Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    515 Main Street Iowa Falls, IA 50126

    View on Map
    Claim this Listing
    New
    For Sale
    $102,000

    MULTI_FAMILY - Iowa Falls, IA

    Property size:
    2,860 SF
    Lot size:
    0.20 Acres
    Price / SF:
    $35/SF
    Added:
    May 4, 2026
    Days on Market:
    3
    Last Refresh:
    May 6 at 10:06 am

    Property Features for 515 Main Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Basement
    Full
    Standard status
    Active
    APN
    892113288009
    Size
    2,860 SF
    Lot size
    0.20 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    LOT 2 & 7, BLOCK 26, ORIGINAL TOWN, IOWA FALLS BLOCK 26 S1/2 LOT 2 & N1/2 LOT 7
    Tax Annual Amount
    2522

    Utilities

    Heating system
    Oil
    Water source
    Public

    Building Details

    Year built
    1914
    Floors in Building
    2
    Number of units
    3
    Building materials
    Vinyl Siding

    We can help!

    Listing Contact
    Heather Schachtner

    Listing agent Heather Schachtner License #***

    Listing office Ferris Real Estate 655 S Oak St., Marshalltown, IA

    Listing date May 4, 2026

    MLS# 6337893 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.

    Overview

    Iowa Falls Multi-Family Investment

    This multi-family property in Iowa Falls, IA, presents an investment opportunity with three rental units. The first unit is a two-story apartment featuring two bedrooms, one bathroom, hardwood floors, and a fireplace. The second unit includes one bedroom, one bathroom, a large bay window, and hardwood floors, with recent updates to the stove, bathroom flooring, toilet, and bathtub. The third unit, located on the second level, is a recently remodeled one-bedroom, one-bathroom apartment. The basement area offers the potential to be converted into a fourth unit, with existing plumbing for a kitchen and a bathroom/shower, potentially creating a two-bedroom unit. A laundry room is available in the basement for the entire building. The property has a shared driveway with neighbors through an easement. The building is situated on a 0.2-acre lot. The property encompasses 2860 square feet. The property manager is willing to continue managing the property under new ownership. This property is located in Hardin County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Iowa Falls
    County
    Hardin
    State
    Iowa
    Longitude
    -93.2655525
    Latitude
    42.5218759

    Nearby Similar for Sale

    • $185,000

      New Light Industrial Building

      Versatile 3,600 SF building perfect for business or storage.
      212 S High Street, Iowa Falls, IA 50126
      View Details
    • $84,900
      1,664 SF

      Iowa Falls Duplex Investment

      Side-by-side duplex with hardwood floors and separate utilities.
      604 Hickory Street, Iowa Falls, IA 50126
      View Details

    FAQs

    What type of property is this?
    Triplex - Three-unit property with potential for a fourth unit.
    Where is this triplex located?
    The property is located at 515 Main Street Iowa Falls, IA.
    What is the asking price?
    The asking price for this property is $102,000.
    What are key features of this property?
    This property features: Three rental units provide immediate income potential.; Basement has potential to be converted into a fourth rental unit (plumbing in place).; Unit 2 recently updated with new stove, bathroom flooring, toilet, and bathtub.
    (515) 297-3194
    We can help!
    Listing Contact
    Heather Schachtner
    Real Estate License ID: ***
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    515 Main Street, Iowa Falls, IA 50126
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!