Updated Triplex with Three 1-Bed
For Sale
$159,900
2055 3rd Ave N, Fort Dodge, IA 50501
Residential Income, Fort Dodge, IA
Property Size586 SF
Lot Size0.17 Acres
Price / SF$272.87
Days on Market161
Property Features for 2055 3rd Ave N
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
3
Bathrooms
3
Rooms
Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 2, Bathroom 2
Parking
1
Parking features
On Street
Exterior features
Paved Street
Elementary school district
Fort Dodge
Middle school district
Fort Dodge
High school district
Fort Dodge
Subdivision
Webster
Standard status
Active
Size
586 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
1602
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Window Unit(s)
Water source
Public
Building Details
Number of units
3
Roof type
Asphalt
Listing Agency:
Legacy Realty Group, LLC
(515) 302-8633
Listed By:
Nicholas Taylor
(515) 570-1350
Added: Mar 15
Changed: Aug 19
Last Checked: Aug 22 at 2:06AM
MLS# 29741
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.
Investment Insights
Based on property information with market context.
This updated triplex features three separate homes, each offering one bedroom and one bathroom. Exterior updates include newer roofs, windows, and vinyl siding. The property has an asphalt roof and includes forced-air heating and window unit(s) for cooling. Parking is available on street.
The triplex sits on a 0.17-acre lot with paved street access. Public water and public sewer service are provided.
The home layouts include three bedrooms and three bathrooms across the overall property, supporting three independent 1-bedroom, 1-bath configurations within one address. Zoning is listed as Residential.
The triplex sits on a 0.17-acre lot with paved street access. Public water and public sewer service are provided.
The home layouts include three bedrooms and three bathrooms across the overall property, supporting three independent 1-bedroom, 1-bath configurations within one address. Zoning is listed as Residential.
Key Highlights
- Three separate updated homes, each with one bedroom and one bathroom
- Newer roofs, windows, and vinyl siding
- 0.17‑acre lot on a paved street
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
$4,906
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
3.07%
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%
$98,120
$98.1K
Cap Rate 7%
$70,086
$70.1K
Cap Rate 9%
$54,511
$54.5K
Market Conditions
NOI Build-Up for 586 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
$7.5K $12.72/SF
− Vacancy
−$446 −$0.76/SF
EGI
$7.0K $11.96/SF
− OpEx
−$2.1K −$3.59/SF
NOI
$4.9K $8.37/SF
Area
Webster County, IA
Vacancy
5.98%
Lease Rate
$12.72 /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%
$98,120
Cap Rate 7%
$70,086
Cap Rate 9%
$54,511
Alternative Uses
Best Use
Multifamily LT 5
$70.1K
$61.3K – $81.8K
NOI $4,906 @ 7.0% cap · market cap 3.07%
Second Best
Apartment 5plus
$62.6K
$54.8K – $73.1K
NOI $4,385 @ 7.0% cap · market cap 2.74%
Theoretical Best
Office A
$105.6K
$92.4K – $123.2K
NOI $7,392 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
801
Businesses Nearby
Explore this area
Business Placement
Demographics for 50501, IA
28,492
Population
13,198
Households
2.2
Avg Household Size
39
Median Age
20%
College-Educated
92%
High-School Grad
152.2 sq mi
ZIP Area
187
Density / Sq Mi
$66,130
Median Household Income
$36,934
Median Earnings
$779
Median Rent
$139,700
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?
Triplex - Updated triplex with newer roofs, windows, vinyl siding, forced-air heat, and public water and sewer.
Where is this triplex located?
The property is located at 2055 3rd Ave N Fort Dodge, IA.
What is the asking price?
The asking price for this property is $159,900.
What are key features of this property?
This property features: Three separate updated homes, each with one bedroom and one bathroom; Newer roofs, windows, and vinyl siding; 0.17‑acre lot on a paved street
