Single-Level Quadplex with
For Sale
$235,000
1120 N Green St, Ottumwa, IA 52501
Four matching apartments share centralized utilities and an on-site coin-operated laundry area.
Property Size3,687 SF
Price / SF$63.74
Days on Market13
Property Features for 1120 N Green St
General Information
Standard status
Active
Size
3,687 SF
Property subtype
Residential Income
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,556
Amenities
on-site coin-operated laundry
Building Details
Buildings
1
Stories
1
Listing Agency:
RE/MAX Pride Ottumwa
(641) 814-6868
Listed By:
Hannah Troxel
(641) 814-6868
Source:
Exprealty
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 24 at 6:23AM
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 RE/MAX Pride Ottumwa
Investment Insights
Based on property information with market context.
Built in 1994, this single-level quadplex contains four matching apartments, each with two bedrooms and one bathroom. The consistent floor plans offer straightforward property operations across the residential units, while an on-site coin-operated laundry area provides an additional building feature. Utilities are connected through a shared system, keeping management centralized.
The property also includes a small office and storage room for the landlord, along with a half bathroom. Its north-side Ottumwa setting provides access to shopping, schools, and the hospital.
The property also includes a small office and storage room for the landlord, along with a half bathroom. Its north-side Ottumwa setting provides access to shopping, schools, and the hospital.
Key Highlights
- Four identical 2‑bedroom, 1‑bath units
- Single‑level quadplex built in 1994
- On‑site coin‑operated laundry
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,138
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.99%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$422,760
$422.8K
Cap Rate 7%
$301,971
$302.0K
Cap Rate 9%
$234,867
$234.9K
Market Conditions
NOI Build-Up for 3,687 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$33.2K $9.00/SF
− Vacancy
−$3.0K −$0.81/SF
EGI
$30.2K $8.19/SF
− OpEx
−$9.1K −$2.46/SF
NOI
$21.1K $5.73/SF
Area
Wapello County, IA
Vacancy
9.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$422,760
Cap Rate 7%
$301,971
Cap Rate 9%
$234,867
Alternative Uses
Best Use
Multifamily LT 5
$302.0K
$264.2K – $352.3K
NOI $21,138 @ 7.0% cap · market cap 8.99%
Second Best
Apartment 5plus
$288.8K
$252.7K – $336.9K
NOI $20,215 @ 7.0% cap · market cap 8.60%
Theoretical Best
Office A
$806.5K
$705.7K – $940.9K
NOI $56,455 @ 7.0% cap · market cap 24.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
Explore this area
Business Placement
Demographics for 52501, IA
30,313
Population
13,654
Households
2.2
Avg Household Size
38
Median Age
20%
College-Educated
87%
High-School Grad
225.3 sq mi
ZIP Area
135
Density / Sq Mi
$59,091
Median Household Income
$40,173
Median Earnings
$955
Median Rent
$109,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four matching apartments share centralized utilities and an on-site coin-operated laundry area.
Where is this quadplex located?
The property is located at 1120 N Green St Ottumwa, IA.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Four identical 2‑bedroom, 1‑bath units; Single‑level quadplex built in 1994; On‑site coin‑operated laundry
