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    415 E Main St Montezuma, IA 50171

    Sponsored
    For Sale
    $199,000

    MULTI_FAMILY - Montezuma, IA

    Property size:
    2,798 SF
    Lot size:
    0.20 Acres
    Days on Market:
    45
    Last Refresh:
    Jan 20 at 5:06 am

    Property Features for 415 E Main St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Business/Commercial
    APN
    1442300
    Basement
    Full
    Size
    2,798 SF
    Lot size
    0.20 Acres

    Utilities

    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1900
    Number of units
    3
    Building materials
    Frame, Vinyl Siding
    Roof type
    Metal

    We can help!

    Listing Contact
    Andy Erselius

    Andrew Erselius (641) 623-2639 [email protected]

    Listing agent Andy Erselius (641) 623-2639

    Listing date Dec 7, 2025

    Copyright © 2025 NoCoast MLS. 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

    Montezuma Triplex Investment Opportunity

    This fully occupied triplex, located one block from the Montezuma square, presents an investment opportunity with immediate cash flow. The property includes three units: a main level unit with one bedroom renting for $650, another main level one-bedroom unit renting for $700, and an upper-level three-bedroom unit renting for $900, generating a total monthly rental income of $2,250. Tenants are responsible for their own utilities, while the owner covers mowing and snow removal. Updates have been made to parts of all three units within the last 12 months, including new windows and a renovated room in the upper unit that provides additional living space. Each unit features a full bath, a kitchen equipped with owner-owned appliances, an individual electric meter, a separate HVAC system, and laundry hookups. The building is well-maintained, featuring vinyl siding, a metal roof, mostly replaced windows, circuit breaker panels, and individual HVAC systems. The property, zoned for business/commercial use, sits on a 0.2-acre lot and has a total area of 2798 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Montezuma
    County
    Poweshiek
    State
    Iowa
    Longitude
    -92.522632
    Latitude
    41.585583

    Nearby Similar for Sale

    • $900,000
      50,500 SF

      Montezuma Manufacturing Facility on Hwy 63

      Manufacturing facilities with expansion potential on high-visibility highway.
      401 S Front St, Montezuma, IA
      View Details
    • $210,000
      2,800 SF

      Montezuma Manufacturing/Warehouse Space For Sale

      2,800 SF manufacturing/warehouse space on Hwy 63 in Montezuma.
      503 S Front St, Montezuma, IA
      View Details
    • $165,000
      7,700 SF

      Central Iowa Manufacturing Facility

      Manufacturing facility with high visibility and seller financing available.
      501 S Front St, Montezuma, IA
      View Details

    FAQs

    What type of property is this?
    Triplex - Fully occupied triplex near Montezuma square, offering immediate cash flow.
    Where is this triplex located?
    The property is located at 415 E Main St Montezuma, IA.
    What is the asking price?
    The asking price for this property is $199,000.
    What are key features of this property?
    This property features: - Fully occupied triplex generating $2,250 in monthly rental income.; - Located one block from the Montezuma square.; - Each unit has its own electric meter, HVAC system, and laundry hookups.
    (641) 226-2639
    Request Owner's contact information
    415 E Main St Montezuma, IA 50171
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    Montezuma, IA 50171
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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
    415 E Main St Montezuma, IA 50171
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    We can help!
    Listing Contact
    Andy Erselius
    Real Estate License ID: ***
    (641) 226-2639
    Learn more
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