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    416 Michigan St Storm Lake, IA 50588

    View on Map
    Sponsored
    For Sale
    $299,000

    Multi-Unit - Storm Lake, IA

    Property size:
    5,015 SF
    Lot size:
    0.17 Acres
    Days on Market:
    22
    Last Refresh:
    Mar 25 at 5:06 am

    Property Features for 416 Michigan St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Res
    APN
    1403186015
    Parking features
    Driveway
    Exterior features
    Level Lot
    Size
    5,015 SF
    Lot size
    0.17 Acres

    Utilities

    Heating system
    Baseboard

    Building Details

    Year built
    1955
    Architectural style
    Other

    We can help!

    Listing Contact
    Adam Doughan
    Adam Doughan

    Real Broker, LLC

    Listing agent Adam Doughan License #S64819

    Listing date Mar 3, 2026

    MLS# 830407 Listing URL

    Copyright © 2026 Northwest Iowa Regional Board 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

    Storm Lake Multi-Unit Investment Property

    This six-unit complex presents a notable investment opportunity. The property features two one-bedroom, one-bathroom units and four two-bedroom, one-bathroom units. Each unit includes a living space and a kitchen/dining area. The market rent roll is $4,400, while the actual rent roll is $3,600. A review of the trailing twelve-month history indicates a strong performance record for the property. A shared laundry space, equipped with a coin-operated washer and dryer, is located in the basement, generating approximately $400 annually. Tenants are responsible for their electric bills. The owner covers electric for common areas at $130 per month, water/sewer at $650, gas at $56 per month, and garbage at $93 per month. Annual taxes amount to $5,650, and lawn/snow removal costs $140 per month. Security deposits will be transferred to the new owner upon closing. Ample exterior parking is available for tenants. The property size is 5,015 square feet and the lot size is 0.17 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Storm Lake
    County
    Buena Vista
    State
    Iowa
    Longitude
    -95.2022123
    Latitude
    42.6419196

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    FAQs

    What type of property is this?
    Apartment building - Six-unit property in Storm Lake, Iowa, great investment opportunity.
    Where is this apartment building located?
    The property is located at 416 Michigan St Storm Lake, IA.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: - Six-unit complex offering a strong investment opportunity.; - Positive market rent roll of $4,400 with a history of strong performance.; - Ample exterior parking available for tenants.
    (712) 441-6097
    Request Owner's contact information
    416 Michigan St Storm Lake, IA 50588
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    Storm Lake, IA 50588
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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
    416 Michigan St Storm Lake, IA 50588
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    We can help!
    Listing Contact
    Adam Doughan
    Adam Doughan
    Real Estate License ID: S64819
    Learn More
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