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    Colfax Multifamily Investment Opportunity Title is generated by Realmo AI

    24 N Maple Street, Colfax, IA 50054

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    For Sale
    $1,800,000

    MULTI_FAMILY - Colfax, IA

    Type:Apartment
    Property size:
    9,420 SF
    Lot size:
    0.89 Acres
    Price / SF:
    $191/SF
    Added:
    May 26, 2026
    Days on Market:
    1
    Last Refresh:
    May 26 at 7:06 pm

    Property Features for 24 N Maple Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Zoning
    MR R3
    Bedrooms
    44
    Bathrooms
    1
    Rooms
    Bedroom 44, Bedroom 30, Bedroom 25, Bedroom 5, Bedroom 4, Bedroom 9, Bedroom 41, Bedroom 1, Bedroom 29, Bedroom 34, Bedroom 39, Bedroom 19, Bedroom 3, Bedroom 8, Bedroom 21, Bedroom 10, Bedroom 2, Bedroom 18, Bedroom 32, Bedroom 37, Bedroom 20, Bedroom 33, Bedroom 40, Bedroom 17, Bedroom 42, Bedroom 43, Bedroom 15, Bedroom 23, Bedroom 24, Bedroom 38, Bedroom 16, Bedroom 6, Bedroom 22, Bedroom 13, Bedroom 26, Bedroom 12, Bedroom 31, Bedroom 14, Bedroom 7, Bedroom 28, Bedroom 27, Bedroom 35, Bedroom 11, Bathroom 1, Bedroom 36
    Standard status
    Active
    APN
    1101337001
    Size
    9,420 SF
    Lot size
    0.89 Acres

    Taxes and HOA fees

    Tax Description
    ORIGINAL PLAT LOTS 8-9-10-11 BLK 2
    Tax Annual Amount
    25255

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1996
    Building materials
    VinylSiding
    Roof type
    Shingle, Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Jason Ring

    Listing agent Jason Ring

    Listing office RE/MAX Precision 2202 Woodlands Parkway, Clive, IA

    Listing date May 26, 2026

    MLS# 741575 Listing URL

    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.

    HighLights

    • 100% Occupancy: Provides immediate and reliable cash flow.
    • 22 Units (all 2 bed/1 bath): Offers a substantial rental income stream.
    • Turn‑Key Investment: Well‑maintained, single‑owner property ready for immediate operation.
    • Strong Rental Demand: Located in a stable Iowa community near amenities, schools, and transportation.
    • Solid Construction (Built in 1996): Vintage‑style multi‑family property with functional floor plans.
    • Ample Parking and Outdoor Space: Enhances tenant appeal and property value.

    Overview

    This well-maintained apartment complex presents an investment opportunity in Colfax, Iowa. Constructed in 1996, the property consists of 3 buildings totaling 7,824 square feet, situated on a 0.89-acre lot. The complex features 22 units, each configured as a 2-bedroom, 1-bathroom layout. The property maintains 100% occupancy. The multi-family property offers functional floor plans that attract long-term tenants. Ample parking and outdoor space are included. The location provides convenient access to local amenities, schools, and major transportation routes near downtown Colfax. The property is zoned MR R3. The property size is 9,420 square feet. This income-producing asset is suited for investors seeking a fully occupied, cash-flowing multi-family property. The location in Colfax supports tenant stability and demand.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Colfax
    County
    Jasper
    State
    Iowa
    Longitude
    -93.242117
    Latitude
    41.678023

    FAQs

    What type of property is this?
    Apartment building - Well-maintained 22-unit apartment complex in Colfax, Iowa.
    Where is this apartment building located?
    The property is located at 24 N Maple Street Colfax, IA.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: 100% Occupancy: Provides immediate and reliable cash flow.; 22 Units (all 2 bed/1 bath): Offers a substantial rental income stream.; Turn‑Key Investment: Well‑maintained, single‑owner property ready for immediate operation.
    (515) 205-1200
    We can help!
    Listing Contact
    Jason Ring
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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