1.5-Story
For Sale
$160,000
3119 Garretson Ave, Sioux City, IA 51106
Multi-Unit, Sioux City, IA
Property Size1,358 SF
Lot Size0.13 Acres
Price / SF$117.82
Days on Market8
Property Features for 3119 Garretson Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NC.4
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Rooms
Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1
Lot features
Trees
Elementary school
Spalding
Middle school
East Middle
High school
East High
Subdivision
Mside North
Standard status
Active
APN
884706103023
Size
1,358 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PETERS PLACE LOT 20 BLK N
Tax Annual Amount
1483
Legal Description
PETERS PLACE LOT 20 BLK N
Utilities
Heating system
Baseboard, Forced Air
Cooling system
Window Unit(s), Central Air
Building Details
Year built
1900
Number of units
2
Listing Agency:
Century 21 ProLink
(712) 224-2300
Listed By:
Barb Maxon
(712) 253-3647
Added: Aug 24
Changed: Aug 26
Last Checked: Aug 31 at 3:06PM
MLS# 834353
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 1.5-story duplex contains 1,358 square feet on a 0.13-acre lot. The main-level residence includes a living room, dining area, kitchen with built-in table and seating, two bedrooms, a three-quarter bathroom, basement laundry, and a one-car tuck-under garage. The upper residence is reached by exterior stairs and includes a living room, kitchen, full bathroom, and an open bedroom area.
The property is located near Morningside University in Sioux City. Heating includes baseboard and forced-air systems, while cooling is provided by window units and central air. The residences have separate utilities, with water and sewer paid by the seller. New carpet and paint updates for both units are identified for August 2026. The property is zoned NC.4 and was built in 1900.
The property is located near Morningside University in Sioux City. Heating includes baseboard and forced-air systems, while cooling is provided by window units and central air. The residences have separate utilities, with water and sewer paid by the seller. New carpet and paint updates for both units are identified for August 2026. The property is zoned NC.4 and was built in 1900.
Key Highlights
- Two‑unit duplex with 1,358 square feet on a 0.13‑acre lot
- Main residence includes two bedrooms, 3/4 bathroom, basement laundry, and one‑car tuck‑under garage
- Upper residence has exterior‑stair access, kitchen, full bathroom, and open bedroom area
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
$10,322
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
6.45%
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%
$206,440
$206.4K
Cap Rate 7%
$147,457
$147.5K
Cap Rate 9%
$114,689
$114.7K
Market Conditions
NOI Build-Up for 1,358 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
$15.5K $11.40/SF
− Vacancy
−$735 −$0.54/SF
EGI
$14.7K $10.86/SF
− OpEx
−$4.4K −$3.26/SF
NOI
$10.3K $7.60/SF
Area
Woodbury County, IA
Vacancy
4.75%
Lease Rate
$11.40 /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%
$206,440
Cap Rate 7%
$147,457
Cap Rate 9%
$114,689
Alternative Uses
Best Use
Multifamily LT 5
$147.5K
$129.0K – $172.0K
NOI $10,322 @ 7.0% cap · market cap 6.45%
Second Best
Apartment 5plus
$136.2K
$119.2K – $158.9K
NOI $9,536 @ 7.0% cap · market cap 5.96%
Theoretical Best
Specialty Retail
$204.1K
$178.6K – $238.1K
NOI $14,284 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
227
Businesses Nearby
Explore this area
Business Placement
Demographics for 51106, IA
28,655
Population
11,681
Households
2.5
Avg Household Size
35
Median Age
27%
College-Educated
93%
High-School Grad
33.5 sq mi
ZIP Area
855
Density / Sq Mi
$74,486
Median Household Income
$40,495
Median Earnings
$1,080
Median Rent
$186,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two rental residences offer separate layouts, basement laundry, and a tuck-under garage near Morningside University.
Where is this duplex located?
The property is located at 3119 Garretson Ave Sioux City, IA.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,358 square feet on a 0.13‑acre lot; Main residence includes two bedrooms, 3/4 bathroom, basement laundry, and one‑car tuck‑under garage; Upper residence has exterior‑stair access, kitchen, full bathroom, and open bedroom area
