Property Overview
| Property Type | Multifamily — 3-Story Apartment |
| Total Units | 24 Units |
| Year Built | 1975 / 1977 / 1985 |
| Building Size | 41,472 SF (3 Levels) |
| Lot Size | 1.34 Acres (3 Parcels) |
| Construction | Brick Veneer |
| Roofing | New Asphalt Shingle (2025) |
| HVAC | Combination FHA / Central AC |
| Parking | Attached Garages + Surface Lot |
| Price/Unit | $62,292 |
Recent Capital Improvements
Brand new roofs and gutters on all buildings (2025)
New concrete parking areas
Combination FHA/AC HVAC systems
Unit Mix
| Unit Type | Count | Avg Rent | Monthly Income |
|---|---|---|---|
| 2 Bed / 1 Bath | 16 | $693 | $11,089 |
| 2 Bed / 2 Bath | 6 | $705 | $4,230 |
| 1 Bed / 1 Bath | 2 | $700 | $1,400 |
| Total | 24 | — | $16,719 |
Parcel Summary
| Parcel ID | Address | Units | Year Built |
|---|---|---|---|
| 0721176001 | 456 N 27th St | 6 | 1985 |
| 0721176002 | 454 N 27th St | 6 | 1975 |
| 0721176003 | 458 N 26th Pl | 12 | 1977 |
Year 1 Financial Analysis
Income Statement
| Gross Scheduled Rent | $212,555 |
| Vacancy Allowance (5%) | ($10,628) |
| Effective Gross Income (EGI) | $201,927 |
| Real Estate Taxes | ($21,866) |
| Insurance | ($23,400) |
| Property Management (9%) | ($18,173) |
| Maintenance & Repairs (6%) | ($12,116) |
| Utilities | ($17,208) |
| Contract Services | ($4,800) |
| Total Operating Expenses | ($97,563) |
| NOI Margin | 51.7% |
| Net Operating Income (NOI) | $104,364 |
| Annual Debt Service (30yr @ 5.5%) | ($81,490) |
| Cash Flow After Debt Service | $22,874 |
Financing Assumptions
Loan Amount
$1,196,000
Down Payment
$299,000
Interest Rate
5.50%
Amortization
30 Years
Annual Debt Service
$81,490
Loan-to-Value
80%
Cap Rate
6.98%
Cash-on-Cash Return
7.65%
DSCR
1.28x
Gross Rent Multiplier
65.5
Price Per Unit
$62,291
Down Payment (20%)
$299,000
Expense Breakdown
- Real Estate Taxes
- Insurance
- Property Management (9%)
- Maintenance & Repairs (6%)
- Utilities
- Contract Services
5-Year Pro Forma — As-Is
Assumes 5% annual income growth and 3% annual expense growth. No capital improvements included. Exit analysis at a 6.98% cap rate — equal to the Year 1 purchase cap rate.
- NOI
- Cash Flow
- Debt Service
| Year | Gross Sched. Rent | Eff. Gross Income | Expenses | NOI | Debt Service | Cash Flow | Loan Balance |
|---|---|---|---|---|---|---|---|
| Year 1 | $212,555 | $201,927 | ($97,563) | $104,364 | ($81,490) | $22,874 | $1,182,126 |
| Year 2 | $223,183 | $211,524 | ($100,590) | $120,934 | ($81,490) | $39,444 | $1,167,756 |
| Year 3 | $234,342 | $222,625 | ($103,707) | $130,918 | ($81,490) | $49,428 | $1,152,773 |
| Year 4 | $246,059 | $233,756 | ($106,919) | $140,837 | ($81,490) | $59,347 | $1,137,152 |
| Year 5 | $258,362 | $245,444 | ($110,227) | $151,217 | ($81,490) | $69,727 | $1,105,829 |
Year 5 Exit Analysis — 6.98% Cap Rate
| Year 5 NOI | $151,217 |
| Exit Cap Rate | 6.98% |
| Projected Resale | $2,166,433 |
| Selling Costs (3%) | $64,993 |
| Loan Balance | $1,105,829 |
| Net Sale Proceeds | $995,611 |
| 5-Yr Total Cash Flow | $240,820 |
| Total Cash Returned | $1,236,431 |
| Equity Invested | $299,000 |
| Equity Multiple | 4.14x |
| IRR | 36.53% |
Exit cap rate of 6.98% equals the Year 1 purchase cap rate — a conservative same-cap-rate exit assumption. Returns are pre-tax. See Cost Segregation section for tax-adjusted analysis.
