Updated Duplex with Three-Car
For Sale
$172,000
1117 Avenue D, Fort Madison, IA 52627
Residential Income, Fort Madison, IA
Property Size2,000 SF
Lot Size0.25 Acres
Price / SF$86
Days on Market187
Property Features for 1117 Avenue D
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Basement
Partial
Directions
From Ave E turn North on 12th St, turn right at the stop sign, property is on the north side of the street.
Standard status
Active
APN
024715042330150
Size
2,000 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
#835 1117 AVE D LOT 867 E 1/2 LOT 866
Tax Annual Amount
2857
Legal Description
#835 1117 AVE D LOT 867 E 1/2 LOT 866
Utilities
Heating system
Baseboard, Heat Pump (Heating)
Water source
Public
Amenities
private back yard
composite deck
awning
perennial flowers
water feature
in unit washer/dryer hookups
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Fraise Auction & Real Estate
(319) 372-9121
Listed By:
Laura Story · License #***
(641) 919-8098
Added: Mar 12
Changed: Sep 14
Last Checked: Sep 14 at 12:06PM
MLS# 6336308
Copyright © 2026 NoCoast MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,000-square-foot duplex combines a two-bedroom main-floor residence with an upstairs apartment reached from the exterior. The upper unit includes an open living, dining, and kitchen area, one bedroom, and washer and dryer hookups. Interior improvements include vinyl plank flooring, quartz countertops, cherry-finish cabinets, and stainless-steel appliances. The property was built in 1900 and has vinyl siding, shingle roofing, public water, heat pump heating, and baseboard heat.
Outdoor features include a private backyard, composite deck, awning, perennial landscaping, and a remotely controlled water feature. A three-car garage serves the property, with an additional carport designated for the tenant. The parcel contains 0.25 acres in Fort Madison, Iowa.
Outdoor features include a private backyard, composite deck, awning, perennial landscaping, and a remotely controlled water feature. A three-car garage serves the property, with an additional carport designated for the tenant. The parcel contains 0.25 acres in Fort Madison, Iowa.
Key Highlights
- 2,000‑square‑foot duplex with two‑bedroom main‑floor unit and one‑bedroom upstairs apartment
- Upstairs apartment has separate exterior access and washer and dryer hookups
- Updated interiors include vinyl plank flooring, quartz countertops, cherry‑finish cabinetry, and stainless‑steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,327
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$306,540
$306.5K
Cap Rate 7%
$218,957
$219.0K
Cap Rate 9%
$170,300
$170.3K
Market Conditions
NOI Build-Up for 2,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.5K $14.76/SF
− Vacancy
−$1.7K −$0.83/SF
EGI
$27.9K $13.93/SF
− OpEx
−$12.5K −$6.27/SF
NOI
$15.3K $7.66/SF
Area
Lee County, IA
Vacancy
5.60%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$306,540
Cap Rate 7%
$218,957
Cap Rate 9%
$170,300
Alternative Uses
Best Use
Multifamily LT 5
$231.8K
$202.8K – $270.4K
NOI $16,224 @ 7.0% cap · market cap 9.43%
Second Best
Apartment 5plus
$219.0K
$191.6K – $255.5K
NOI $15,327 @ 7.0% cap · market cap 8.91%
Theoretical Best
Mixed Use
$339.4K
$297.0K – $396.0K
NOI $23,760 @ 7.0% cap · market cap 13.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
462
Businesses Nearby
Explore this area
Business Placement
Demographics for 52627, IA
12,350
Population
6,134
Households
2
Avg Household Size
43
Median Age
21%
College-Educated
95%
High-School Grad
63.9 sq mi
ZIP Area
193
Density / Sq Mi
$54,864
Median Household Income
$39,058
Median Earnings
$830
Median Rent
$111,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate-entry apartment adds flexible space within this updated residential property.
Where is this duplex located?
The property is located at 1117 Avenue D Fort Madison, IA.
What is the asking price?
The asking price for this property is $172,000.
What are key features of this property?
This property features: 2,000‑square‑foot duplex with two‑bedroom main‑floor unit and one‑bedroom upstairs apartment; Upstairs apartment has separate exterior access and washer and dryer hookups; Updated interiors include vinyl plank flooring, quartz countertops, cherry‑finish cabinetry, and stainless‑steel appliances
