3-Unit Mixed-Use
402 Richmond Street, Ottumwa, IA 52501
For Sale
$149,000
Under Contract
Residential Income, Ottumwa, IA
Property Size2,200 SF
Price / SF$67.73
Days on Market95
Property Features for 402 Richmond Street
General Information
Property type
Property subtype
Basement
Directions
Standard status
APN
Size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Water source
Building Details
Year built
Floors in Building
Number of units
Building materials
Listing Agency:
Lynch Realty Inc
(641) 664-2275
Listed By:
Lincoln Lynch · License IA S60347000
(641) 208-3649
Added: Aug 7
Changed: Oct 28
Last Checked: Nov 9 at 4:06PM
MLS# 6341362
Copyright © 2026 NoCoast MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 2,200-square-foot, three-unit property combines residential and commercial components within a building constructed in 1910. The upper level contains a two-bedroom apartment that is currently occupied. The main level includes a studio apartment requiring updates, along with commercial space configured with two office areas and a kitchenette.
Utilities are separately metered, and the owner retains use of the garage space. The building has shake exterior materials, forced-air heating, and a public water connection. Located in Ottumwa, Iowa, the property offers a mixed-use configuration with both apartment and office components.
Utilities are separately metered, and the owner retains use of the garage space. The building has shake exterior materials, forced-air heating, and a public water connection. Located in Ottumwa, Iowa, the property offers a mixed-use configuration with both apartment and office components.
Key Highlights
- Three‑unit building totaling 2,200 square feet
- Upper‑level 2 bedroom apartment currently occupied
- Main‑level studio apartment ready for updates
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,613
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$252,260
$252.3K
Cap Rate 7%
$180,186
$180.2K
Cap Rate 9%
$140,144
$140.1K
Market Conditions
NOI Build-Up for 2,200 SF
Gross rent
$19.8K $9.00/SF
− Vacancy
−$1.8K −$0.81/SF
EGI
$18.0K $8.19/SF
− OpEx
−$5.4K −$2.46/SF
NOI
$12.6K $5.73/SF
Area
Wapello County, IA
Vacancy
9.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$252,260
Cap Rate 7%
$180,186
Cap Rate 9%
$140,144
Alternative Uses
Best Use
Mixed Use
$311.1K
$272.3K – $363.0K
NOI $21,780 @ 7.0% cap · market cap 14.62%
Second Best
Multifamily LT 5
$180.2K
$157.7K – $210.2K
NOI $12,613 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$481.2K
$421.1K – $561.4K
NOI $33,686 @ 7.0% cap · market cap 22.61%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
333
Businesses Nearby
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Business Placement
Demographics for 52501, IA
30,313
Population
13,654
Households
2.2
Avg Household Size
38
Median Age
20%
College-Educated
87%
High-School Grad
225.3 sq mi
ZIP Area
135
Density / Sq Mi
$59,091
Median Household Income
$40,173
Median Earnings
$955
Median Rent
$109,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit building combines residential apartments with office and kitchenette space in a flexible commercial layout.
Where is this triplex located?
The property is located at 402 Richmond Street Ottumwa, IA.
What is the asking price?
The asking price for this property is $149,000.
What are key features of this property?
This property features: Three‑unit building totaling 2,200 square feet; Upper‑level 2 bedroom apartment currently occupied; Main‑level studio apartment ready for updates
