Updated 4-Unit
524 N Wapello Street, Ottumwa, IA 52501
For Sale
New
$160,000
Residential Income, Ottumwa, IA
Property Size1,824 SF
Lot Size0.16 Acres
Price / SF$87.72
Days on Market1
Property Features for 524 N Wapello Street
General Information
Property type
Property subtype
Basement
Directions
Standard status
APN
Size
Lot size
Additional Details
Individually Metered Utilities
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Water source
Amenities
in-unit washer & dryer
Building Details
Year built
Floors in Building
Number of units
Building materials
Listing Agency:
Fairfield Real Estate
(641) 472-2353
Listed By:
Amber Lyons · License #***
(641) 208-4543
Added: Nov 6
Last Checked: Nov 6 at 6:06PM
MLS# 6344379
Copyright © 2026 NoCoast MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 1,824-square-foot brick quadplex contains four units on a 0.16-acre lot. Improvements include newer furnaces, hot water heaters, fuse boxes and appliances, with a washer and dryer in each unit. Interior work includes refreshed paint and carpet, vinyl flooring and remodeled bathrooms. The property was built in 1890 and has forced-air heating and public water.
Separate utility meters provide individual utility billing for occupants. The four-unit configuration and in-unit laundry are key physical features of the property.
Separate utility meters provide individual utility billing for occupants. The four-unit configuration and in-unit laundry are key physical features of the property.
Key Highlights
- Four‑unit property with 1,824 square feet of building area
- 0.16‑acre lot
- Each unit includes a washer and dryer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,457
Cap Rate
6.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$209,140
$209.1K
Cap Rate 7%
$149,386
$149.4K
Cap Rate 9%
$116,189
$116.2K
Market Conditions
NOI Build-Up for 1,824 SF
Gross rent
$16.4K $9.00/SF
− Vacancy
−$1.5K −$0.81/SF
EGI
$14.9K $8.19/SF
− OpEx
−$4.5K −$2.46/SF
NOI
$10.5K $5.73/SF
Area
Wapello County, IA
Vacancy
9.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$209,140
Cap Rate 7%
$149,386
Cap Rate 9%
$116,189
Alternative Uses
Best Use
Multifamily LT 5
$149.4K
$130.7K – $174.3K
NOI $10,457 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$142.9K
$125.0K – $166.7K
NOI $10,001 @ 7.0% cap · market cap 6.25%
Theoretical Best
Office A
$399.0K
$349.1K – $465.5K
NOI $27,929 @ 7.0% cap · market cap 17.46%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
612
Businesses Nearby
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Business Placement
Demographics for 52501, IA
30,313
Population
13,654
Households
2.2
Avg Household Size
38
Median Age
20%
College-Educated
87%
High-School Grad
225.3 sq mi
ZIP Area
135
Density / Sq Mi
$59,091
Median Household Income
$40,173
Median Earnings
$955
Median Rent
$109,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Separate utility meters allow residents to manage their own utility accounts.
Where is this quadplex located?
The property is located at 524 N Wapello Street Ottumwa, IA.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: Four‑unit property with 1,824 square feet of building area; 0.16‑acre lot; Each unit includes a washer and dryer
