Brick 4-Plex with Coin-Op
For Sale
$300,000
Pending
506 Main Street, Slater, IA 50244
MULTI_FAMILY - Slater, IA
Property Size1,575 SF
Lot Size0.26 Acres
Days on Market47
Property Features for 506 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R
Exterior features
Brick
Basement
Walk-Out Access
Elementary school district
Ballard
Middle school district
Ballard
High school district
Ballard
Directions
From R38 or Linn St, go west on Main St to property on the left.
Subdivision
0023 - Slater
Standard status
Pending
APN
13-30-424-210
Size
1,575 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Description
SLATER JUNCTION E1/2 LOT 2 & ALL LOT 3 & W5' LOT 4 BLK 10
Tax Annual Amount
4498
Legal Description
SLATER JUNCTION E1/2 LOT 2 & ALL LOT 3 & W5' LOT 4 BLK 10
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1964
Number of units
4
Flooring type
Tile, Carpet, Hardwood, Vinyl
Listing Agency:
Weichert, Realtors(R)-Miller & Clark Agency
(515) 232-SELL
Listed By:
Jason Miller · License #S60465
(515) 232-SELL
Added: Jul 17
Changed: Jul 24
Last Checked: Sep 1 at 10:06PM
MLS# 70763
Copyright © 2026 Central Iowa Board of Realtors, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick 4-plex offers four separate units, each featuring 2 bedrooms and 1 bathroom. Coin-op laundry is available in the basement. Updates mentioned include engineered hardwood, carpet, and tile flooring, along with kitchen counters and appliances. The listing also notes that roofs were replaced on the apartment building and the garage in 2021.
The property is located at 506 Main Street in Slater, Iowa (Story County).
The property is located at 506 Main Street in Slater, Iowa (Story County).
Key Highlights
- Brick 4‑plex built in 1964 in greater Slater
- Unit mix: four 2‑bedroom, 1‑bath units
- Public water and public sewer service
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
NOI $12,062 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$150.5K
$131.7K – $175.6K
NOI $10,533 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$368.1K
$322.1K – $429.4K
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four 2-bedroom, 1-bath units in a brick building, with coin-op laundry in the basement and updates over time.
Where is this quadplex located?
The property is located at 506 Main Street 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: Brick 4‑plex built in 1964 in greater Slater; Unit mix: four 2‑bedroom, 1‑bath units; Public water and public sewer service
