416 Michigan Storm Lake, IA 50588
Multi-Unit - Storm Lake, IA
Property size:
5,015 SFLot size:
0.17 AcresPrice / SF:
$56/SF- Added:
- Sep 23, 2025
- Days on Market:
- 219
- Last Refresh:
- Apr 29 at 9:06 am
Property Features for 416 Michigan
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Res
- Parking features
- Driveway
- Exterior features
- Level Lot
- Standard status
- Active
- APN
- 1403186015
- Size
- 5,015 SF
- Lot size
- 0.17 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 5650
Utilities
- Heating system
- Baseboard
Building Details
- Year built
- 1955
- Architectural style
- Other
Listing agent Adam Doughan License #S64819 (712) 441-6097
Listing office Real Broker, LLC 699 Walnut St, Des Moines, IA (515) 305-2577
Listing date Sep 23, 2025
MLS# 830407
Listing URL
Copyright © 2026 Northwest Iowa Regional 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.
Overview
Storm Lake Multi-Unit Investment
This six-unit complex presents a great investment opportunity. The property features a mix of unit sizes, with two units offering one bedroom and one bathroom, and four units providing two bedrooms and one bathroom. Each unit includes a living space and a kitchen/dining area. The property is currently 100% occupied, generating a market rent roll of $4,400, which matches the actual rent roll. A review of the trailing twelve months (T12) demonstrates a strong historical performance for the property. A shared laundry space, equipped with a coin-operated washer and dryer, is located in the basement, generating approximately $400 per year in additional income. Tenants are responsible for their electric bills. The owner covers electric for common areas (approximately $130 per month), water/sewer ($680), gas ($56 per month), and garbage ($93 per month). Annual property taxes are $5,650, and lawn/snow removal costs are $140 per month. Security deposits will be transferred to the new owner upon closing. Ample exterior parking is available for tenants. The property is located in Storm Lake, Iowa, on a lot measuring 0.17 acres. The building size is 5015 square feet.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Storm Lake
- County
- Buena Vista
- State
- Iowa
- Longitude
- -95.2022123
- Latitude
- 42.6419196
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Six-unit property in Storm Lake, Iowa, fully occupied.
Where is this apartment building located?
The property is located at 416 Michigan Storm Lake, IA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 100% Occupied: Provides immediate and consistent income stream.; Strong Rental History: Evidenced by T12 documentation, indicating reliable income.; Positive Cash Flow: Market Rent Roll of $4,400 with additional income from shared laundry.
