Building Details

Year Built 1964

Construction brick

Listing Agency: Keller Williams Ankeny Metro Show Phone

Listed By: Home Sweet Des Moines Show Phone

Source: Homesweetdesmoines

Added: Jul 19 Changed: Aug 29 Last Checked: Aug 29 at 8:10PM

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Investment Insights

Based on property information with market context.

This brick quadplex at 506 Main St in Slater, IA, contains 1,575 square feet and was built in 1964. The property includes four apartments, each configured with two bedrooms and one bathroom, along with coin-operated laundry in the basement.

Interior improvements include engineered hardwood, carpet, tile flooring, updated kitchen counters, and appliances. The apartment building and detached garage both received roof replacements in 2021, adding a recent update to the property’s major improvements. The basement laundry provides an additional income component, while the existing four-unit layout offers a defined multifamily configuration.

Key Highlights

• Four‑unit brick apartment property at 506 Main St, Slater, IA 50244
• Each apartment includes 2 bedrooms and 1 bathroom
• 1,575 square feet; built in 1964

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$12,062

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

4.02%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$241,240 $241.2K

Cap Rate 7%

$172,314 $172.3K

Cap Rate 9%

$134,022 $134.0K

Market Conditions

NOI Build-Up for 1,575 SF 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.

Gross rent

$18.1K $11.52/SF

− Vacancy

−$913 −$0.58/SF

EGI

$17.2K $10.94/SF

− OpEx

−$5.2K −$3.28/SF

NOI

$12.1K $7.66/SF

Area

Story County, IA

Vacancy

5.03%

Lease Rate

$11.52 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$241,240

Cap Rate 7%

$172,314

Cap Rate 9%

$134,022

Alternative Uses

Best Use

Multifamily LT 5

$172.3K

$150.8K – $201.0K (±1% cap)

NOI $12,062 @ 7.0% cap · market cap 4.02%

Second Best

Apartment 5plus

$150.5K

$131.7K – $175.6K (±1% cap)

NOI $10,533 @ 7.0% cap · market cap 3.51%

Theoretical Best

Office A

$368.1K

$322.1K – $429.4K (±1% cap)

NOI $25,764 @ 7.0% cap · market cap 8.59%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Quadplexes

Suggested Use

Top Pick Parking Lot & Garage Big Box & Wholesale Store Real Estate Agency Plumbing Service Storage Facility Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Location Intelligence

Trade Area within ½ mile

113

Businesses Nearby

Explore this area Business Placement

Demographics for 50244, IA

1,825

Population

761

Households

2.4

Avg Household Size

38

Median Age

42%

College-Educated

99%

High-School Grad

25.2 sq mi

ZIP Area

72

Density / Sq Mi

$101,544

Median Household Income

$57,222

Median Earnings

$877

Median Rent

$235,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Quadplex - Brick multifamily property with updated interiors and coin-operated basement laundry.

Where is this quadplex located?

The property is located at 506 Main St Slater, IA.

What is the asking price?

The asking price for this property is $300,000.

What are key features of this property?

This property features: Four‑unit brick apartment property at 506 Main St, Slater, IA 50244; Each apartment includes 2 bedrooms and 1 bathroom; 1,575 square feet; built in 1964