the four residences are currently rented. The property includes central air conditioning, natural-gas forced-air heat, an asphalt roof, and on-street parking.
Located at 1517 4th Ave S in Fort Dodge, the property sits on a 0.19-acre lot along a paved street. Public water and public sewer serve the building, providing established utility connections for the residential configuration.
Located at 1517 4th Ave S in Fort Dodge, the property sits on a 0.19-acre lot along a paved street. Public water and public sewer serve the building, providing established utility connections for the residential configuration.
Key Highlights
- Updated 4‑unit quadplex with 2,187 square feet
- Unit mix includes three 1‑bedroom units and one 2‑bedroom unit
- Three of four units currently rented
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
$16,365
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
9.10%
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%
$327,300
$327.3K
Cap Rate 7%
$233,786
$233.8K
Cap Rate 9%
$181,833
$181.8K
Market Conditions
NOI Build-Up for 2,187 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
$31.8K $14.52/SF
− Vacancy
−$2.0K −$0.91/SF
EGI
$29.8K $13.61/SF
− OpEx
−$13.4K −$6.12/SF
NOI
$16.4K $7.48/SF
Area
Webster County, IA
Vacancy
6.30%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
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%
$327,300
Cap Rate 7%
$233,786
Cap Rate 9%
$181,833
Alternative Uses
Best Use
Multifamily LT 5
$261.6K
$228.9K – $305.2K
NOI $18,309 @ 7.0% cap · market cap 10.18%
Second Best
Apartment 5plus
$233.8K
$204.6K – $272.8K
NOI $16,365 @ 7.0% cap · market cap 9.10%
Theoretical Best
Office A
$394.1K
$344.9K – $459.8K
NOI $27,588 @ 7.0% cap · market cap 15.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
75%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,051
Businesses Nearby
Explore this area
Business Placement
Demographics for 50501, IA
28,492
Population
13,198
Households
2.2
Avg Household Size
39
Median Age
20%
College-Educated
92%
High-School Grad
152.2 sq mi
ZIP Area
187
Density / Sq Mi
$66,130
Median Household Income
$36,934
Median Earnings
$779
Median Rent
$139,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units include a varied bedroom mix, central air, and public water and sewer service.
Where is this quadplex located?
The property is located at 1517 4th Ave S Fort Dodge, IA.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Updated 4‑unit quadplex with 2,187 square feet; Unit mix includes three 1‑bedroom units and one 2‑bedroom unit; Three of four units currently rented
