Two-Unit Six-Bedroom
For Sale
$230,000
1990 8th Avenue, Marion, IA 52302
Multi-Family, Marion, IA
Property Size2,796 SF
Lot Size0.20 Acres
Price / SF$82.26
Days on Market157
Property Features for 1990 8th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RES
Bedrooms
6
Rooms
Bedroom 5, Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 6, Bedroom 2
Parking
4
Elementary school
Longfellow
Middle school
Vernon
High school
Marion
Directions
Use 10th St turn on 8th Ave, unit on the left.
Subdivision
Marion
Standard status
Active
APN
150620600700000
Size
2,796 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
Daniels 1st S20' LOT 1 & ALL or as per abstract
Tax Annual Amount
3640
Legal Description
Daniels 1st S20' LOT 1 & ALL or as per abstract
Building Details
Year built
1900
Number of units
2
Building materials
Frame
Listing Agency:
Pinnacle Realty LLC
(319) 393-0900
Listed By:
Star Horak
(319) 350-9476
Added: Apr 2
Changed: Sep 4
Last Checked: Sep 5 at 1:06AM
MLS# 2602274
Copyright © 2026 Cedar Rapids Area 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.
Built in 1900, this frame duplex contains 2,796 square feet across two residential units. The upper and lower residences are each arranged with three bedrooms and one bathroom, creating a six-bedroom, two-bathroom configuration overall. Tenants are already in place, supporting continued residential rental use. The property is zoned RES and occupies a 0.204-acre lot.
Set within Marion’s historic district, the duplex is located at 1990 8th Avenue near uptown Marion, local shops, and community amenities. Its two-level unit arrangement and established tenancy provide a straightforward format for an owner-user of the investment or a buyer seeking an occupied residential income property.
Set within Marion’s historic district, the duplex is located at 1990 8th Avenue near uptown Marion, local shops, and community amenities. Its two-level unit arrangement and established tenancy provide a straightforward format for an owner-user of the investment or a buyer seeking an occupied residential income property.
Key Highlights
- Two residential units, each with 3 bedrooms and 1 bathroom
- 2,796 square feet of building area
- Built in 1900 with frame construction
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
$19,289
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
8.39%
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%
$385,780
$385.8K
Cap Rate 7%
$275,557
$275.6K
Cap Rate 9%
$214,322
$214.3K
Market Conditions
NOI Build-Up for 2,796 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
$37.9K $13.56/SF
− Vacancy
−$2.8K −$1.02/SF
EGI
$35.1K $12.54/SF
− OpEx
−$15.8K −$5.64/SF
NOI
$19.3K $6.90/SF
Area
Linn County, IA
Vacancy
7.50%
Lease Rate
$13.56 /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%
$385,780
Cap Rate 7%
$275,557
Cap Rate 9%
$214,322
Alternative Uses
Best Use
Multifamily LT 5
$317.9K
$278.1K – $370.8K
NOI $22,250 @ 7.0% cap · market cap 9.67%
Second Best
Apartment 5plus
$275.6K
$241.1K – $321.5K
NOI $19,289 @ 7.0% cap · market cap 8.39%
Theoretical Best
Self Storage
$470.6K
$411.8K – $549.0K
NOI $32,940 @ 7.0% cap · market cap 14.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
Explore this area
Business Placement
Demographics for 52302, IA
43,130
Population
18,153
Households
2.4
Avg Household Size
39
Median Age
39%
College-Educated
97%
High-School Grad
74.3 sq mi
ZIP Area
580
Density / Sq Mi
$87,463
Median Household Income
$50,234
Median Earnings
$963
Median Rent
$232,900
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?
Duplex - Upper and lower residences each contain three bedrooms and one bathroom, with tenants already in place.
Where is this duplex located?
The property is located at 1990 8th Avenue Marion, IA.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Two residential units, each with 3 bedrooms and 1 bathroom; 2,796 square feet of building area; Built in 1900 with frame construction
