Split-Level Duplex with
For Sale
$299,950
409 S 7th Avenue, Iowa City, IA 52245
Multi-Family, Iowa City, IA
Property Size1,146 SF
Lot Size0.02 Acres
Price / SF$261.74
Days on Market33
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
Elementary school
Longfellow
Middle school
Southeast
High school
City
Directions
S on N Dodge St, E on E Jefferson St, continue onto Glendale Rd, S on 7th Ave, corner of 7th Ave and E Court St
Subdivision
Iowa City/Coralville
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
Legal Description
As per legal
Amenities
in-unit laundry
Building Details
Year built
1992
Number of units
2
Building materials
Frame
Listing Agency:
GRAF REAL ESTATE, ERA POWERED · ERA Real Estate
(319) 826-1861
Listed By:
Mike Graf-Graf Home Selling Team
(319) 981-3702
Added: Aug 3
Changed: Aug 19
Last Checked: Sep 4 at 8:06PM
MLS# 2605493
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 1,146-square-foot split-level duplex, built in 1992, contains two rentable units within a frame construction home. The upper residence has two bedrooms and one bathroom, while the lower level provides a separate one-bedroom/studio layout. Both units include in-unit laundry and appliances, with separate entry points supporting independent occupancy. Residential zoning applies to the property.
An attached one-stall garage serves the lower-level unit. A second one-stall garage on the neighboring lot adds workshop or storage capability, while driveway parking and a manageable yard provide additional outdoor utility. The property occupies a 0.019-acre corner lot at 409 S 7th Avenue in Iowa City, near downtown, parks, and the University of Iowa. Both units are tenant occupied under month-to-month leases.
An attached one-stall garage serves the lower-level unit. A second one-stall garage on the neighboring lot adds workshop or storage capability, while driveway parking and a manageable yard provide additional outdoor utility. The property occupies a 0.019-acre corner lot at 409 S 7th Avenue in Iowa City, near downtown, parks, and the University of Iowa. Both units are tenant occupied under month-to-month leases.
Key Highlights
- Two rentable units in a split‑level layout
- Upper unit includes 2 bedrooms and 1 bathroom
- 1,146 SF frame property built in 1992
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
$10,572
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
3.52%
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%
$211,440
$211.4K
Cap Rate 7%
$151,029
$151.0K
Cap Rate 9%
$117,467
$117.5K
Market Conditions
NOI Build-Up for 1,146 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
$15.8K $13.80/SF
− Vacancy
−$712 −$0.62/SF
EGI
$15.1K $13.18/SF
− OpEx
−$4.5K −$3.95/SF
NOI
$10.6K $9.23/SF
Area
Johnson County, IA
Vacancy
4.50%
Lease Rate
$13.80 /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%
$211,440
Cap Rate 7%
$151,029
Cap Rate 9%
$117,467
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
Explore this area
Business Placement
Demographics for 52245, IA
21,874
Population
10,210
Households
2.1
Avg Household Size
34
Median Age
68%
College-Educated
99%
High-School Grad
8.4 sq mi
ZIP Area
2,604
Density / Sq Mi
$75,876
Median Household Income
$30,273
Median Earnings
$1,215
Median Rent
$293,300
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 - Corner-lot income property with two separately arranged units, private laundry, appliances, and flexible owner-occupant potential.
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: Two rentable units in a split‑level layout; Upper unit includes 2 bedrooms and 1 bathroom; 1,146 SF frame property built in 1992
