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    N 15Th Pl Fort Dodge, IA 50501

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    Sponsored
    For Sale
    $7,200,000

    MULTI_FAMILY - Fort Dodge, IA

    Property size:
    48,000 SF
    Lot size:
    8.40 Acres
    Days on Market:
    135
    Last Refresh:
    Mar 10 at 9:06 am

    Property Features for N 15Th Pl

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 2, Bedroom 34, Bedroom 49, Bedroom 80, Bedroom 8, Bedroom 66, Bedroom 33, Bedroom 50, Bedroom 58, Bedroom 16, Bedroom 27, Bedroom 94, Bedroom 65, Bedroom 75, Bedroom 59, Bedroom 93, Bedroom 3, Bedroom 70, Bedroom 5, Bedroom 10, Bedroom 43, Bedroom 83, Bedroom 41, Bedroom 61, Bedroom 74, Bedroom 73, Bedroom 72, Bedroom 82, Bedroom 71, Bedroom 42, Bedroom 37, Bedroom 48, Bedroom 7, Bedroom 21, Bedroom 4, Bedroom 38, Bedroom 96, Bedroom 39, Bedroom 24, Bedroom 91, Bedroom 40, Bedroom 11, Bedroom 36, Bedroom 13, Bedroom 90, Bedroom 28, Bedroom 89, Bedroom 26, Bedroom 46, Bedroom 63, Bedroom 22, Bedroom 45, Bedroom 53, Bedroom 62, Bedroom 64, Bedroom 76, Bedroom 81, Bedroom 20, Bedroom 69, Bedroom 32, Bedroom 92, Bedroom 54, Bedroom 95, Bedroom 12, Bedroom 56, Bedroom 1, Bedroom 60, Bedroom 51, Bedroom 23, Bedroom 35, Bedroom 47, Bedroom 25, Bedroom 84, Bedroom 87, Bedroom 86, Bedroom 79, Bedroom 78, Bedroom 31, Bedroom 30, Bedroom 57, Bedroom 68, Bedroom 29, Bedroom 67, Bedroom 44, Bedroom 18, Bedroom 52, Bedroom 19, Bedroom 55, Bedroom 9, Bedroom 85, Bedroom 88, Bedroom 14, Bedroom 15, Bedroom 6, Bedroom 77, Bedroom 17
    Bedrooms
    96
    Parking features
    On Street, Garage
    Patio and Porch features
    Patio
    Interior features
    Cathedral Ceiling(s), Ceiling Fan(s)
    Exterior features
    Patio, Paved Street, Garage Opener
    Size
    48,000 SF
    Lot size
    8.40 Acres

    Utilities

    Sewer type
    Public Sewer
    Cooling system
    Central Air

    Building Details

    Floors in Building
    1
    Number of units
    48
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Jim Kesterson

    Kesterson Realty Inc (515) 955-7714

    Listing agent Jim Kesterson (515) 570-0672

    Listing date Oct 27, 2025

    MLS# 22506

    Copyright © 2026 Fort Dodge 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

    Overview

    Fort Dodge Multifamily Investment

    This multifamily property in Fort Dodge, Iowa, features 48 units, each with 2 bedrooms, 2 baths, and 1,000 square feet of living space, complemented by an attached double garage. Situated on an 8.4-acre lot, the property encompasses a total building size of 48,000 square feet. The units are distributed across two locations: Regency Court West and Williams Bend Addition. At Regency Court West, 22 units are leased for $1,000 per month, while 2 furnished units, including utilities, are leased for $1,950 per month. In the Williams Bend Addition, 21 units are leased for $1,100 per month, with 2 units at $1,000 per month, and 1 furnished unit leased for $1,800. Each unit is equipped with a stove, refrigerator, microwave, dishwasher, water softener, washer, and dryer.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Fort Dodge
    County
    Webster
    State
    Iowa
    Longitude
    -94.1788664
    Latitude
    42.5298924

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    FAQs

    What type of property is this?
    Apartment building - 48-unit multifamily property in Fort Dodge, Iowa for sale.
    Where is this apartment building located?
    The property is located at N 15Th Pl Fort Dodge, IA.
    What is the asking price?
    The asking price for this property is $7,200,000.
    What are key features of this property?
    This property features: - 48 Units: Substantial investment opportunity.; - All Units: 2 Bedrooms, 2 Baths, 1,000 sq. ft. simplifies management.; - Attached Double Garage: A highly desirable amenity.
    (515) 570-0672
    Request Owner's contact information
    N 15Th Pl Fort Dodge, IA 50501
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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
    N 15Th Pl Fort Dodge, IA 50501
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    We can help!
    Listing Contact
    Jim Kesterson
    (515) 570-0672 (515) 955-7714
    Learn more
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