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    427 E State Street Centerville, IA 52544

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    For Sale
    $215,000

    MULTI_FAMILY - Centerville, IA

    Property size:
    2,532 SF
    Lot size:
    0.30 Acres
    Price / SF:
    $84/SF
    Added:
    Feb 3, 2026
    Days on Market:
    92
    Last Refresh:
    May 6 at 11:06 pm

    Property Features for 427 E State Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Basement
    Partial
    Standard status
    Active
    APN
    341011031510000
    Size
    2,532 SF
    Lot size
    0.30 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    ORIG TOWN LOT 12 BLK3 RGE 7 & S 18' LOT 5 BLK 3 RGE 7
    Tax Annual Amount
    3168

    Utilities

    Heating system
    Radiant
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    4
    Building materials
    Vinyl Siding

    We can help!

    Listing Contact
    Anthony Gevock
    Anthony Gevock

    Listing agent Anthony Gevock License #S65998000

    Listing office RE/MAX Pride Ottumwa 2437 Northgate, Ottumwa, IA

    Listing date Feb 3, 2026

    MLS# 6335316 Listing URL

    Copyright © 2026 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.

    HighLights

    • Income‑producing investment property with $2,450 monthly rent
    • All four units are completely occupied
    • All four units have been remodeled
    • Remodeled spacious entryway with 4 large storage lockers
    • Coin‑operated laundry for tenants
    • Four separate electric meters

    Overview

    Income-Producing Four-Unit Multifamily Property

    This is an income-producing investment property featuring four units. The property is fully occupied, generating $2,450 in monthly rent. All four units have been remodeled, enhancing their appeal to renters. The building includes a remodeled, spacious entryway with four large storage lockers and coin-operated laundry for tenants. Two units are located on the main level, and two are on the upper level. Three units are accessible from the inside, while one unit is accessed from the outside. The landlord is responsible for water and gas expenses. The property has four separate electric meters. The lot size is 0.3 acres and the property size is 2532 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Centerville
    County
    Appanoose
    State
    Iowa
    Longitude
    -92.870699
    Latitude
    40.734275

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    FAQs

    What type of property is this?
    Quadplex - Remodeled four-unit property in Centerville, Iowa, generating monthly rental income.
    Where is this quadplex located?
    The property is located at 427 E State Street Centerville, IA.
    What is the asking price?
    The asking price for this property is $215,000.
    What are key features of this property?
    This property features: Income‑producing investment property with $2,450 monthly rent; All four units are completely occupied; All four units have been remodeled
    (641) 919-1784
    We can help!
    Listing Contact
    Anthony Gevock
    Anthony Gevock
    Real Estate License ID: S65998000
    Learn More
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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
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