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    1199 Central Ave Dubuque, IA 52001

    Sponsored
    For Sale
    $2,500,000

    5 OR MORE UNITS, Other - Dubuque, IA

    Property size:
    14,136 SF
    Days on Market:
    43
    Last Refresh:
    Jan 21 at 12:06 pm

    Property Features for 1199 Central Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    C-4
    Rooms
    Basement
    APN
    1024456008
    Parking features
    None, Other
    Basement Y/N
    1
    Appliances
    Dishwasher, Dryer, Garbage Disposer, Microwave, Range, Refrigerator, Washer
    Size
    14,136 SF

    Taxes and HOA fees

    Expense value
    250
    Expense
    Security Deposit

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1900
    Number of units
    11
    Building materials
    Brick
    Roof type
    Composition, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Vicki Bechen
    Vicki Bechen

    Brissey Realty (563) 583-1737 [email protected]

    Listing agent Vicki Bechen (563) 583-1737 License #IL

    Listing date Dec 10, 2025

    MLS# 151285 Listing URL

    Copyright © 2026 East Central Iowa Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Renovated Multifamily Property with Tax Abatement

    This renovated 11-unit multifamily property is located in Dubuque, Iowa. The building features maintenance-free, soundproof apartments. Tenants are responsible for all utility payments. A tax abatement is in place until 2041. Each apartment includes private laundry, high ceilings, exposed brick walls, solid surface countertops, and on-demand gas water heaters. Keyless entry via touchpad and fiber internet are available in each unit. The apartments feature 13-15' ceilings and 9-10' tall windows, providing natural light. The property was previously a K-12 school. The stairwells are fire-rated to the 3rd floor, and a sprinkler system is installed. The property has new wiring, plumbing, and a roof. The owner is willing to continue management and/or finish the build-out of the last 3 apartments in the basement as part of the agreement, which would increase the rent roll. Floor plans are available showing the 3 garden apartments: two 1-bedroom/1-bath units and one studio apartment. The projected rents are $1,600, $1,600, and $1,100, respectively. The three apartments on the 3rd floor have lofts, which can add 3 more bedrooms for a total of 29 bedrooms. The property is ideal for rental with the new medical school downtown. Apartments 101 and 103 are furnished, while 202 and 204 have an office. Parking passes are available quarterly through the City of Dubuque for $55 per quarter, allowing parking on 11th-12th and Main to Central free at meters. The property is zoned C-4 and has a total size of 14,136 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Dubuque
    County
    Dubuque
    State
    Iowa
    Longitude
    -90.66703
    Latitude
    42.5044664

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    FAQs

    What type of property is this?
    Apartment building - Eleven-unit building with modern amenities and potential for expansion.
    Where is this apartment building located?
    The property is located at 1199 Central Ave Dubuque, IA.
    What is the asking price?
    The asking price for this property is $2,500,000.
    What are key features of this property?
    This property features: - Low taxes until 2041 due to a tax abatement.; - **Fully renovated 11-unit building with maintenance-free, soundproof apartments.**; - Opportunity to increase rent roll to $25,000+ per month by finishing 3 basement apartments.
    (563) 590-2287
    Request Owner's contact information
    1199 Central Ave Dubuque, IA 52001
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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.

    More about this property
    1199 Central Ave Dubuque, IA 52001
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    We can help!
    Listing Contact
    Vicki Bechen
    Vicki Bechen
    Real Estate License ID: IL
    (563) 590-2287
    Learn more
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