Brick Fourplex with Hardwood
New
For Sale
$249,000
321 East State St, Mason City, IA 50401
Four one-bedroom apartments feature hardwood floors and original bathroom tile details.
Property Size2,800 SF
Price / SF$88.93
Days on Market2
Property Features for 321 East State St
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 1BR
Multifamily Units
4
Additional Details
Road Access
Yes
Building Details
Year Built
1939
Construction
brick
Listing Agency:
Jane Fischer & Associates LLC
Listed By:
Jane Fischer · License #NOC222721
(641) 425-4900
Source:
Janefischer
Added: Oct 28
Last Checked: Oct 28 at 3:46PM
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 Jane Fischer & Associates LLC
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Investment Insights
Based on property information with market context.
This 2,800-square-foot brick fourplex contains four one-bedroom apartments, each with hardwood flooring. A prior renovation retained original interior elements, including the bathroom tile, while maintaining the building’s vintage character. Constructed in 1939, the property combines a brick exterior with distinctive apartment interiors.
The building is at 321 East State St in Mason City, Iowa.
The building is at 321 East State St in Mason City, Iowa.
Key Highlights
- Four one‑bedroom apartments
- 2,800 square feet
- Brick exterior
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,176
Cap Rate
8.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$423,520
$423.5K
Cap Rate 7%
$302,514
$302.5K
Cap Rate 9%
$235,289
$235.3K
Market Conditions
NOI Build-Up for 2,800 SF
Gross rent
$40.7K $14.52/SF
− Vacancy
−$2.2K −$0.77/SF
EGI
$38.5K $13.75/SF
− OpEx
−$17.3K −$6.19/SF
NOI
$21.2K $7.56/SF
Area
Cerro Gordo County, IA
Vacancy
5.30%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$423,520
Cap Rate 7%
$302,514
Cap Rate 9%
$235,289
Alternative Uses
Best Use
Multifamily LT 5
$341.4K
$298.8K – $398.4K
NOI $23,901 @ 7.0% cap · market cap 9.60%
Second Best
Apartment 5plus
$302.5K
$264.7K – $352.9K
NOI $21,176 @ 7.0% cap · market cap 8.50%
Theoretical Best
Office A
$702.9K
$615.0K – $820.0K
NOI $49,201 @ 7.0% cap · market cap 19.76%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
965
Businesses Nearby
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Business Placement
Demographics for 50401, IA
28,981
Population
14,746
Households
2
Avg Household Size
43
Median Age
22%
College-Educated
94%
High-School Grad
148.2 sq mi
ZIP Area
196
Density / Sq Mi
$63,807
Median Household Income
$38,929
Median Earnings
$868
Median Rent
$134,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Four one-bedroom apartments feature hardwood floors and original bathroom tile details.
Where is this quadplex located?
The property is located at 321 East State St Mason City, IA.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Four one‑bedroom apartments; 2,800 square feet; Brick exterior
