4-Unit Apartment
104 E Boston Avenue, Indianola, IA 50125
For Sale
$194,900
Fully occupied rental property with updated electrical service and a detached garage.
Property Size1,776 SF
Price / SF$109.74
Days on Market177
Property Features for 104 E Boston Avenue
General Information
Standard status
Size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Amenities
common area backyard
Building Details
Year Built
Listing Agency:
Iowa Realty Indianola
(515) 453-6600
Listed By:
Emily Keller - Lampman
(515) 453-5662
Source:
Prometrorealty
Added: May 15
Changed: Nov 6
Last Checked: Nov 6 at 9:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Iowa Realty Indianola
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Investment Insights
Based on property information with market context.
This 1,776-square-foot apartment property was built in 1900 and contains three studio apartments and one one-bedroom apartment. Two studios are on the main level, each with a kitchenette and three-quarter bath. The one-bedroom unit has a separate entrance at the rear. Electrical service has been updated, including the meter and panel, and much of the building has been rewired.
Residents share a backyard, and the property also includes a detached one-car garage. The building is fully rented.
Residents share a backyard, and the property also includes a detached one-car garage. The building is fully rented.
Key Highlights
- Four apartments: three studios and one one‑bedroom unit
- 1,776 square feet; built in 1900
- Two main‑level studios have kitchenettes and three‑quarter baths
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,041
Cap Rate
8.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$320,820
$320.8K
Cap Rate 7%
$229,157
$229.2K
Cap Rate 9%
$178,233
$178.2K
Market Conditions
NOI Build-Up for 1,776 SF
Gross rent
$24.5K $13.80/SF
− Vacancy
−$1.6K −$0.90/SF
EGI
$22.9K $12.90/SF
− OpEx
−$6.9K −$3.87/SF
NOI
$16.0K $9.03/SF
Area
Warren County, IA
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$320,820
Cap Rate 7%
$229,157
Cap Rate 9%
$178,233
Alternative Uses
Best Use
Multifamily LT 5
$229.2K
$200.5K – $267.4K
NOI $16,041 @ 7.0% cap · market cap 8.23%
Second Best
Apartment 5plus
$212.9K
$186.3K – $248.4K
NOI $14,906 @ 7.0% cap · market cap 7.65%
Theoretical Best
Flex RnD
$1.71M
$1.50M – $1.99M
NOI $119,674 @ 7.0% cap · market cap 61.40%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
805
Businesses Nearby
Explore this area
Business Placement
Demographics for 50125, IA
20,906
Population
8,039
Households
2.6
Avg Household Size
39
Median Age
34%
College-Educated
97%
High-School Grad
162.4 sq mi
ZIP Area
129
Density / Sq Mi
$86,463
Median Household Income
$42,822
Median Earnings
$975
Median Rent
$248,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied rental property with updated electrical service and a detached garage.
Where is this quadplex located?
The property is located at 104 E Boston Avenue Indianola, IA.
What is the asking price?
The asking price for this property is $194,900.
What are key features of this property?
This property features: Four apartments: three studios and one one‑bedroom unit; 1,776 square feet; built in 1900; Two main‑level studios have kitchenettes and three‑quarter baths
