Side-by-Side
For Sale
$235,000
375 - 385 9th Avenue, Marion, IA 52302
Multi-Family, Marion, IA
Property Size1,428 SF
Lot Size0.17 Acres
Price / SF$164.57
Days on Market71
Property Features for 375 - 385 9th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
3
Rooms
Bedroom 3, Bedroom 1, Bedroom 2
Parking
4
Elementary school
Parkview
Middle school
Vernon
High school
Marion
Directions
Bring 1st Ave / 7th Ave into Marion, go left onto 3rd Street then right onto 9th Ave. Duplex is on the right.
Subdivision
Marion
Standard status
Active
APN
14011-29013-00000
Size
1,428 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
DAVIS & BROOKS 1ST
Tax Annual Amount
2490
Legal Description
DAVIS & BROOKS 1ST
Amenities
carport
private patio
private outdoor storage
shared shed
Building Details
Year built
1965
Number of units
2
Building materials
Frame
Listing Agency:
Keller Williams Legacy Group · Keller Williams Realty
(319) 423-4139
Listed By:
Amy Labs
(319) 849-1651
Added: Jun 26
Changed: Aug 19
Last Checked: Sep 4 at 2:06PM
MLS# 2604540
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.
This frame duplex contains 1,428 square feet across two separately configured residences. The unit at 385 offers one bedroom and one bathroom, along with a carport, private patio, private outdoor storage, and access to a shared backyard shed. Its improvements include updated kitchen and bath cabinetry, interior trim and doors, plumbing, wiring, and water heater, with carpet replaced in 2022 and a stove installed in 2024. The unit at 375 includes two bedrooms, one bathroom, a carport, private patio, private outdoor storage, and shared shed access. Its kitchen has been updated, a refrigerator was added in 2025, and carpet was replaced in 2022. Both residences are leased annually, with tenants responsible for utilities, mowing, and snow removal. The property is zoned Res and was built in 1965.
Key Highlights
- Side‑by‑side duplex with 1,428 square feet
- One‑bedroom and two‑bedroom units, each with 1 bath
- Both units include a carport, private patio, and private outdoor storage
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
$11,364
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
4.84%
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%
$227,280
$227.3K
Cap Rate 7%
$162,343
$162.3K
Cap Rate 9%
$126,267
$126.3K
Market Conditions
NOI Build-Up for 1,428 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
$17.5K $12.24/SF
− Vacancy
−$1.2K −$0.87/SF
EGI
$16.2K $11.37/SF
− OpEx
−$4.9K −$3.41/SF
NOI
$11.4K $7.96/SF
Area
Linn County, IA
Vacancy
7.12%
Lease Rate
$12.24 /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%
$227,280
Cap Rate 7%
$162,343
Cap Rate 9%
$126,267
Alternative Uses
Best Use
Multifamily LT 5
$162.3K
$142.1K – $189.4K
NOI $11,364 @ 7.0% cap · market cap 4.84%
Second Best
Apartment 5plus
$140.7K
$123.1K – $164.2K
NOI $9,851 @ 7.0% cap · market cap 4.19%
Theoretical Best
Self Storage
$240.3K
$210.3K – $280.4K
NOI $16,823 @ 7.0% cap · market cap 7.16%
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
624
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately leased units provide distinct outdoor areas, carports, and private storage.
Where is this duplex located?
The property is located at 375 - 385 9th Avenue Marion, IA.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Side‑by‑side duplex with 1,428 square feet; One‑bedroom and two‑bedroom units, each with 1 bath; Both units include a carport, private patio, and private outdoor storage