Value-Add Opportunity
Total CapEx Budget
$250,000
~$10,417 per unit
Projected Rent Increase
+20%
Effective Year 2 and beyond
Year 5 Value Uplift
+$480,057
vs. As-Is resale @ 6.98% cap
Exterior Improvements
All 16 Balconies — Full renovation (decking, railings, waterproofing)
Complete Exterior Lighting Package
Landscaping & Curb Appeal Enhancement
Exterior Painting — Full Building
Selective Window Replacement — Where Needed
Interior Improvements (Selective — Where Needed)
Flooring Replacement — Select Units (LVP / Carpet where needed)
Countertops with Undermount Sinks — Select Units
Painted Cabinets — Select Units
Upgraded Lighting Fixtures — Select Units
Outlet & Switch Plate Upgrades — Select Units
NOI Comparison — As-Is vs. Value-Add
- As-Is NOI
- Value-Add NOI
5-Year Value-Add Cash Flow
| Year | Gross Sched. Rent | EGI | Expenses | NOI | CapEx | Debt Service | Cash Flow |
|---|---|---|---|---|---|---|---|
| Year 1 | $212,555 | $201,927 | ($97,563) | $104,364 | ($250,000) | ($81,490) | -$227,126 |
| Year 2 | $267,819 | $254,428 | ($100,490) | $153,938 | — | ($81,490) | $72,448 |
| Year 3 | $281,210 | $267,150 | ($103,505) | $163,645 | — | ($81,490) | $82,155 |
| Year 4 | $295,271 | $280,507 | ($106,610) | $173,898 | — | ($81,490) | $92,408 |
| Year 5 | $310,034 | $294,533 | ($109,808) | $184,725 | — | ($81,490) | $103,235 |
Year 5 Exit @ 6.98% Cap — As-Is vs. Value-Add
As-Is Strategy
| Equity Invested | $299,000 |
| Year 5 Resale Value | $2,166,433 |
| Selling Costs (3%) | $64,993 |
| Loan Balance | $1,105,829 |
| Net Sale Proceeds | $995,611 |
| 5-Yr Total Cash Flow | $240,820 |
| Total Cash Returned | $1,236,431 |
| Equity Multiple | 4.14x |
| IRR | 36.53% |
Value-Add Strategy
| Equity Invested | $549,000 |
| Year 5 Resale Value | $2,646,490 |
| Selling Costs (3%) | $79,395 |
| Loan Balance | $1,105,829 |
| Net Sale Proceeds | $1,461,266 |
| 5-Yr Total Cash Flow | $123,120 |
| Total Cash Returned | $1,584,386 |
| Equity Multiple | 2.89x |
| IRR | 21.20% |
Exit cap rate of 6.98% equals the Year 1 purchase cap rate — a conservative same-cap-rate exit assumption. Returns are pre-tax and exclude depreciation benefits. See Cost Segregation section for tax-adjusted analysis.
Cost Segregation Analysis
Disclaimer: The cost segregation analysis below is an estimate for illustrative purposes only. It is presented separately from the investment return analysis to maintain transparency. The ability to deduct real estate losses against ordinary income depends on the investor's tax situation, Real Estate Professional (REP) status, and applicable IRS rules. Consult a qualified CPA and cost segregation engineer before filing. Land values are sourced from the Webster County Assessor (2025).
Assessed Land Values (Webster County Assessor)
| Parcel | Address | Land Value |
|---|---|---|
| 0721176001 | 456 N 27th St | $34,180 |
| 0721176002 | 454 N 27th St | $26,950 |
| 0721176003 | 458 N 26th Pl | $38,830 |
| Total Land (Non-Depreciable) | $99,960 | |
Tier 1
As-Is — No Improvements
100% Bonus Depreciation applied per the Tax Cuts and Jobs Act ("Big Beautiful Bill") extension — 5-year and 15-year assets fully expensed in Year 1. Tax benefit calculated at a 40% tax rate.
Full Bifurcation Schedule
| Asset Class | Tax Life | Allocated Value | Annual S/L Depr. | Year 1 Bonus (100%) |
|---|---|---|---|---|
| Land (Non-Depreciable) | N/A | $99,960 | — | — |
| 27.5-Year (Building Structure) | 27.5 yrs | $1,088,131 | $39,568 | — |
| 15-Year (Site Improvements) | 15 yrs | $139,504 | $9,300 | $139,504 |
| 5-Year (Personal Property) | 5 yrs | $167,405 | $33,481 | $167,405 |
| Total Depreciable Basis | — | $1,395,040 | $82,350 | $346,477 |
Year 1 Depr. (Straight-Line)
$82,350
Year 1 Depr. (With 100% Bonus)
$346,477
Year 1 Tax Savings (@40%)
$138,591
Year 1 Cash Flow
$22,874
Year 1 TOTAL Cash Benefit
$161,465
5-Year Combined Cash Benefit (Cash Flow + Tax Savings)
| Year | Depreciation | Tax Savings (@40%) | Cash Flow | Total Benefit |
|---|---|---|---|---|
| Year 1 | $346,477 | $138,591 | $22,874 | $161,465 |
| Year 2 | $39,568 | $15,827 | $39,444 | $55,271 |
| Year 3 | $39,568 | $15,827 | $49,428 | $65,255 |
| Year 4 | $39,568 | $15,827 | $59,347 | $75,174 |
| Year 5 | $39,568 | $15,827 | $69,727 | $85,554 |
| 5-Year Total | $504,749 | $201,899 | $240,820 | $442,719 |
- Cash Flow
- Tax Savings
- Total Benefit
Tier 2
Value-Add — With $250,000 Improvements
100% Bonus Depreciation applied per the Tax Cuts and Jobs Act ("Big Beautiful Bill") extension — 5-year and 15-year assets fully expensed in Year 1. Tax benefit calculated at a 40% tax rate.
