Three-Level Tri-Plex Rental
For Sale
$185,000
215 Cedar Street, Story City, IA 50248
MULTI_FAMILY - Story City, IA
Property Size1,552 SF
Lot Size0.26 Acres
Price / SF$119.20
Days on Market49
Property Features for 215 Cedar Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R (MR R3+)
Elementary school district
Roland-Story
Middle school district
Roland-Story
High school district
Roland-Story
Subdivision
0025 - Story City
Standard status
Active
APN
01-12-350-180
Size
1,552 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Annual Amount
2138
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1910
Number of units
3
Listing Agency:
Norsemen Realty Team - Friedrich Realty
(515) 733-2922
Listed By:
Tyler/Megan Frederiksen · License #S6306700
(515) 733-2922
Added: Jul 13
Changed: Jul 18
Last Checked: Aug 30 at 5:06AM
MLS# 70720
Copyright © 2026 Central Iowa Board 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 three-level tri-plex includes three separate rental units. The basement apartment has 2 bedrooms and 1.5 bathrooms. The main level unit offers 2 bedrooms and 1 bathroom. The upper-level unit features 1 bedroom and 1 bathroom. Tenants are in place, and tenants pay all utilities except water.
The property is located at 215 Cedar Street in Story City, Iowa (Story County). The listing identifies the total building size as 1,552 square feet.
For a residential income buyer, the unit mix provides a range of bedroom configurations within one property, with operating costs partially supported by tenant-paid utilities aside from water.
The property is located at 215 Cedar Street in Story City, Iowa (Story County). The listing identifies the total building size as 1,552 square feet.
For a residential income buyer, the unit mix provides a range of bedroom configurations within one property, with operating costs partially supported by tenant-paid utilities aside from water.
Key Highlights
- 3‑level tri‑plex with three separate units: 2BR/1.5BA basement, 2BR/1BA main level, and 1BR/1BA upper level
- Year built 1910
- Tenants pay all utilities except water
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
$11,886
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
6.42%
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%
$237,720
$237.7K
Cap Rate 7%
$169,800
$169.8K
Cap Rate 9%
$132,067
$132.1K
Market Conditions
NOI Build-Up for 1,552 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
$17.9K $11.52/SF
− Vacancy
−$899 −$0.58/SF
EGI
$17.0K $10.94/SF
− OpEx
−$5.1K −$3.28/SF
NOI
$11.9K $7.66/SF
Area
Story County, IA
Vacancy
5.03%
Lease Rate
$11.52 /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%
$237,720
Cap Rate 7%
$169,800
Cap Rate 9%
$132,067
Alternative Uses
Best Use
Multifamily LT 5
$169.8K
$148.6K – $198.1K
NOI $11,886 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$148.3K
$129.7K – $173.0K
NOI $10,379 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office A
$362.7K
$317.4K – $423.1K
NOI $25,388 @ 7.0% cap · market cap 13.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
273
Businesses Nearby
Explore this area
Business Placement
Demographics for 50248, IA
4,439
Population
1,949
Households
2.3
Avg Household Size
46
Median Age
40%
College-Educated
97%
High-School Grad
82.3 sq mi
ZIP Area
54
Density / Sq Mi
$88,333
Median Household Income
$58,109
Median Earnings
$963
Median Rent
$218,500
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 - Tri-plex with three separate units across three levels, with tenants paying utilities except water.
Where is this triplex located?
The property is located at 215 Cedar Street Story City, IA.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: 3‑level tri‑plex with three separate units: 2BR/1.5BA basement, 2BR/1BA main level, and 1BR/1BA upper level; Year built 1910; Tenants pay all utilities except water
