Four-Unit
For Sale
$350,000
202 3rd Street SE, Altoona, IA 50009
MULTI_FAMILY - Other - Altoona, IA
Property Size1,690 SF
Lot Size0.20 Acres
Price / SF$207.10
Days on Market167
Property Features for 202 3rd Street SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 1, Basement, Bedroom 5, Bathroom 1
Elementary school district
Southeast Polk
Middle school district
Southeast Polk
High school district
Southeast Polk
Directions
interstate 80 to the altoona main exit. go south to 3rd street se. east to house
Subdivision
Altoona
Standard status
Active
APN
17100164001000
Size
1,690 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
LOT 3 BLK 5 TOWN OF ALTOONA
Tax Annual Amount
2836
Legal Description
LOT 3 BLK 5 TOWN OF ALTOONA
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1870
Floors in Building
2
Building materials
WoodSiding
Architectural style
Other
Listing Agency:
Associated Realty
(515) 225-1330
Listed By:
Anita Olson
(515) 225-1330
Added: Mar 2
Changed: Aug 2
Last Checked: Aug 16 at 11:06PM
MLS# 735343
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 quadplex is arranged with two units on the lower level and two units upstairs. The two lower units are each configured with two bedrooms and one bathroom, and the upstairs units are each configured with one bedroom and one bathroom. The owner pays for all utilities. Heating is provided by a heat pump, with window unit(s) for cooling. The property features public water and public sewer, wood siding construction, and a basement.
Additional property updates include a newer boiler system and a newer roof. Off-street parking is available, including parking in back of the alley. Showings are allowed with 72-hour notice and proof of funds. The property was built in 1870 and is zoned R-3.
Additional property updates include a newer boiler system and a newer roof. Off-street parking is available, including parking in back of the alley. Showings are allowed with 72-hour notice and proof of funds. The property was built in 1870 and is zoned R-3.
Key Highlights
- Four‑unit layout: two bottom units are 2 bed/1 bath; two upstairs units are 1 bed/1 bath
- Zoned R‑3 with public water and public sewer
- Newer boiler system and newer roof
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
$14,993
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
4.28%
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%
$299,860
$299.9K
Cap Rate 7%
$214,186
$214.2K
Cap Rate 9%
$166,589
$166.6K
Market Conditions
NOI Build-Up for 1,690 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
$22.7K $13.44/SF
− Vacancy
−$1.3K −$0.77/SF
EGI
$21.4K $12.67/SF
− OpEx
−$6.4K −$3.80/SF
NOI
$15.0K $8.87/SF
Area
Polk County, IA
Vacancy
5.70%
Lease Rate
$13.44 /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%
$299,860
Cap Rate 7%
$214,186
Cap Rate 9%
$166,589
Alternative Uses
Best Use
Multifamily LT 5
$214.2K
$187.4K – $249.9K
NOI $14,993 @ 7.0% cap · market cap 4.28%
Second Best
Apartment 5plus
$187.2K
$163.8K – $218.4K
NOI $13,106 @ 7.0% cap · market cap 3.74%
Theoretical Best
Flex RnD
$1.63M
$1.42M – $1.90M
NOI $113,879 @ 7.0% cap · market cap 32.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
444
Businesses Nearby
Explore this area
Business Placement
Demographics for 50009, IA
21,230
Population
8,829
Households
2.4
Avg Household Size
37
Median Age
33%
College-Educated
96%
High-School Grad
27.9 sq mi
ZIP Area
761
Density / Sq Mi
$90,393
Median Household Income
$52,227
Median Earnings
$1,201
Median Rent
$261,800
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?
Quadplex - R-3 zoned four-unit quadplex with public water and sewer, newer roof, and off-street parking behind the alley.
Where is this quadplex located?
The property is located at 202 3rd Street SE Altoona, 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: Four‑unit layout: two bottom units are 2 bed/1 bath; two upstairs units are 1 bed/1 bath; Zoned R‑3 with public water and public sewer; Newer boiler system and newer roof
