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    Central City Multifamily Investment Property Title is generated by Realmo AI

    50 W Broadway, Central City, IA 52214

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    For Sale
    $439,000

    MULTI_FAMILY - Central City, IA

    Property size:
    5,000 SF
    Lot size:
    0.05 Acres
    Price / SF:
    $87/SF
    Added:
    Apr 14, 2026
    Days on Market:
    50
    Last Refresh:
    Jun 2 at 10:06 am

    Property Features for 50 W Broadway

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    12
    Rooms
    Bedroom 10, Bedroom 6, Bedroom 4, Bedroom 7, Bedroom 11, Bedroom 2, Bedroom 5, Bedroom 8, Bedroom 12, Bedroom 3, Bedroom 1, Bedroom 9
    Standard status
    Active
    APN
    070343600601005
    Size
    5,000 SF
    Lot size
    0.05 Acres

    Taxes and HOA fees

    Tax Description
    BROADWAY AVENUE CONDOUNIT 6
    Tax Annual Amount
    7000

    Building Details

    Year built
    1960
    Number of units
    6
    Building materials
    Frame

    We can help!

    Listing Contact
    Abby Besler

    Listing agent Abby Besler

    Listing office Pinnacle Realty LLC 1110 Dina Ct Suite A, Cedar Rapids, IA

    Listing date Apr 14, 2026

    MLS# 2602302 Listing URL

    Copyright © 2026 Cedar Rapids Area Association 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

    • Strong occupancy history with minimal vacancy.
    • Well‑maintained 6‑unit multi‑family property.
    • Attractive mix of unit sizes: (2) 1‑bed, (2) 2‑bed, (2) 3‑bed units.
    • Four units have private exterior entrances.
    • Additional income from coin‑operated laundry and detached garages.
    • Located near grocery and with easy access to Hwy 13.

    Overview

    This well-maintained 6-unit multi-family property is located in Central City, Iowa, near a grocery store and with convenient access to Hwy 13. The unit mix includes two 1-bedroom units, two 2-bedroom units, and two 3-bedroom units. Four units feature private exterior entrances. All six units are currently occupied, demonstrating a strong occupancy history with minimal vacancy in recent years. Additional income is generated from a coin-operated laundry facility with two washers and two dryers, as well as three detached garages rented at $50 per month. The property size is approximately 5,000 square feet, situated on a lot of 0.05 acres. The buyer is responsible for verifying the square footage. The parcel numbers are 07034-36006-01000, 01001, 01002, 01003, 01004, and 01005.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $67.8k $13.56
    − Vacancy −$5.1k −$1.02
    EGI $62.7k $12.54
    − OpEx −$28.2k −$5.64
    NOI $34.5k $6.90
    5,000 SF · lease $13.56/SF/yr · vacancy 7.50% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $492.8K
    $431.2K – $574.9K (±1% cap)
    NOI $34,493 @ 7.0% cap · market cap 7.86%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Self Storage
    $841.5K
    $736.3K – $981.8K (±1% cap)
    NOI $58,905 @ 7.0% cap · market cap 13.42%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Central City
    County
    Linn
    State
    Iowa
    Longitude
    -91.529386
    Latitude
    42.2001

    Nearby Similar for Sale

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      4659 Iowa HWY 13, Central City, IA 52214
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    • $85,000

      Retail Space in Central City

      Leased retail space with recent updates in historic district.
      413 E Main St, Central City, IA, 52214-7736
      View Details
    • $80,000

      Central City Storefront Investment Property

      Well-maintained commercial property in Central City's historic district.
      413 E Main St, CentralCity, IA 52214
      View Details

    FAQs

    What type of property is this?
    Apartment building - Well-maintained 6-unit property with strong occupancy history.
    Where is this apartment building located?
    The property is located at 50 W Broadway Central City, IA.
    What is the asking price?
    The asking price for this property is $439,000.
    What are key features of this property?
    This property features: Strong occupancy history with minimal vacancy.; Well‑maintained 6‑unit multi‑family property.; Attractive mix of unit sizes: (2) 1‑bed, (2) 2‑bed, (2) 3‑bed units.
    (319) 350-9476
    We can help!
    Listing Contact
    Abby Besler
    Request Owner's contact information
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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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