Brick 4-Plex with Coin-Op
506 Main Street Slater, IA 50244
New
506 Main Street, Slater, IA, 50244
$300,000
For Sale
$300,000
MULTI_FAMILY - Slater, IA
Property Size1,575 SF
Lot Size0.26 Acres
Price / SF$190.48
Days on Market2
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
- Standard status
- Active
- 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
Utilities
- Sewer type
- Public Sewer
- Heating system
- Hot Water(Heating), Natural Gas
- Cooling system
- Wall Unit(s)
- Water source
- Public
Building Details
- Year built
- 1964
- Number of units
- 4
- Flooring type
- Hardwood, Carpet, Vinyl, Tile
Listing Agency
Weichert, Realtors(R)-Miller & Clark Agency
(515) 232-SELL
103 E Sixth St. Park Plaza Suite 102, Ames, IA
Listed by
Jason Miller · License #S60465
(515) 232-SELL
Added: Jul 17 Checked: Jul 18 at 11:06 am
MLS# 70763
Listing URL
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
Local Financial Insights For Multifamily LT 5
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 | $18.1k | $11.52 |
| − Vacancy | −$913 | −$0.58 |
| EGI | $17.2k | $10.94 |
| − OpEx | −$5.2k | −$3.28 |
| NOI | $12.1k | $7.66 |
1,575 SF · lease $11.52/SF/yr · vacancy 5.03% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
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
