Four-Unit Victorian
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 Market50
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:
Century 21 Signature
(515) 988-3296
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Sep 4
Changed: Oct 21
Last Checked: Oct 20 at 9:13PM
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 Century 21 Signature
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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 / Yr
$27,051
Cap Rate
8.20%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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See the owner, sales and loan history
Open Analytics
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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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
