416 Michigan St, Storm Lake, IA, 50588
About This Home
6-Unit Property. Exterior Parking. Great Investment Opportunity. 100% Occupied. This 6-unit complex is a great investment. 2 units are one bedroom, one bathroom, while 4 units are two bedrooms, one bathroom . All units have a living space and kitchen/dining. Market Rent Roll: $4,400. Actual Rent Roll:$4,400 (refer to T12 to see strong history of property). There is a separate shared laundry space that contains a coin-operated washer and dryer. This is located in the basement. This yields approximately $400yr. Tenant pays for: Electric. Owner pays for: Electric for common space $130/mo, Water/Sewer $680, Gas $56/mo, Garbage: $93/month. Taxes: $5,650/year. Lawn/Snow Removal: $140/month. Security deposits will be included upon closing. There is ample exterior parking available for tenants.
Getting Around
Somewhat Walkable
Very Limited Transit
BikeableSchools
Construction
Condition
- Year built: 1955
Type & Style
- Home type: MultiFamily
- Property subType: Multi Family
Interior
Bedrooms & Bathrooms
- Bedrooms: 10
- Bathrooms: 6
- Full bathrooms: 6
Features
- Finished area below ground: 1,121
- Finished area above ground: 1
Heating & Cooling
- Heating features: Baseboard
- Cooling features: Window Unit(s)
Interior Area
- Total structure area: 5,015
- Total interior livable area: 5,015 sqft
Property
Details
- Parcel number: 1403186015
- Zoning: Res
- Zoning description: Res
Lot
- Lot size: 7,405 sqft
- Features: Level
Parking
- Total spaces: 6
- Parking features: No Garage,Concrete
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Tornado
- Winter Weather
- Cold Wave
- Hail
- Strong Wind
- Ice Storm
- Lightning
How This Home’s Risks Compare
FEMA Declared Disasters Across Iowa Counties
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $1,314 | $15,768 |
| Home Insurance * | $304 | $3,648 |
| Property Taxes | $294 | $3,528 |
| Electricity | $374 | $4,489 |
| Total | $2,286 | $27,432 |
Income You'd Need if You Spent...
Iowa FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-04-22 | Price change | $285,000 |
| 2026-03-03 | Price change | $299,000 |
| 2025-12-09 | Listed for sale | $329,000 |
| 2025-10-22 | Listing removed | $329,000 |
| 2025-09-23 | Listed for sale | $329,000 |
| 2025-07-16 | Listing removed | -- |
| 2025-01-16 | Listed for sale | $350,000 |
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