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    416 Michigan St Storm Lake, IA 50588

    New
    For Sale
    $329,000

    Multi-Unit - Storm Lake, IA

    Property size:
    5,015 SF
    Lot size:
    0.17 Acres
    Days on Market:
    2
    Last Refresh:
    Dec 9 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

    Real Broker, LLC (515) 305-2577

    Listing agent Adam Doughan (515) 305-2577 License #S64819

    Listing date Dec 8, 2025

    MLS# 830407 Listing URL

    Copyright © 2025 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.

    Overview

    Storm Lake Multi-Unit Investment

    This six-unit residential property presents an investment opportunity. The complex includes two one-bedroom, one-bathroom units and four two-bedroom, one-bathroom units. Each unit features a living space and a kitchen/dining area. The property includes a shared laundry space in the basement, equipped with a coin-operated washer and dryer, generating approximately $610 annually. Tenant is responsible for paying electric. The owner covers electric for common space ($86 per month), water/sewer ($711), gas ($96 per month), and garbage ($93 per month). Lawn and snow removal costs $94 per month. Annual taxes are $5,650. Ample exterior parking is available for tenants. The property is located in Storm Lake, Iowa, and has a lot size of 0.17 acres. The building size is 5,015 square feet. The property is zoned as residential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

    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, with investment potential.
    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 $329,000.
    What are key features of this property?
    This property features: - Great investment opportunity with potential to increase rent roll by filling vacant units.; - Six-unit complex with a mix of 1 and 2-bedroom units.; - Coin-operated laundry in the basement provides additional income.
    (515) 305-2577
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    Storm Lake, IA 50588
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    Realmo Value Estimation

    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.

    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.

    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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