Move-in Ready Ottumwa
For Sale
$130,000
147 N Ward Street, Ottumwa, IA 52501
MULTI_FAMILY - Ottumwa, IA
Property Size1,482 SF
Lot Size0.10 Acres
Price / SF$87.72
Days on Market179
Property Features for 147 N Ward Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Basement
Unfinished
Subdivision
R S SMITHS 3RD ADD
Directions
Turn south off Church Street onto N. Ward St. Travel 2 blocks, house is on the right hand side.
Standard status
Active
APN
7417190082000
Size
1,482 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
R S SMITH'S 3RD ADD N 1/2 LOT 14 BLK 10 (147 N WARD)
Tax Annual Amount
770
Legal Description
R S SMITH'S 3RD ADD N 1/2 LOT 14 BLK 10 (147 N WARD)
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1920
Number of units
3
Building materials
Vinyl Siding, Wood Siding
Listing Agency:
Team Real Estate
(641) 682-2221
Listed By:
Lonnie Lunsford · License #***
(641) 226-2235
Added: Feb 10
Changed: Jul 18
Last Checked: Aug 8 at 1:06PM
MLS# 6335500
Copyright © 2026 NoCoast MLS. 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 move-in-ready 3-plex is located near downtown and shopping in Ottumwa, Iowa. The property has been remodeled and features new electric and plumbing throughout the building. Ideal for investors seeking steady income, the building contains separate electric meters, allowing each tenant to pay their own electric bill. Each of the three units includes one bedroom, one bathroom, a living room, and a kitchen. The property size is 1482 square feet and the lot size is 0.1 acres. This property offers a healthy rental income stream.
Key Highlights
- Move‑in‑ready 3‑plex with 1 bed, 1 bath units, each with a living room and kitchen
- Units remodeled with new electric and plumbing in the building
- Separate electric meters for each unit so tenants pay their own electric bill
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
$8,496
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
6.54%
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%
$169,920
$169.9K
Cap Rate 7%
$121,371
$121.4K
Cap Rate 9%
$94,400
$94.4K
Market Conditions
NOI Build-Up for 1,482 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
$13.3K $9.00/SF
− Vacancy
−$1.2K −$0.81/SF
EGI
$12.1K $8.19/SF
− OpEx
−$3.6K −$2.46/SF
NOI
$8.5K $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%
$169,920
Cap Rate 7%
$121,371
Cap Rate 9%
$94,400
Alternative Uses
Best Use
Multifamily LT 5
$121.4K
$106.2K – $141.6K
NOI $8,496 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$116.1K
$101.6K – $135.4K
NOI $8,125 @ 7.0% cap · market cap 6.25%
Theoretical Best
Office A
$324.2K
$283.7K – $378.2K
NOI $22,692 @ 7.0% cap · market cap 17.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
411
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Remodeled 3-plex near downtown Ottumwa, ideal for investors.
Where is this triplex located?
The property is located at 147 N Ward Street Ottumwa, IA.
What is the asking price?
The asking price for this property is $130,000.
What are key features of this property?
This property features: Move‑in‑ready 3‑plex with 1 bed, 1 bath units, each with a living room and kitchen; Units remodeled with new electric and plumbing in the building; Separate electric meters for each unit so tenants pay their own electric bill