$250,000 Renovation Allocation
| Asset Class | Description | Value | % of CapEx |
|---|---|---|---|
| 5-Year Personal Property (CapEx — $150,000) | Selective flooring, countertops with undermount sinks, painted cabinets, upgraded lighting & outlets in select units | $150,000 | 60% |
| 15-Year Site Improvements (CapEx — $100,000) | All 16 balconies, exterior lighting, landscaping, exterior painting, selective window replacement | $100,000 | 40% |
Full Bifurcation Schedule
| Asset Class | Tax Life | Allocated Value | Annual S/L Depr. | Year 1 Bonus (100%) |
|---|---|---|---|---|
| Land (Non-Depreciable) | N/A | $99,960 | — | — |
| 27.5-Year (Building Structure) | 27.5 yrs | $1,088,131 | $39,568 | — |
| 15-Year (Site Improvements) | 15 yrs | $239,504 | $15,967 | $239,504 |
| 5-Year (Personal Property) | 5 yrs | $317,405 | $63,481 | $317,405 |
| Total Depreciable Basis | — | $1,645,040 | $119,016 | $596,477 |
Year 1 Depr. (Straight-Line)
$119,016
Year 1 Depr. (With 100% Bonus)
$596,477
Year 1 Tax Savings (@40%)
$238,591
Year 1 Cash Flow
-$227,126
Year 1 TOTAL Cash Benefit
$11,465
5-Year Combined Cash Benefit (Cash Flow + Tax Savings)
| Year | Depreciation | Tax Savings (@40%) | Cash Flow | Total Benefit |
|---|---|---|---|---|
| Year 1 | $596,477 | $238,591 | -$227,126 | $11,465 |
| Year 2 | $39,568 | $15,827 | $72,448 | $88,275 |
| Year 3 | $39,568 | $15,827 | $82,155 | $97,982 |
| Year 4 | $39,568 | $15,827 | $92,408 | $108,235 |
| Year 5 | $39,568 | $15,827 | $103,235 | $119,062 |
| 5-Year Total | $754,749 | $301,899 | $123,120 | $425,019 |
- Cash Flow
- Tax Savings
- Total Benefit
Property Gallery
Fort Dodge Market Overview
Population
~24,000
County Seat
Webster County
Median Rent
$720/mo
Vacancy Rate
~5.2%
Median HH Income
$44,500
ICCC Students
~3,500
Market Highlights
County seat of Webster County — regional economic hub for north-central Iowa
Home to Iowa Central Community College (~3,500 students)
Major US-20 and US-169 corridor — strong regional connectivity
Stable blue-collar/healthcare workforce drives consistent rental demand
Affordable housing market with strong rent-to-price ratios vs. metro Iowa
Major Employers
| Employer | Industry | Employees |
|---|---|---|
| Elanco Animal Health | Biopharmaceutical | 1,200+ |
| UnityPoint Health — Trinity | Healthcare | 1,000+ |
| Cargill | Agriculture / Food | 800+ |
| Iowa Central Community College | Education | 500+ |
| Fort Dodge Community Schools | Education | 600+ |
Location & Demand Drivers
Moen Apartments is strategically positioned within close proximity to Fort Dodge's largest employers, medical facilities, and Iowa Central Community College — ensuring a deep, stable tenant pool.
Moen Apartments
Elanco Animal Health
UnityPoint Health — Trinity Regional
Iowa Central Community College
Cargill
Approximate employer locations shown for illustrative purposes. Click any pin for details.
Contact the Listing Broker
Scott Underberg
Broker/Owner
Guthrie & Associates Real Estate
Broker License
#B44846000
Firm License
F#F05753000
Download Documents
Confidentiality Notice
This Offering Memorandum has been prepared by Guthrie & Associates Real Estate and is intended solely for the use of prospective investors. All financial projections are estimates and are not guaranteed. Prospective purchasers are encouraged to conduct their own due diligence.
Guthrie & Associates Real Estate
515-571-2761 · [email protected] · www.buyfd.co
Iowa Licensed Real Estate Broker — License #B44846000 | Firm F#F05753000
© 2026 Guthrie & Associates Real Estate. All rights reserved. This offering is subject to prior sale, change, or withdrawal without notice.