13-Unit Apartment
For Sale
$825,000
2429-47 Williams Ave., Sioux City, IA 51103
Multi-Unit, Sioux City, IA
Property Size6,625 SF
Lot Size0.69 Acres
Price / SF$124.53
Days on Market150
Property Features for 2429-47 Williams Ave.
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
SC
Bedrooms
7
Bathrooms
10
Full bathrooms
6
Rooms
Bedroom 1, Bedroom 6, Bathroom 3, Bathroom 8, Bedroom 4, Bathroom 5, Bedroom 3, Bathroom 1, Bathroom 4, Bathroom 6, Bathroom 7, Bathroom 9, Bedroom 5, Bathroom 2, Bedroom 2, Bedroom 7, Bathroom 10
Lot features
Level Lot
Elementary school
Spalding
Middle school
East Middle
High school
East High
Directions
GPS is correct
Subdivision
Mside North
Standard status
Active
APN
884801204006
Size
6,625 SF
Lot size
0.69 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
FLOYD PARK LOTS 9-13 INCL & LOT 14 BLK 9
Tax Annual Amount
11126
HOA Fee
$1.00 Annually
Legal Description
FLOYD PARK LOTS 9-13 INCL & LOT 14 BLK 9
Utilities
Heating system
Forced Air
Building Details
Year built
1952
Number of units
13
Listing Agency:
Keller Williams Siouxland · Keller Williams Realty
(712) 226-1900
Listed By:
LaNay Welch
(712) 251-7742
Added: Apr 16
Changed: Sep 9
Last Checked: Sep 12 at 7:06AM
MLS# 832586
Copyright © 2026 Northwest Iowa Regional Board 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 13-unit apartment property includes 6,625 square feet on 0.69 acres and was built in 1952. The unit mix consists of individual brick 1-bedroom homes, four studio apartments, and two 2-bedroom apartments. Major appliances remain with the units, while each residence is heated by forced air.
Occupancy is reported at 100%. Tenants pay their own utilities other than water, and the air-conditioning units are tenant-owned. One residence includes a full basement that may be converted into additional living quarters. The property is zoned SC and is located at 2429-47 Williams Ave. in Sioux City, Iowa.
Occupancy is reported at 100%. Tenants pay their own utilities other than water, and the air-conditioning units are tenant-owned. One residence includes a full basement that may be converted into additional living quarters. The property is zoned SC and is located at 2429-47 Williams Ave. in Sioux City, Iowa.
Key Highlights
- 13 units with 100% occupancy
- 6,625 square feet on 0.69 acres
- Unit mix includes 1‑bedroom homes, four studios, and two 2‑bedroom apartments
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
$46,523
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
5.64%
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%
$930,460
$930.5K
Cap Rate 7%
$664,614
$664.6K
Cap Rate 9%
$516,922
$516.9K
Market Conditions
NOI Build-Up for 6,625 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
$89.0K $13.44/SF
− Vacancy
−$4.5K −$0.67/SF
EGI
$84.6K $12.77/SF
− OpEx
−$38.1K −$5.75/SF
NOI
$46.5K $7.02/SF
Area
Woodbury County, IA
Vacancy
5.00%
Lease Rate
$13.44 /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%
$930,460
Cap Rate 7%
$664,614
Cap Rate 9%
$516,922
Alternative Uses
Best Use
Apartment 5plus
$664.6K
$581.5K – $775.4K
NOI $46,523 @ 7.0% cap · market cap 5.64%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$995.5K
$871.1K – $1.16M
NOI $69,687 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
13
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
Explore this area
Business Placement
Demographics for 51103, IA
16,827
Population
6,867
Households
2.5
Avg Household Size
35
Median Age
17%
College-Educated
77%
High-School Grad
12.1 sq mi
ZIP Area
1,391
Density / Sq Mi
$57,212
Median Household Income
$35,136
Median Earnings
$887
Median Rent
$124,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with varied unit layouts, included appliances, and tenant-paid utilities except water.
Where is this apartment building located?
The property is located at 2429-47 Williams Ave. Sioux City, IA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 13 units with 100% occupancy; 6,625 square feet on 0.69 acres; Unit mix includes 1‑bedroom homes, four studios, and two 2‑bedroom apartments
