Iowa City Condominium Investment
403 Westwinds Dr # 461, Iowa City, IA 52246
Condosinglelevel, Multi Family - IowaCity, IA
Property size:
11,088 SFPrice / SF:
$130/SF- Added:
- Feb 20, 2026
- Days on Market:
- 101
- Last Refresh:
- Jun 1 at 9:06 am
Property Features for 403 Westwinds Dr # 461
General Information
- Property type
- Residential Multi Family
- Zoning
- Multifamily Residential
- Parking features
- Garage
- Patio and Porch features
- Deck
- Interior features
- Breakfastbar, Livingroomdiningroomcombo
- Exterior features
- Deck
- Appliances
- Dishwasher, Dryer, Microwave, Oven, Range, Refrigerator, Washer
- Standard status
- Active
- APN
- Multiple
- Size
- 11,088 SF
Taxes and HOA fees
- Tax Annual Amount
- 23398
- Expense value
- 41040
- Expense
- Home Owner Assessments Fee
- Expense freq.
- Annually
Utilities
- Heating system
- Forced Air, Natural Gas
- Cooling system
- Central Air
Building Details
- Year built
- 1982
- Flooring type
- Carpet, Vinyl
- Building materials
- Frame
- Architectural style
- Other
Listing agent Teresa Morrow (319) 354-9440
Listing office Blank & McCune Real Estate 506 E College St, Iowa City, IA (319) 354-9440
Listing date Feb 20, 2026
MLS# 202601260
Listing URL
Copyright © 2026 Iowa City 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.
HighLights
- Excellent rental history with 12 condominiums in one regime.
- Convenient location on bus line with quick commute to UIHC, law and dental schools, shopping, and the interstate.
- Each unit includes 2 beds, 1.5 baths, and a single‑car garage.
- Each unit has a stackable washer and dryer.
- Open concept living/dining area with breakfast bar.
- Condo regime improvements underway including new stairwells and garage doors.
Overview
This offering features 12 rental condominiums within the Monterey Court Condominium Regime, situated along Westwinds Drive. Each condominium includes 2 bedrooms, 1.5 bathrooms, and a single-car garage. The units feature kitchens with breakfast bars and an open-concept living/dining area. Each unit is equipped with a stackable washer and dryer. The location provides convenient access for tenants, with bus line access and a quick commute to UIHC, law and dental schools, shopping, and the interstate. The condominium regime is currently undergoing improvements, including new stairwells and garage doors. The property encompasses a total size of 11088 square feet and is zoned for Multifamily Residential use.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $179.6k | $16.20 |
| − Vacancy | −$7.2k | −$0.65 |
| EGI | $172.4k | $15.55 |
| − OpEx | −$77.6k | −$7.00 |
| NOI | $94.8k | $8.55 |
11,088 SF · lease $16.20/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.19M – $1.58M
NOI $94,842 @ 7.0% cap · market cap 6.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.41M
$2.11M – $2.81M
NOI $168,609 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Iowa City
- County
- Johnson
- State
- Iowa
- Longitude
- -91.577948
- Latitude
- 41.655552
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Twelve condominiums with rental history near UIHC and schools.
Where is this apartment building located?
The property is located at 403 Westwinds Dr # 461 Iowa City, IA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Excellent rental history with 12 condominiums in one regime.; Convenient location on bus line with quick commute to UIHC, law and dental schools, shopping, and the interstate.; Each unit includes 2 beds, 1.5 baths, and a single‑car garage.
