Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Mixed-Use Investment in Downtown Indianola Title is generated by Realmo AI

    120 N Howard Street, Indianola, IA 50125

    View on Map
    Claim this Listing
    New
    For Sale
    $350,000

    MULTI_FAMILY - Other - Indianola, IA

    Property size:
    2,400 SF
    Lot size:
    0.10 Acres
    Price / SF:
    $145/SF
    Added:
    May 12, 2026
    Days on Market:
    2
    Last Refresh:
    May 13 at 3:06 am

    Property Features for 120 N Howard Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    C/MR
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bathroom 3, Bedroom 4, Bathroom 2, Bathroom 1, Basement, Bedroom 3, Bedroom 1, Bedroom 2
    Appliances
    Refrigerator, Stove
    Standard status
    Active
    APN
    48020120090
    Size
    2,400 SF
    Lot size
    0.10 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Description
    25-76-24 INDIANOLA OTP LOT 9 BLK 12
    Tax Annual Amount
    3266

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Baseboard, Electric (Heating)
    Cooling system
    Window Unit(s), Central Air
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Laminate, Carpet
    Building materials
    Brick
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Ryan Rivera
    Ryan Rivera

    Listing agent Ryan Rivera

    Listing office Zealty Home Advisors 2524 Post Street, West Des Moines, IA

    Listing date May 12, 2026

    MLS# 740604 Listing URL

    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.

    HighLights

    • Great location near downtown
    • Recently renovated kitchen with stainless steel appliances
    • Spacious backyard perfect for entertaining
    • Hardwood floors throughout the main living areas
    • Two‑car garage with ample storage space
    • Walking distance to parks and schools

    Overview

    This mixed-use property is located in downtown Indianola and features a main-level commercial space with a long-term tenant of nearly 10 years. The property also includes three upper-level apartments, consisting of two 1-bedroom units and one 2-bedroom unit. Each apartment has a kitchen, living room, and bathroom. The commercial space and apartments are currently leased. There is additional income potential from a bonus storage space currently leased by a long-term tenant. The property features newer vinyl windows and electric baseboard heat. Each unit has separate electric and gas meters, with tenants responsible for their own electric and gas utilities. The landlord is responsible for water, trash, and taxes. The property is located directly across from the new Warren County Courthouse and on the town square, offering visibility and convenience near dining, nightlife, shopping, and Simpson College. Street parking is available. The property is zoned C/MR and sits on a lot of approximately 0.1033 acres. The property's intended use is as a mixed-use investment property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Tiny Tots to Teens Discount Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianola
    County
    Warren
    State
    Iowa
    Longitude
    -93.560571
    Latitude
    41.361031

    Nearby Similar for Sale

    • $200,000

      Indianola Commercial Building on Acreage

      9,185 SF commercial building on 2.15 acres near Indianola.
      12220 168th Avenue, Indianola, IA 50125
      View Details
    • $200,000

      Commercial Building on Large Lot

      9,185 sq ft commercial building on 2.15 acres.
      12220 168th Avenue, Indianola, IA 50125
      View Details
    • $1,500,000

      Indianola Warehouse with Flexible Layout

      11,900 sq ft warehouse on 1.13 acres.
      1400 E Iowa Avenue, Indianola, IA 50125
      View Details
    • $550,000
      6,528 SF

      Spacious Showroom with Classrooms

      6,528 SF showroom featuring classrooms and office space.
      1508 North Jefferson Way, Indianola, IA, 50125
      View Details
    • $564,871
      6,856 SF

      Retail Space in Indianola, Iowa

      Retail space available in Indianola with affluent demographics.
      610 N Jefferson Way, Indianola, IA 50125
      View Details
    • $275,000
      7,445 SF

      Mixed-Use Property on Indianola Square

      Mixed-use property with commercial space and residential units.
      107 W Salem Avenue, Indianola, IA 50125
      View Details
    • $200,000
      9,185 SF

      Commercial Building on 2.15 Acres

      9,185 sq ft commercial building on 2.15 acres.
      12220 168th Avenue, Indianola, IA 50125
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with commercial space and apartments in prime location.
    Where is this mixed-use property located?
    The property is located at 120 N Howard Street Indianola, IA.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: Great location near downtown; Recently renovated kitchen with stainless steel appliances; Spacious backyard perfect for entertaining
    (515) 554-5870
    We can help!
    Listing Contact
    Ryan Rivera
    Ryan Rivera
    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
    120 N Howard Street, Indianola, IA 50125
    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!