Four-Unit Victorian
New
For Sale
$330,000
310 E Salem Ave, Indianola, IA 50125
Two-level configuration includes individually metered apartments, private exterior access for three units, and basement laundry facilities.
Property Size2,995 SF
Price / SF$110.18
Days on Market2
Property Features for 310 E Salem Ave
General Information
Standard status
Active
Size
2,995 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Amenities
wrap-around porch
deck/balcony/porch
laundry area
Building Details
Year Built
1920
Buildings
1
Stories
3
Construction
Victorian
Tenancy
Multi
Listing Agency:
Iowa Realty Mills Crossing
(515) 453-6134
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Sep 4
Last Checked: Sep 5 at 7:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Iowa Realty Mills Crossing
Investment Insights
Based on property information with market context.
This 1920 Victorian quadplex contains four occupied apartments, each configured with 1 bedroom, 1 bathroom, and a garage stall. The units are separately metered, with two positioned on the main floor and two upstairs. Three apartments also have access to a deck, balcony, or porch. Large windows and high ceilings add distinctive character, while an unfinished third-floor loft provides storage space. The lower level contains water meters, laundry facilities, and mechanical equipment.
A wrap-around porch complements the building, and its foundation stabilization was completed professionally in 2020. The property is on a tree-lined street in downtown Indianola, near restaurants, shops, and services. Maintenance and repair records are available, and interior access to all apartments is provided through the front entrance.
A wrap-around porch complements the building, and its foundation stabilization was completed professionally in 2020. The property is on a tree-lined street in downtown Indianola, near restaurants, shops, and services. Maintenance and repair records are available, and interior access to all apartments is provided through the front entrance.
Key Highlights
- Four occupied apartments, each with 1 bedroom, 1 bathroom, and a garage stall
- Apartments are separately metered; two are on the main floor and two are upstairs
- Three units include additional deck, balcony, or porch access
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
$27,051
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
8.20%
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%
$541,020
$541.0K
Cap Rate 7%
$386,443
$386.4K
Cap Rate 9%
$300,567
$300.6K
Market Conditions
NOI Build-Up for 2,995 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
$41.3K $13.80/SF
− Vacancy
−$2.7K −$0.90/SF
EGI
$38.6K $12.90/SF
− OpEx
−$11.6K −$3.87/SF
NOI
$27.1K $9.03/SF
Area
Warren County, IA
Vacancy
6.50%
Lease Rate
$13.80 /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%
$541,020
Cap Rate 7%
$386,443
Cap Rate 9%
$300,567
Alternative Uses
Best Use
Multifamily LT 5
$386.4K
$338.1K – $450.9K
NOI $27,051 @ 7.0% cap · market cap 8.20%
Second Best
Apartment 5plus
$359.1K
$314.2K – $419.0K
NOI $25,138 @ 7.0% cap · market cap 7.62%
Theoretical Best
Flex RnD
$2.88M
$2.52M – $3.36M
NOI $201,815 @ 7.0% cap · market cap 61.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
771
Businesses Nearby
Explore this area
Business Placement
Demographics for 50125, IA
20,906
Population
8,039
Households
2.6
Avg Household Size
39
Median Age
34%
College-Educated
97%
High-School Grad
162.4 sq mi
ZIP Area
129
Density / Sq Mi
$86,463
Median Household Income
$42,822
Median Earnings
$975
Median Rent
$248,700
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?
Quadplex - Two-level configuration includes individually metered apartments, private exterior access for three units, and basement laundry facilities.
Where is this quadplex located?
The property is located at 310 E Salem Ave Indianola, IA.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Four occupied apartments, each with 1 bedroom, 1 bathroom, and a garage stall; Apartments are separately metered; two are on the main floor and two are upstairs; Three units include additional deck, balcony, or porch access
