Four-Unit Rental
For Sale
$194,900
104 E Boston Avenue, Indianola, IA 50125
MultiFamily, Indianola, IA
Property Size1,776 SF
Lot Size0.21 Acres
Price / SF$109.74
Days on Market152
Property Features for 104 E Boston Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
1
Bathrooms
5
Rooms
Bathroom 3, Bedroom 1, Bathroom 5, Bathroom 2, Bathroom 4, Bathroom 1
Parking features
Garage
Lot features
Rectangular Lot
Elementary school district
Indianola
Middle school district
Indianola
High school district
Indianola
Directions
Hwy 65/69 to Boston Ave, west to property.
Subdivision
Indianola
Standard status
Active
APN
48020020160
Size
1,776 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
25-76-24 INDIANOLA OTP LOTS 16 & 17 BLK 2
Tax Annual Amount
2690
Legal Description
25-76-24 INDIANOLA OTP LOTS 16 & 17 BLK 2
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Amenities
common area backyard
Building Details
Year built
1900
Floors in Building
2
Number of units
4
Building materials
VinylSiding
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Iowa Realty Indianola
(515) 453-6600
Listed By:
Emily Keller - Lampman
(515) 453-5662
Added: May 15
Changed: Oct 11
Last Checked: Oct 13 at 9:06PM
MLS# 740926
Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit residential property contains 1,776 square feet on a 0.2066-acre lot and is fully rented. The configuration includes three studio apartments and one one-bedroom apartment, with five bathrooms overall. A shared backyard and one-car detached garage add functional common and storage space.
Built in 1900, the building has vinyl siding, an asphalt shingle roof, natural gas forced-air heat, and window-unit cooling. Electrical improvements include an updated meter and panel along with substantial rewiring. The property is served by public water and public sewer and carries Res zoning in Indianola, Iowa.
Built in 1900, the building has vinyl siding, an asphalt shingle roof, natural gas forced-air heat, and window-unit cooling. Electrical improvements include an updated meter and panel along with substantial rewiring. The property is served by public water and public sewer and carries Res zoning in Indianola, Iowa.
Key Highlights
- Four‑unit property with 3 studio apartments and 1 BR apartment
- 1,776 square feet on a 0.2066‑acre lot
- Fully rented configuration
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.
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Current Use
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied residential income property with updated electrical service, public utilities, 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‑unit property with 3 studio apartments and 1 BR apartment; 1,776 square feet on a 0.2066‑acre lot; Fully rented configuration
