Well-Maintained Multifamily Investment
1806 Main Street, Gowrie, IA 50543
- Added:
- Mar 2, 2026
- Days on Market:
- 82
- Last Refresh:
- May 23 at 12:06 am
Property Features for 1806 Main Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Residential
- Bedrooms
- 12
- Bathrooms
- 8
- Rooms
- Bedroom 10, Bathroom 2, Bedroom 9, Bedroom 6, Bedroom 3, Bathroom 7, Bedroom 11, Bathroom 8, Bathroom 5, Bathroom 6, Bathroom 4, Bedroom 2, Bedroom 4, Bedroom 5, Bedroom 12, Bedroom 8, Bedroom 7, Bathroom 1, Bathroom 3, Bedroom 1
- Parking
- 17
- Interior features
- Handicap Access
- Exterior features
- Apartment, Handicap Access, Paved Drive, Paved Street
- Accessibility
- Accessible Approach with Ramp
- Standard status
- Active
- Size
- 9,214 SF
- Lot size
- 1.14 Acres
Taxes and HOA fees
- Tax Annual Amount
- 5026
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air, Natural Gas
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Number of units
- 11
- Roof type
- Asphalt
Listing agent Scott Underberg (515) 571-2761
Listing office Guthrie and Associates Real Estate 1302 Central Avenue Suite 200, Fort Dodge, IA (515) 576-5703
Listing date Mar 2, 2026
MLS# 28713
Listing URL
Copyright © 2026 Fort Dodge Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- High occupancy rate (90.9%) with steady income from 10 leased units.
- Immediate upside potential with the 11th unit under remodel for market‑rate re‑rental.
- Attractive 8.35% cap rate at the asking price of $459,900.
- Low‑maintenance cash flow in a quiet community.
- Additional income potential by converting the community room into a 12th unit (subject to approvals).
- On‑site amenities including storage/conference room, community room with kitchen and bath, laundry facilities, and dedicated parking.
Overview
This well-maintained eleven-unit multifamily property is located in Gowrie, Iowa. The property features ten one-bedroom units and one two-bedroom unit. Ten units are currently leased, representing a 90.9% occupancy rate, and generating steady income. The eleventh unit is undergoing remodeling, including new flooring, for quick market-rate re-rental, offering immediate upside. Situated on over 1 acre, the property includes an 1814 square foot storage/conference room, a community room with a kitchen and bath that has potential for conversion into a twelfth unit, subject to approvals, on-site laundry with two washers and two dryers, and seventeen dedicated parking spots. The property offers low-maintenance cash flow in a quiet community. Pro forma at 90.9% occupancy, the property has a gross income of $82,052, including $73,582 in rents and $8,470 in miscellaneous income. Total expenses are $43,665, including $26,434 in known expenses, 10% management fee ($8,205), 6% maintenance fee ($4,923), and 5% contract services for snow and lawn care ($4,103). The net operating income is $38,387, resulting in an 8.35% cap rate.
Property Profile
Location Intelligence
Current Use by Public Records
Senior Suites of Gowrie
Retirement Community
Location Insight
- Map
- Local Demand
- City
- Gowrie
- County
- Webster
- State
- Iowa
- Longitude
- -94.299339
- Latitude
- 42.283536
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Eleven-unit multifamily property with income potential in Gowrie, Iowa.
Where is this apartment building located?
The property is located at 1806 Main Street Gowrie, IA.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: High occupancy rate (90.9%) with steady income from 10 leased units.; Immediate upside potential with the 11th unit under remodel for market‑rate re‑rental.; Attractive 8.35% cap rate at the asking price of $459,900.
