Iowa City Multifamily Investment Opportunity

5 Woolf Ave, Iowa City, IA 52240

View on Map

For Sale

$1,875,000

Multi Family - IowaCity, IA

Property size:

12,168 SF

Lot size:

0.40 Acres

Price / SF:

$154/SF

HighLights

Prime location directly across from the VA Hospital and a short walk to UI Dental College and UIHC.
Exceptional long‑term redevelopment potential for high‑end condos.
Stable income property with dependable rental demand.
Two well‑maintained brick buildings on 0.40 acres.
Off‑street parking including garages.
Building 2 features eight 2 BR / 1 BA apartments.

We can help!

Listing Contact

Jeff Edberg

For Sale

$1,875,000

Multi Family - IowaCity, IA

Property size:

12,168 SF

Lot size:

0.40 Acres

Price / SF:

$154/SF

Added:: Dec 4, 2025
Days on Market:: 188
Last Refresh:: Jun 10 at 7:06 am

Property Features for 5 Woolf Ave

General Information

Property type: Residential Multi Family
Zoning: PRM
Parking features: Garage, Off Street
Interior features: Bookcases
Appliances: Oven, Range, Refrigerator
Standard status: Active
APN: 1009301001
Size: 12,168 SF
Lot size: 0.40 Acres

Taxes and HOA fees

Tax Annual Amount: 23514

Utilities

Heating system: Electric (Heating), Forced Air, Natural Gas

Building Details

Year built: 1958
Flooring type: Concrete, Wood
Building materials: Block, Brick, Concrete, Frame
Architectural style: Other

We can help!

Listing Contact

Jeff Edberg

Listing agent Jeff Edberg

Listing office Lepic-Kroeger, REALTORS 2346 MORMON TREK BLVD, Iowa City, IA

Listing date Dec 4, 2025

MLS# 202507216 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

Prime location directly across from the VA Hospital and a short walk to UI Dental College and UIHC.
Exceptional long‑term redevelopment potential for high‑end condos.
Stable income property with dependable rental demand.
Two well‑maintained brick buildings on 0.40 acres.
Off‑street parking including garages.
Building 2 features eight 2 BR / 1 BA apartments.

Overview

Two well-maintained brick buildings are situated on 0.40 acres of land. The property is located directly across from the VA Hospital and within walking distance of the UI Dental College and UIHC. Building 1 comprises 9 studio units, each with an approximate area of 500 square feet. Building 2 features 8 apartments with 2 bedrooms and 1 bathroom, each approximately 800 square feet. Both buildings include on-site laundry rooms. Off-street parking is available, including garages. The property is located in Iowa City, Iowa. The property is zoned PRM. The property offers potential for future high-end condo redevelopment, and is located close to hospitals, academics, transit and campus services. The property is 12,168 square feet. The property is suitable as a stable income property.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$197.1k	$16.20
− Vacancy	−$7.9k	−$0.65
EGI	$189.2k	$15.55
− OpEx	−$85.2k	−$7.00
NOI	$104.1k	$8.55

12,168 SF · lease $16.20/SF/yr · vacancy 4.00% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$1.49M

$1.30M – $1.73M (±1% cap)

NOI $104,080 @ 7.0% cap · market cap 5.55%

Second Best

—

no second resolved use

Theoretical Best

Office A

$2.64M

$2.31M – $3.08M (±1% cap)

NOI $185,031 @ 7.0% cap · market cap 9.87%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Location Insight

Map
Local Demand

City: Iowa City
County: Johnson
State: Iowa
Longitude: -91.550044
Latitude: 41.663573

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For sale
Apartment buildings
IA
Iowa City
52240
5 Woolf Ave

What type of property is this?

Apartment building - Two well-maintained buildings near University of Iowa offer redevelopment potential.

Where is this apartment building located?

The property is located at 5 Woolf Ave Iowa City, IA.

What is the asking price?

The asking price for this property is $1,875,000.

What are key features of this property?

This property features: Prime location directly across from the VA Hospital and a short walk to UI Dental College and UIHC.; Exceptional long‑term redevelopment potential for high‑end condos.; Stable income property with dependable rental demand.

5 Woolf Ave, Iowa City, IA 52240

Multi Family - IowaCity, IA

Property Features for 5 Woolf Ave

General Information

Taxes and HOA fees

Utilities

Building Details

We can help!

HighLights

Overview

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Spacious Office Suite in IowaCity

Eastside Office Suites For Sale

Retail Investment with Stable Tenants

Iowa City Commercial Suite

Versatile Commercial Property with Income

Iowa City Class A Building

Iconic Iowa City Commercial Property

Iowa City Mixed-Use Development Site

Downtown Iowa City Office Condo

Iowa City Commercial Development Opportunity

Iowa City Commercial Condo Opportunity

Iowa City Multifamily Investment Opportunity

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