7-Unit Apartment
For Sale
$630,000
3312 TRANSIT AVE, Sioux City, IA 51106
Multi-Unit, Sioux City, IA
Property Size2,944 SF
Lot Size0.24 Acres
Price / SF$213.99
Days on Market74
Property Features for 3312 TRANSIT AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
com
Bedrooms
7
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 6, Bathroom 7, Bathroom 3, Bathroom 1, Bedroom 4, Bathroom 2, Bathroom 4, Bedroom 1, Bedroom 3, Bathroom 6, Bedroom 5, Bathroom 5, Bedroom 7, Bedroom 2
Lot features
Lawn Sprinkler System, Retaining Wall
Directions
Maps
Subdivision
Mside Central
Standard status
Active
APN
884706119003
Size
2,944 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
HENRIETTA PLACE EX STRIP ON N TO STA TE LOTS 6 & 7 BLK 10
Tax Annual Amount
7003
HOA Fee
$1.00 Annually
Legal Description
HENRIETTA PLACE EX STRIP ON N TO STA TE LOTS 6 & 7 BLK 10
Utilities
Cooling system
Window Unit(s), Central Air
Amenities
coin laundry
window/central air
Building Details
Year built
1961
Number of units
7
Listing Agency:
Gateway Real Estate Advisors
(712) 226-8000
Listed By:
Nic Madsen · License #S67281000
(712) 540-6562
Added: Jul 1
Changed: Sep 7
Last Checked: Sep 12 at 12:06AM
MLS# 833621
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 7-unit apartment property is arranged as a single-story building constructed in 1961. Each residence offers 1 bedroom and 1 bathroom, with dedicated off-street parking for every unit. On-site amenities include coin-operated laundry, while cooling is provided through a combination of window units and central air. The property contains 2,944 square feet on a 0.24-acre parcel and is zoned com.
Located at 3312 Transit Ave in Sioux City’s South Side, the property is near local employment centers and retail corridors. The interiors have been identified for targeted renovation, providing a defined improvement component for the next owner. All 7 units are currently occupied.
Located at 3312 Transit Ave in Sioux City’s South Side, the property is near local employment centers and retail corridors. The interiors have been identified for targeted renovation, providing a defined improvement component for the next owner. All 7 units are currently occupied.
Key Highlights
- 7‑unit apartment property with 2,944 square feet
- All 7 units are 1BR/1BA residences
- 100% occupied
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
$20,674
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
3.28%
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%
$413,480
$413.5K
Cap Rate 7%
$295,343
$295.3K
Cap Rate 9%
$229,711
$229.7K
Market Conditions
NOI Build-Up for 2,944 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
$39.6K $13.44/SF
− Vacancy
−$2.0K −$0.67/SF
EGI
$37.6K $12.77/SF
− OpEx
−$16.9K −$5.75/SF
NOI
$20.7K $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%
$413,480
Cap Rate 7%
$295,343
Cap Rate 9%
$229,711
Alternative Uses
Best Use
Apartment 5plus
$295.3K
$258.4K – $344.6K
NOI $20,674 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$442.4K
$387.1K – $516.1K
NOI $30,967 @ 7.0% cap · market cap 4.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
335
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
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Single-story multifamily property with one-bedroom units, dedicated parking, laundry, and a mix of window and central air conditioning.
Where is this apartment building located?
The property is located at 3312 TRANSIT AVE Sioux City, IA.
What is the asking price?
The asking price for this property is $630,000.
What are key features of this property?
This property features: 7‑unit apartment property with 2,944 square feet; All 7 units are 1BR/1BA residences; 100% occupied
