48-Unit Apartment
For Sale
$7,200,000
Regency West Ct 23rd Place N and N 15th Place, Fort Dodge, IA 50501
Residential Income, Fort Dodge, IA
Property Size48,000 SF
Lot Size8.40 Acres
Price / SF$150
Days on Market1474
Property Features for Regency West Ct 23rd Place N and N 15th Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
96
Rooms
Bedroom 46, Bedroom 3, Bedroom 96, Bedroom 84, Bedroom 57, Bedroom 67, Bedroom 6, Bedroom 72, Bedroom 24, Bedroom 19, Bedroom 40, Bedroom 42, Bedroom 64, Bedroom 16, Bedroom 90, Bedroom 33, Bedroom 70, Bedroom 5, Bedroom 29, Bedroom 50, Bedroom 21, Bedroom 81, Bedroom 31, Bedroom 86, Bedroom 48, Bedroom 1, Bedroom 4, Bedroom 53, Bedroom 54, Bedroom 65, Bedroom 36, Bedroom 62, Bedroom 22, Bedroom 15, Bedroom 11, Bedroom 60, Bedroom 28, Bedroom 41, Bedroom 61, Bedroom 39, Bedroom 2, Bedroom 78, Bedroom 63, Bedroom 92, Bedroom 77, Bedroom 51, Bedroom 45, Bedroom 10, Bedroom 69, Bedroom 58, Bedroom 71, Bedroom 25, Bedroom 27, Bedroom 83, Bedroom 18, Bedroom 12, Bedroom 14, Bedroom 49, Bedroom 79, Bedroom 82, Bedroom 9, Bedroom 26, Bedroom 95, Bedroom 75, Bedroom 7, Bedroom 30, Bedroom 55, Bedroom 88, Bedroom 93, Bedroom 74, Bedroom 68, Bedroom 76, Bedroom 20, Bedroom 32, Bedroom 80, Bedroom 38, Bedroom 91, Bedroom 43, Bedroom 17, Bedroom 87, Bedroom 56, Bedroom 13, Bedroom 37, Bedroom 23, Bedroom 59, Bedroom 89, Bedroom 73, Bedroom 47, Bedroom 34, Bedroom 85, Bedroom 94, Bedroom 8, Bedroom 52, Bedroom 44, Bedroom 35, Bedroom 66
Parking features
Garage, On Street
Interior features
Cathedral Ceiling(s), Ceiling Fan(s)
Exterior features
Paved Street
Elementary school district
Fort Dodge
Middle school district
Fort Dodge
High school district
Fort Dodge
Subdivision
Webster
Standard status
Active
Size
48,000 SF
Lot size
8.40 Acres
Taxes and HOA fees
Tax Annual Amount
29401
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Number of units
48
Roof type
Asphalt
Listing Agency:
Kesterson Realty Inc
(515) 955-7714
Listed By:
Jim Kesterson · License #B11960
(515) 570-0672
Added: Oct 6, 2022
Changed: Oct 17
Last Checked: Oct 18 at 5:06AM
MLS# 22506
Copyright © 2026 Fort Dodge Board 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.
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Investment Insights
Based on property information with market context.
This 48-unit apartment portfolio consists entirely of two-bedroom, two-bath residences, each measuring 1,000 square feet and including an attached double garage. The units are divided between Regency Court West and the Williams Bend Addition, with 24 residences at each location. Interior packages include a stove, refrigerator, microwave, dishwasher, water softener, washer, and dryer. Cathedral ceilings and ceiling fans are also present in the units.
The properties occupy 8.4 acres and contain 48,000 square feet of building area. Paved streets serve the residences, while public water and public sewer support the improvements. Forced-air heating and central air conditioning provide climate control, and asphalt roofs are installed throughout. Parking includes attached garages and on-street spaces.
The properties occupy 8.4 acres and contain 48,000 square feet of building area. Paved streets serve the residences, while public water and public sewer support the improvements. Forced-air heating and central air conditioning provide climate control, and asphalt roofs are installed throughout. Parking includes attached garages and on-street spaces.
Key Highlights
- 48 units, all configured with 2 bedrooms and 2 baths
- Each residence measures 1,000 sq. ft. and includes an attached double garage
- 24 units at Regency Court West and 24 units in the Williams Bend Addition
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$359,178
Cap Rate
4.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,183,560
$7.2M
Cap Rate 7%
$5,131,114
$5.1M
Cap Rate 9%
$3,990,867
$4.0M
Market Conditions
NOI Build-Up for 48,000 SF
Gross rent
$697.0K $14.52/SF
− Vacancy
−$43.9K −$0.91/SF
EGI
$653.1K $13.61/SF
− OpEx
−$293.9K −$6.12/SF
NOI
$359.2K $7.48/SF
Area
Webster County, IA
Vacancy
6.30%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,183,560
Cap Rate 7%
$5,131,114
Cap Rate 9%
$3,990,867
Alternative Uses
Best Use
Apartment 5plus
$5.13M
$4.49M – $5.99M
NOI $359,178 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.65M
$7.57M – $10.09M
NOI $605,491 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
48
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
95
Businesses Nearby
Explore this area
Business Placement
Demographics for 50501, IA
28,492
Population
13,198
Households
2.2
Avg Household Size
39
Median Age
20%
College-Educated
92%
High-School Grad
152.2 sq mi
ZIP Area
187
Density / Sq Mi
$66,130
Median Household Income
$36,934
Median Earnings
$779
Median Rent
$139,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Two-bedroom apartments feature private garages, full appliance packages, and in-unit laundry.
Where is this apartment building located?
The property is located at Regency West Ct 23rd Place N and N 15th Place Fort Dodge, IA.
What is the asking price?
The asking price for this property is $7,200,000.
What are key features of this property?
This property features: 48 units, all configured with 2 bedrooms and 2 baths; Each residence measures 1,000 sq. ft. and includes an attached double garage; 24 units at Regency Court West and 24 units in the Williams Bend Addition
