Split-Level Duplex with Two
409 S 7th Avenue Iowa City, IA 52245
409 S 7th Avenue, Iowa City, IA, 52245
$299,950
For Sale
$299,950
MULTI_FAMILY - Iowa City, IA
Property Size1,146 SF
Lot Size0.02 Acres
Price / SF$261.74
Days on Market106
Property Features for 409 S 7th Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Res
- Bedrooms
- 2
- Rooms
- Bedroom 2, Bedroom 1
- Parking
- 3
- Standard status
- Active
- APN
- 1014201001
- Size
- 1,146 SF
- Lot size
- 0.02 Acres
Taxes and HOA fees
- Tax Description
- As per legal
- Tax Annual Amount
- 4680
Building Details
- Year built
- 1992
- Number of units
- 2
- Building materials
- Frame
Listing agency
GRAF REAL ESTATE, ERA POWERED
(319) 826-1861
Listed by
Mike Graf-Graf Home Selling Team
(319) 981-3702
Added: Apr 7 Updated: Jun 5 at 9:54AM Checked: Jul 21 at 11:06AM
MLS# 2602376
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.
A split-level duplex on a corner lot, configured as two rentable units. The upper level offers a 2-bedroom, 1-bath layout. The lower level provides a one-bedroom or studio-style configuration. Each level includes its own in-unit laundry and appliances. Access is designed for separate living, with an attached one-stall garage supporting convenient entry for the lower-level unit, while a separate front door provides straightforward access to the upper unit.
The property is located at 409 S 7th Avenue in Iowa City, Johnson County. With the added one-stall garage located on a neighboring lot, there is also room for driveway parking and outdoor use, including gardening or entertaining, within a spacious and manageable yard. Both units are currently tenant occupied on month-to-month leases.
This layout offers flexibility for investors seeking rental income from two separate units, or owner-occupants looking for the option to live in one unit while renting the other. The unit separation, in-unit laundry, and dedicated garage arrangements are practical features for tenant comfort and ongoing ease of operation. The home is described as being just minutes from downtown, parks, and the University of Iowa, supporting convenient everyday access to shopping, dining, and entertainment.
The property is located at 409 S 7th Avenue in Iowa City, Johnson County. With the added one-stall garage located on a neighboring lot, there is also room for driveway parking and outdoor use, including gardening or entertaining, within a spacious and manageable yard. Both units are currently tenant occupied on month-to-month leases.
This layout offers flexibility for investors seeking rental income from two separate units, or owner-occupants looking for the option to live in one unit while renting the other. The unit separation, in-unit laundry, and dedicated garage arrangements are practical features for tenant comfort and ongoing ease of operation. The home is described as being just minutes from downtown, parks, and the University of Iowa, supporting convenient everyday access to shopping, dining, and entertainment.
Key Highlights
- Excellent Investment Opportunity: Split into two rentable units with instant cash flow potential.
- Prime Location: In the heart of Iowa City, minutes from downtown, parks, and the University of Iowa.
- Dual Income Potential or Owner‑Occupancy: Easily convert back to a single‑family home or live in one unit while renting the other.
Local Financial Insights For Multifamily LT 5
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 | $15.8k | $13.80 |
| − Vacancy | −$712 | −$0.62 |
| EGI | $15.1k | $13.18 |
| − OpEx | −$4.5k | −$3.95 |
| NOI | $10.6k | $9.23 |
1,146 SF · lease $13.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$151.0K
$132.2K – $176.2K
NOI $10,572 @ 7.0% cap · market cap 3.52%
Second Best
Apartment 5plus
$140.0K
$122.5K – $163.4K
NOI $9,802 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$249.0K
$217.8K – $290.5K
NOI $17,427 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Corner-lot split-level duplex with two tenant-ready units, in-unit laundry, and two one-stall garage spaces.
Where is this duplex located?
The property is located at 409 S 7th Avenue Iowa City, IA.
What is the asking price?
The asking price for this property is $299,950.
What are key features of this property?
This property features: Excellent Investment Opportunity: Split into two rentable units with instant cash flow potential.; Prime Location: In the heart of Iowa City, minutes from downtown, parks, and the University of Iowa.; Dual Income Potential or Owner‑Occupancy: Easily convert back to a single‑family home or live in one unit while renting the other.
