Victorian Quadplex With Wraparound
New
For Sale
$330,000
310 E Salem Avenue, Indianola, IA 50125
MultiFamily, Indianola, IA
Property Size2,995 SF
Lot Size0.27 Acres
Price / SF$110.18
Days on Market1
Property Features for 310 E Salem Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
mrr3+
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 1, Bathroom 3, Bathroom 4, Bathroom 2, Basement, Bedroom 2
Parking features
Garage
Appliances
Refrigerator, Stove
Lot features
Rectangular Lot
Elementary school district
Indianola
Middle school district
Indianola
High school district
Indianola
Directions
South on Jefferson/Hwy 65, turn east (left), home is on left side of street (north)
Subdivision
Indianola
Standard status
Active
APN
48200090120
Size
2,995 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Description
30-76-23 EAST INDIANOLA LOT 12 & E 1/2 LOT 11 & S 1/2 E 75' E/W ALLEY BLK 9
Tax Annual Amount
5500
Legal Description
30-76-23 EAST INDIANOLA LOT 12 & E 1/2 LOT 11 & S 1/2 E 75' E/W ALLEY BLK 9
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
wrap-around porch
deck/balcony/porch access
laundry area
loft storage area
Building Details
Year built
1920
Floors in Building
2
Flooring type
Tile, Carpet
Building materials
WoodSiding
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Century 21 Signature · Century 21 Real Estate
(515) 963-1040
Listed By:
Jen Harman
(515) 988-3296
Added: Sep 2
Last Checked: Sep 2 at 5:06PM
MLS# 748475
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.
Investment Insights
Based on property information with market context.
This 2,995-square-foot Victorian quadplex contains four occupied, separately metered apartments. Each unit offers one bedroom, one bathroom, and a garage stall. Two apartments are positioned on the main level and two are upstairs, while the third floor includes unfinished loft storage. Three units also have deck, balcony, or porch access. Interior features include large windows, high ceilings, tile and carpet flooring, refrigerators, stoves, forced-air natural gas heat, and central air conditioning.
The property occupies 0.2686 acres at 310 E Salem Avenue in Indianola, Iowa, on a tree-lined street near downtown restaurants, shops, and services. A wraparound porch adds architectural character, with foundation stabilization completed in 2020. The basement contains water meters, a laundry area, and mechanical systems. Public water and sewer serve the property, and zoning is MRR3+.
The property occupies 0.2686 acres at 310 E Salem Avenue in Indianola, Iowa, on a tree-lined street near downtown restaurants, shops, and services. A wraparound porch adds architectural character, with foundation stabilization completed in 2020. The basement contains water meters, a laundry area, and mechanical systems. Public water and sewer serve the property, and zoning is MRR3+.
Key Highlights
- Four occupied apartments, each with 1 bedroom, 1 bathroom, and a garage stall
- 2,995 square feet on a 0.2686‑acre lot
- Four separately metered units; three include 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
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 - Separately metered apartments include garage stalls and additional outdoor access for three units.
Where is this quadplex located?
The property is located at 310 E Salem Avenue 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; 2,995 square feet on a 0.2686‑acre lot; Four separately metered units; three include deck, balcony, or porch access
