215 Cedar Street Story City, IA 50248
MULTI_FAMILY - Story City, IA
Property Features for 215 Cedar Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R (MR R3+)
- Standard status
- Active
- APN
- 01-12-350-180
- Size
- 1,552 SF
- Lot size
- 0.26 Acres
Taxes and HOA fees
- Tax Annual Amount
- 2138
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1910
- Number of units
- 3
Listing agent Tyler/Megan Frederiksen License #S6306700 (515) 733-2922
Listing office Norsemen Realty Team - Friedrich Realty 520 Broad ST. P.O. BOX 273, STORY CITY, IA (515) 733-2922
Listing date Jul 13, 2026
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.
The property is located at 215 Cedar Street in Story City, Iowa (Story County). The listing identifies the total building size as 1,552 square feet.
For a residential income buyer, the unit mix provides a range of bedroom configurations within one property, with operating costs partially supported by tenant-paid utilities aside from water.
Key Highlights
- 3‑level tri‑plex with three separate units: 2BR/1.5BA basement, 2BR/1BA main level, and 1BR/1BA upper level
- Year built 1910
- Tenants pay all utilities except water
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $17.9k | $11.52 |
| − Vacancy | −$899 | −$0.58 |
| EGI | $17.0k | $10.94 |
| − OpEx | −$5.1k | −$3.28 |
| NOI | $11.9k | $7.66 |
