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    209 N Main St Kimballton, IA 51543

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    For Sale
    $159,000

    Multi-Unit (2-4), Historic - Kimballton, IA

    Property size:
    6,624 SF
    Lot size:
    0.17 Acres
    Added:
    Mar 26, 2026
    Days on Market:
    25
    Last Refresh:
    Apr 19 at 4:06 am

    Property Features for 209 N Main St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Kitchen
    Parking features
    Garage, Garage - Attached
    Fireplace
    1
    Basement Y/N
    1
    Appliances
    Dishwasher, Dryer, Garbage Disposer, Microwave, Refrigerator, Washer
    Standard status
    Active
    APN
    32 - KIMBALLTON CORP/EEK, 0.00-000.000-0
    Size
    6,624 SF
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    556

    Utilities

    Heating system
    Baseboard, Fireplace(s)

    Building Details

    Year built
    1911
    Year renovated
    1911
    Floors in Building
    4
    Flooring type
    Carpet, Hardwood, Linoleum, Tile
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    Abby Rasmussen

    Listing agent Abby Rasmussen

    Listing office Wayne Hansen Real Estate Llc 4216 MAIN PO BOX 59, Elk Horn, IA

    Listing date Mar 26, 2026

    MLS# 11691741 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Historic Kimballton Multi-Unit Property

    This 115-year-old historic building on Main Street in Kimballton offers adaptive reuse potential. Originally a furniture store and funeral home, the 6,624 square foot structure underwent a complete professional transformation starting in 2013. It now serves as a versatile multi-unit living space, suitable for an owner-occupant, a multi-generational family, or an investor interested in the short-term rental market. The property includes three units. Unit 1, the main residence, features an expansive open-concept layout with a gourmet kitchen designed for large-scale entertaining, including double ovens, commercial-grade stainless steel sinks, and a large central island. It has a private bedroom area with direct elevator access, a large closet, and a kids' play area, plus a modern bathroom with a walk-in shower and laundry area. Unit 2 is a second open-concept unit with a dedicated bedroom and an oversized bath/closet suite with room for a full kitchen and separate laundry/storage area. It also offers an unfinished balcony area. Unit 3 is a fully furnished studio space with a private alleyway entrance and elevator access, suitable for the short-term rental market. The property also includes an attached 2-car garage off the main residence, off-street parking in the alleyway, and 2,400 square feet of usable storage space in the basement. The lot size is 0.17 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Auto Repair Shop Hotel & Motel Bar & Pub Garden Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Kimballton
    County
    Audubon
    State
    Iowa
    Longitude
    -95.073045
    Latitude
    41.629343

    FAQs

    What type of property is this?
    Triplex - Versatile multi-unit building, ideal for living or investment.
    Where is this triplex located?
    The property is located at 209 N Main St Kimballton, IA.
    What is the asking price?
    The asking price for this property is $159,000.
    What are key features of this property?
    This property features: Versatile multi‑unit living space suitable for owner‑occupants, multi‑generational families, or short‑term rental investors.; Complete professional transformation of a historic 10,000+ SF building, blending original details with modern amenities.; **Unit 1 (Main Residence) features an expansive open‑concept layout, gourmet kitchen with high‑end appliances, and direct elevator access.**
    (712) 249-1311
    We can help!
    Listing Contact
    Abby Rasmussen
    Learn More
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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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