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Recent experiments have reported that inserting metal atoms or small molecules in between the FeSe layers of β-FeSe can significantly enhance the superconducting transition temperature. Here, based on first-principles electronic structure calculations, we propose a stable compound SnOFeSe by alternatively stacking the SnO and β-FeSe layers. The predicted SnOFeSe has the same tetragonal structure as the well-known FeAs-based compound LaOFeAs, meanwhile their electronic structures in the nonmagnetic state are quite similar. The magnetic ground state of SnOFeSe is predicted to be the dimer antiferromagnetic (AFM) state, which is energetically only 2.77 (2.15) meV/Fe lower than the trimer (dimer-trimer-dimer-trimer) AFM state, indicating that strong magnetic fluctuations might be induced via slight modulation. Interestingly, SnOFeSe is at the verge of metal-insulator transition in these low-energy magnetic states, hence bridging the metallic parent compounds of iron-based superconductors and the insulating ones of cuprate superconductors. With the reduced dimensionality, monolayer SnOFeSe also shows great similarities in the electronic and magnetic properties to its bulk phase. Given that SnOFeSe is adjacent to magnetic frustration and resembles LaOFeAs in both crystal and electronic structures, we suggest that SnOFeSe is a possible superconductor parent compound, which may provide a promising platform to study the interplay between magnetism and unconventional superconductivity in FeSe-derived materials.