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    The Largest CRE Database in the US with Over 1 Million Listings

    221 Center St Elgin, IA 52141

    Sponsored
    For Sale
    Under Contract
    $134,900

    FOUR PLEX, 2 Story - Elgin, IA

    Property size:
    4,488 SF
    Days on Market:
    9
    Last Refresh:
    Jan 29 at 10:06 am

    Property Features for 221 Center St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    Commercial/Residential
    Rooms
    Basement
    Parking features
    None, Off Street, On Street
    Basement Y/N
    1
    Appliances
    Range, Refrigerator
    Size
    4,488 SF

    Taxes and HOA fees

    Expense value
    700
    Expense
    Security Deposit

    Utilities

    Heating system
    Hot Water (Heating)
    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1920
    Number of units
    4
    Building materials
    Brick, Steel Siding
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    Jeff Marcks
    Jeff Marcks

    EXIT Realty Driftless Group (319) 231-9037

    Listing agent Jeff Marcks (319) 231-9037

    Listing date Jan 21, 2026

    MLS# 153664 Listing URL

    Copyright © 2026 East Central Iowa Association 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

    Elgin Fourplex with Commercial Potential

    This two-story, four-unit property is located in Elgin, Iowa. Each unit features two bedrooms. The property has a high occupancy rate and offers a strong return on investment. Recent improvements include a replaced roof and updated electrical systems. The front downstairs unit has the potential to be converted back into a commercial space, as it has previously served in that capacity. The property has a zoning of Commercial/Residential. The building has a size of 4488 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Restaurant Realty agency Law Firm Wholesale Shop Auto Repair Shop Hair Salon Clothing Store Gym & Fitness Kitchen & Bath Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Fayette
    State
    Iowa
    Longitude
    -91.62824
    Latitude
    42.95702

    Nearby Similar for Sale

    • $150,000
      4,892 SF

      Elgin Commercial Building - Prime Location

      Historic Restaurant, Income Potential, Updated
      240 Center St, Elgin, IA 52141
      View Details

    FAQs

    What type of property is this?
    Quadplex - Four-unit property in Elgin, Iowa, with commercial conversion potential.
    Where is this quadplex located?
    The property is located at 221 Center St Elgin, IA.
    What is the asking price?
    The asking price for this property is $134,900.
    What are key features of this property?
    This property features: - High ROI potential.; - Consistently high occupancy.; - Updated electrical system.
    (319) 231-9037
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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
    221 Center St Elgin, IA 52141
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    We can help!
    Listing Contact
    Jeff Marcks
    Jeff Marcks
    (319) 231-9037
    Learn more
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