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    15Th Pl Fort Dodge, IA 50501
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    15Th Pl, Fort Dodge, IA 50501

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    • Apartment buildings
    • 1,000 SF
    • 8.40 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 0 15Th Pl

    Lot size
    8.40 lot acres
    Property type
    Apartment buildings

    Description

    This exceptional 48-unit apartment building in Fort Dodge, Iowa, presents a compelling investment opportunity. Situated on an expansive 8.4-acre lot at Regency West Ct 23rd Place N and N. 15th Place, this single-story complex offers a diverse range of rental options. All 48 units boast two bedrooms, two bathrooms, and 1,000 square feet of living space, each featuring an attached double garage with garage opener. The property includes a mix of lease agreements: 22 units are leased at $1,000 per month, two furnished units are leased at $1,950 per month (including utilities), 21 units are leased at $1,100 per month, and three additional units are leased at $1,000 and $1,800 per month respectively. All units are equipped with a stove, refrigerator, microwave, dishwasher, water softener, washer, and dryer. Building features include paved streets and patios. The property utilizes city water and public sewer, and features a slab foundation and asphalt roof. Possession is negotiable, subject to existing tenant rights. The asking price for this substantial multifamily investment is $7,200,000. This property offers significant potential for a savvy investor seeking a strong return in a stable market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Fort Dodge
    County
    Webster
    State
    Iowa
    Longitude
    -94.2086
    Latitude
    42.4996

    Comparable in this City

    • Value Estimation by Request
      1,468 SF

      21 14Th St

      Multifamily properties
      21 14Th St, Fort Dodge, IA 50501
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    • Value Estimation
      $3,555,000
      59,200 SF

      610 Central Ave, Unit 606

      HIGH-RISE APARTMENTS
      610 Central Ave, Fort Dodge, IA 50501-3876
      View Details
    • Value Estimation
      $2,275,000
      34,608 SF

      106 10th St

      HIGH-RISE APARTMENTS
      106 10th St, Fort Dodge, IA 50501-3949
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    • Value Estimation
      $2,535,000
      39,757 SF

      629 Central Ave

      HIGH-RISE APARTMENTS
      629 Central Ave, Fort Dodge, IA 50501-3866
      View Details
    • Value Estimation
      $3,065,000
      64,568 SF

      927 Central Ave

      HIGH-RISE APARTMENTS
      927 Central Ave, Fort Dodge, IA 50501-4855
      View Details
    • Value Estimation by Request
      19.98 Acres

      201 21st S Ave

      MOBILE HOME PARK, TRAILER PARK
      201 21st S Ave, Fort Dodge, IA 50501-8494
      View Details

    Similar Nearby for Sale

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      Multifamily Property with Five Units

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      Fort Dodge Apartment Building

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      Income-Producing 6-Plex Near Downtown

      Spacious 6-plex with high occupancy and additional expansion lot.
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    • $7,200,000
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      Fort Dodge Multifamily Investment

      48-unit multifamily property in Fort Dodge, Iowa for sale.
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    • $650,000
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      Fort Dodge Multifamily Investment

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    Similar Nearby for Lease

    • $25 SF/Yr

      Prime Retail Space in Fort Dodge

      Versatile retail space with modern amenities in a convenient location.
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    • $16 SF/Yr
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      Retail Space in Fort Dodge

      Prime retail space in high-traffic area near major retailers.
      217 South 25Th St, Fort Dodge, IA 50501
      View Details
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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