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    1806 Main St Gowrie, IA 50543

    View on Map
    Sponsored
    For Sale
    $459,900

    MULTI_FAMILY - Gowrie, IA

    Property size:
    9,214 SF
    Lot size:
    1.14 Acres
    Days on Market:
    5
    Last Refresh:
    Mar 6 at 4:06 am

    Property Features for 1806 Main St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Residential
    Rooms
    Bathroom 8, Bedroom 8, Bathroom 5, Bathroom 3, Bedroom 4, Bedroom 5, Bedroom 11, Bedroom 7, Bedroom 3, Bedroom 6, Bedroom 10, Bathroom 1, Bedroom 12, Bedroom 9, Bathroom 7, Bedroom 1, Bathroom 6, Bedroom 2, Bathroom 2, Bathroom 4
    Bedrooms
    12
    Parking
    17
    Patio and Porch features
    Patio
    Interior features
    Handicap Access
    Exterior features
    Apartment, Covered Patio, Handicap Access, Paved Drive, Paved Street
    Accessibility
    Accessible Approach with Ramp
    Size
    9,214 SF
    Lot size
    1.14 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Cooling system
    Central Air

    Building Details

    Floors in Building
    1
    Number of units
    11
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Scott Underberg
    Scott Underberg

    Connections Real Estate Group PLLc (515) 576-5703

    Listing agent Scott Underberg (515) 571-2761

    Listing date Mar 2, 2026

    MLS# 28713 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Well-Maintained Multifamily Investment Opportunity

    This well-maintained eleven-unit multifamily property is located in Gowrie, Iowa. The property features ten one-bedroom units and one two-bedroom unit. Ten units are currently leased, representing a 90.9% occupancy rate, and generating steady income. The eleventh unit is undergoing remodeling, including new flooring, for quick market-rate re-rental, offering immediate upside. Situated on over 1 acre, the property includes an 1814 square foot storage/conference room, a community room with a kitchen and bath that has potential for conversion into a twelfth unit, subject to approvals, on-site laundry with two washers and two dryers, and seventeen dedicated parking spots. The property offers low-maintenance cash flow in a quiet community. Pro forma at 90.9% occupancy, the property has a gross income of $82,052, including $73,582 in rents and $8,470 in miscellaneous income. Total expenses are $43,665, including $26,434 in known expenses, 10% management fee ($8,205), 6% maintenance fee ($4,923), and 5% contract services for snow and lawn care ($4,103). The net operating income is $38,387, resulting in an 8.35% cap rate.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Senior Suites of Gowrie Retirement Community

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Building Supply Nail Salon Pharmacy Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Gowrie
    County
    Webster
    State
    Iowa
    Longitude
    -94.299339
    Latitude
    42.283536

    Nearby Similar for Sale

    • $464,900
      9,214 SF

      Well-Maintained Multifamily Investment Opportunity

      Eleven-unit property in excellent condition with strong income potential.
      1806 Main St, Gowrie, IA 50543
      View Details
    • $269,900
      3,117 SF

      Gowrie, Iowa 3.5 Acre Property

      3.5 acre property with heated outbuildings and highway access.
      815 County Rd S, Gowrie, IA 50543
      View Details

    FAQs

    What type of property is this?
    Apartment building - Eleven-unit multifamily property with income potential in Gowrie, Iowa.
    Where is this apartment building located?
    The property is located at 1806 Main St Gowrie, IA.
    What is the asking price?
    The asking price for this property is $459,900.
    What are key features of this property?
    This property features: - High occupancy rate (90.9%) with steady income from 10 leased units.; - Immediate upside potential with the 11th unit under remodel for market-rate re-rental.; - Attractive 8.35% cap rate at the asking price of $459,900.
    (515) 571-2761
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    1806 Main St Gowrie, IA 50543
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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
    1806 Main St Gowrie, IA 50543
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    We can help!
    Listing Contact
    Scott Underberg
    Scott Underberg
    (515) 571-2761 (515) 571-1821
    Learn more
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