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    Four-Unit Apartment Building Title is generated by Realmo AI

    406 S 1st, Terril, IA 51364

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    New
    For Sale
    Under Contract
    $99,000

    MULTI_FAMILY - Terril, IA

    Lot size:
    0.42 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 5 at 6:06 am

    Property Features for 406 S 1st

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    4
    Rooms
    Bedroom 5, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 4, Bedroom 6
    Exterior features
    Driveway-Shared
    Standard status
    Active Under Contract
    APN
    1215314002
    Lot size
    0.42 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    LOTS 5, 6 AND 7 BLK 27 ORIGINAL TOWN
    Tax Annual Amount
    1086

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Baseboard
    Water source
    Public

    Building Details

    Year built
    1973
    Floors in Building
    1
    Number of units
    4
    Building materials
    Brick, Wood Siding
    Roof type
    Metal

    We can help!

    Listing Contact
    Katie Nissen

    Listing agent Katie Nissen License #S71259

    Listing office RE/MAX Lakes Realty 272 Hwy 71 PO Box 427, Spirit Lake, IA

    Listing date Jun 2, 2026

    MLS# 260551 Listing URL

    Copyright © 2026 Iowa Great Lakes Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Four‑unit apartment building fully occupied
    • Unit mix: two 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units
    • One shared laundry for residents
    • Year built 1973 with brick and wood siding exterior
    • Utilities: public water and public sewer
    • Metal roof and baseboard heating

    Overview

    This four-unit apartment building is fully occupied and set up to support steady residential income. The unit mix includes two apartments with 2 bedrooms and 1 bath, and two apartments with 1 bedroom and 1 bath. A single shared laundry facility serves the building, helping keep operations simple for occupants.

    Located at 406 S 1st in Terril, Iowa (Dickinson County), the property sits on a 0.4242-acre lot. With a history of strong occupancy and minimal vacancy, it offers a baseline of rental stability for an owner-operator or investor.

    The current configuration makes it a practical fit for investors seeking manageable, low-to-medium complexity multifamily ownership. Because the building is positioned as an opportunity to make improvements, add value, and increase cash flow, it may also appeal to buyers looking to execute light upgrades over time while building long-term equity.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Auto Parts Store Bar & Pub

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Terril
    County
    Dickinson
    State
    Iowa
    Longitude
    -94.9723036
    Latitude
    43.3024338

    FAQs

    What type of property is this?
    Quadplex - Fully occupied four-unit property with a mix of 1- and 2-bedroom units and shared laundry.
    Where is this quadplex located?
    The property is located at 406 S 1st Terril, IA.
    What is the asking price?
    The asking price for this property is $99,000.
    What are key features of this property?
    This property features: Four‑unit apartment building fully occupied; Unit mix: two 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units; One shared laundry for residents
    (712) 330-9057
    We can help!
    Listing Contact
    Katie Nissen
    Real Estate License ID: S71259
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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