Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Iowa City Duplex Near Campus Title is generated by Realmo AI

    524 N Governor St, Iowa City, IA 52245

    View on Map
    Claim this Listing
    For Sale
    $215,000

    Multi Family - IowaCity, IA

    Property size:
    1,428 SF
    Price / SF:
    $150/SF
    Added:
    Feb 25, 2026
    Days on Market:
    96
    Last Refresh:
    Jun 1 at 9:06 am

    Property Features for 524 N Governor St

    General Information

    Property type
    Residential Multi Family
    Zoning
    Res
    Parking features
    Off Street
    Appliances
    Dryer, Oven, Range, Refrigerator
    Standard status
    Active
    APN
    1010176001
    Size
    1,428 SF

    Taxes and HOA fees

    Tax Annual Amount
    3960

    Utilities

    Heating system
    Forced Air
    Cooling system
    Multi Units, Window Unit(s)

    Building Details

    Year built
    1900
    Flooring type
    Carpet, Laminate, Vinyl
    Building materials
    Frame
    Architectural style
    Other

    We can help!

    Listing Contact
    Jamie Venzon
    Jamie Venzon

    Listing agent Jamie Venzon

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

    Listing date Feb 25, 2026

    MLS# 202601391 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

    • Duplex near the University of Iowa campus.
    • Two 1 bedroom/1 bath units with separate entrances.
    • Dedicated off‑street parking for up to 4 cars.
    • Opportunity to live in one unit and rent the other.
    • Includes appliances: Dryer, Oven, Range, Refrigerator.
    • Large lot offering great outdoor space & privacy.

    Overview

    This Iowa City duplex is located near the University of Iowa campus. It features two 1-bedroom, 1-bath units, each with separate entrances. Dedicated off-street parking is available. Unit 524, the main level unit with an entrance from the back, includes LVP flooring, an eat-in kitchen, a laundry closet with a stacked washer/dryer, a living room, a full bath, and one bedroom. Unit 524 1/2, the upstairs unit with an entrance from Governor Street, features a kitchen, living room, and a large bedroom. An off-street parking pad in the alley accommodates up to 4 cars. The property is situated on a large lot that offers outdoor space and privacy. The property size is 1428 square feet.

    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 $19.7k $13.80
    − Vacancy −$887 −$0.62
    EGI $18.8k $13.18
    − OpEx −$5.6k −$3.95
    NOI $13.2k $9.23
    1,428 SF · lease $13.80/SF/yr · vacancy 4.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $188.2K
    $164.7K – $219.6K (±1% cap)
    NOI $13,174 @ 7.0% cap · market cap 6.13%
    Second Best
    Apartment 5plus
    $174.5K
    $152.7K – $203.6K (±1% cap)
    NOI $12,215 @ 7.0% cap · market cap 5.68%
    Theoretical Best
    Office A
    $310.2K
    $271.4K – $361.9K (±1% cap)
    NOI $21,715 @ 7.0% cap · market cap 10.10%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Iowa City
    County
    Johnson
    State
    Iowa
    Longitude
    -91.522494
    Latitude
    41.667536

    Nearby Similar for Sale

    • $1,050,000
      3,855 SF

      Eastside Office Suites For Sale

      Office suites with high visibility, ideal for owner-user or investment.
      673 Westbury Dr, IowaCity, IA 52245
      View Details
    • $2,500,000

      Spacious Office Suite in IowaCity

      17,967 SF office suite with open plan and offices.
      2834 NORTHGATE DR, IowaCity, IA 52245
      View Details
    • $1,599,000
      2,700 SF

      Versatile Commercial Property with Income

      Mixed-use property with bays, office space, and apartment potential.
      615 Highway 1 W, IowaCity, IA 52246
      View Details
    • $825,000

      Downtown Iowa City Office Condo

      Office condo in downtown Iowa City with conversion potential.
      22 S Linn St, IowaCity, IA 52240
      View Details
    • Contact for pricing
      13,395 SF

      Iowa City Commercial Condo Opportunity

      Flexible industrial/commercial condos in Iowa City with warehouse and office space.
      2485 Naples Ave SW, Iowa City, IA 52240
      View Details
    • $1,000,000

      Iowa City Commercial Suite

      5060 SF commercial suite for sale or lease.
      2545 N Dodge St, IowaCity, IA 52245
      View Details
    • $4,750,000

      Iowa City Class A Building

      Class A building fully leased with income potential in IowaCity.
      2346 Mormon Trek Blvd, IowaCity, IA 52246
      View Details
    • $520,000
      3,696 SF

      Iowa City Multifamily Condominiums

      Four condominiums with rental history near UIHC and schools.
      433 Westwinds Dr, IowaCity, IA 52246
      View Details
    • $4,995,000

      Leased Investment Opportunity in IowaCity

      Long-term tenants, stable income, and high-traffic location.
      425 E Hwy 6, IowaCity, IA 52240
      View Details
    • $515,000

      Iowa City Mixed-Use Building

      Commercial restaurant space and residential condo in vibrant neighborhood.
      1010 Martin St, IowaCity, IA 52245
      View Details
    • $550,000
      4,000 SF

      Multi-Unit Building Near University

      Nine-unit building with strong rental history and convenient location.
      516 Church, IowaCity, IA 52240
      View Details
    • $800,000

      Restaurant and Retail Space Available

      Commercial space with restaurant buildout and warehouse access.
      1029 S Riverside Dr, IowaCity, IA 52246
      View Details

    FAQs

    What type of property is this?
    Duplex - Duplex near University of Iowa with off-street parking.
    Where is this duplex located?
    The property is located at 524 N Governor St Iowa City, IA.
    What is the asking price?
    The asking price for this property is $215,000.
    What are key features of this property?
    This property features: Duplex near the University of Iowa campus.; Two 1 bedroom/1 bath units with separate entrances.; Dedicated off‑street parking for up to 4 cars.
    (319) 331-9393
    We can help!
    Listing Contact
    Jamie Venzon
    Jamie Venzon
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    524 N Governor St, IowaCity, IA 52245
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!