Building Details

Year built 1910

Number of units 3

Listing Agency: Norsemen Realty Team - Friedrich Realty Show Phone

Listed By: Tyler/Megan Frederiksen · License #S6306700 Show Phone

Added: Jul 13 Changed: Sep 12 Last Checked: Sep 27 at 10:06PM

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MLS# 70720

Copyright © 2026 Central Iowa Board 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.

Investment Insights

Based on property information with market context.

This three-level triplex contains three distinct apartments: a basement unit with two bedrooms and 1.5 bathrooms, a main-floor unit with two bedrooms and one bathroom, and an upper-level unit with one bedroom and one bathroom. The property encompasses 1,552 square feet on a 0.2612-acre lot and was built in 1910.

Current tenants are in place, and residents pay all utilities other than water. Building systems include forced-air heating and central air conditioning, with public water and public sewer service. The property is zoned R (MR R3+), providing a defined residential framework for the existing multifamily configuration.

Key Highlights

• Three separate apartments with a 2‑bedroom/1.5‑bath, 2‑bedroom/1‑bath, and 1‑bedroom/1‑bath layout
• 1,552 square feet on a 0.2612‑acre lot
• Three‑level building constructed in 1910

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

$11,886

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

6.42%

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%

$237,720 $237.7K

Cap Rate 7%

$169,800 $169.8K

Cap Rate 9%

$132,067 $132.1K

Market Conditions

NOI Build-Up for 1,552 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

$17.9K $11.52/SF

− Vacancy

−$899 −$0.58/SF

EGI

$17.0K $10.94/SF

− OpEx

−$5.1K −$3.28/SF

NOI

$11.9K $7.66/SF

Area

Story County, IA

Vacancy

5.03%

Lease Rate

$11.52 /SF/Yr

Expense Ratio

30.00%

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%

$237,720

Cap Rate 7%

$169,800

Cap Rate 9%

$132,067

Alternative Uses

Best Use

Multifamily LT 5

$169.8K

$148.6K – $198.1K (±1% cap)

NOI $11,886 @ 7.0% cap · market cap 6.42%

Second Best

Apartment 5plus

$148.3K

$129.7K – $173.0K (±1% cap)

NOI $10,379 @ 7.0% cap · market cap 5.61%

Theoretical Best

Office A

$362.7K

$317.4K – $423.1K (±1% cap)

NOI $25,388 @ 7.0% cap · market cap 13.72%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Dental Office Real Estate Agency Law Firm Grocery & Convenience Store (Bike/Boat/Book/etc) Store Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

273

Businesses Nearby

Explore this area Business Placement

Demographics for 50248, IA

4,439

Population

1,949

Households

2.3

Avg Household Size

46

Median Age

40%

College-Educated

97%

High-School Grad

82.3 sq mi

ZIP Area

54

Density / Sq Mi

$88,333

Median Household Income

$58,109

Median Earnings

$963

Median Rent

$218,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Three separately configured apartments with tenants in place and public water and sewer service.

Where is this triplex located?

The property is located at 215 Cedar Street Story City, IA.

What is the asking price?

The asking price for this property is $185,000.

What are key features of this property?

This property features: Three separate apartments with a 2‑bedroom/1.5‑bath, 2‑bedroom/1‑bath, and 1‑bedroom/1‑bath layout; 1,552 square feet on a 0.2612‑acre lot; Three‑level building constructed in 1910