Updated Triplex
For Sale
$199,500
1499 W 3rd Street, Dubuque, IA 52001
Residential Income, Dubuque, IA
Property Size1,910 SF
Price / SF$104.45
Days on Market37
Property Features for 1499 W 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R2
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bathroom 3, Basement, Bedroom 2, Bathroom 1, Bedroom 1
Parking features
On Street
Basement
Full
Appliances
Refrigerator, Range, Washer, Dryer
Subdivision
Lot 23 O'Neills Sub #2
Standard status
Active
APN
1026277023
Size
1,910 SF
Taxes and HOA fees
Tax Annual Amount
2474
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1921
Floors in Building
2
Number of units
3
Building materials
Steel Siding
Roof type
Composition
Listing Agency:
Brissey Realty LLC
(563) 583-1737
Listed By:
Vicki Bechen · License #IL
(563) 590-2287
Added: Jul 24
Changed: Aug 27
Last Checked: Aug 29 at 11:06PM
MLS# 155292
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.
Investment Insights
Based on property information with market context.
This three-unit residential income property contains 1,910 square feet and was built in 1921. The apartments have been updated and include refrigerators, ranges, washers, and dryers. The building also features a basement, steel siding, a composition roof, forced-air heating, and window unit cooling.
Zoned R2, the property is located at 1499 W 3rd Street in Dubuque, Iowa. Parking is provided on the street, with the property positioned near downtown and the West End.
Zoned R2, the property is located at 1499 W 3rd Street in Dubuque, Iowa. Parking is provided on the street, with the property positioned near downtown and the West End.
Key Highlights
- Three‑unit residential income property with updated apartments
- 1,910 square feet on an R2‑zoned site
- Built in 1921 with steel siding and a composition roof
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
$16,088
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
8.06%
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%
$321,760
$321.8K
Cap Rate 7%
$229,829
$229.8K
Cap Rate 9%
$178,756
$178.8K
Market Conditions
NOI Build-Up for 1,910 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
$24.1K $12.60/SF
− Vacancy
−$1.1K −$0.57/SF
EGI
$23.0K $12.03/SF
− OpEx
−$6.9K −$3.61/SF
NOI
$16.1K $8.42/SF
Area
Dubuque County, IA
Vacancy
4.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
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%
$321,760
Cap Rate 7%
$229,829
Cap Rate 9%
$178,756
Alternative Uses
Best Use
Multifamily LT 5
$229.8K
$201.1K – $268.1K
NOI $16,088 @ 7.0% cap · market cap 8.06%
Second Best
Apartment 5plus
$207.5K
$181.5K – $242.0K
NOI $14,522 @ 7.0% cap · market cap 7.28%
Theoretical Best
Specialty Retail
$371.7K
$325.2K – $433.7K
NOI $26,019 @ 7.0% cap · market cap 13.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,094
Businesses Nearby
Explore this area
Business Placement
Demographics for 52001, IA
43,572
Population
20,102
Households
2.2
Avg Household Size
36
Median Age
30%
College-Educated
92%
High-School Grad
26.1 sq mi
ZIP Area
1,669
Density / Sq Mi
$60,882
Median Household Income
$35,571
Median Earnings
$916
Median Rent
$168,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Updated three-unit property with forced-air heat, window cooling, and on-street parking.
Where is this triplex located?
The property is located at 1499 W 3rd Street Dubuque, IA.
What is the asking price?
The asking price for this property is $199,500.
What are key features of this property?
This property features: Three‑unit residential income property with updated apartments; 1,910 square feet on an R2‑zoned site; Built in 1921 with steel siding and a composition roof
