Marion Duplex: Investor
535 8th Avenue Marion, IA 52302
For Sale
$154,900
MULTI_FAMILY - Marion, IA
Property Size1,600 SF
Lot Size0.17 Acres
Price / SF$96.81
Days on Market157
Property Features for 535 8th Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Com/Res
- Bedrooms
- 3
- Rooms
- Bedroom 3, Bedroom 1, Bedroom 2
- Parking
- 3
- Standard status
- Active
- APN
- 14-01-1-31-006-0-0000
- Size
- 1,600 SF
- Lot size
- 0.17 Acres
Taxes and HOA fees
- Tax Description
- N1/2 LOT 8 IN LOT 8 IRR SUR NE
- Tax Annual Amount
- 2077
Building Details
- Year built
- 1900
- Number of units
- 2
- Building materials
- Frame
Listing Agency:
Keller Williams Legacy Group
(319) 423-4139
Listed By:
Stacey Dlouhy
(319) 423-4139
Added: Feb 20
Changed: Jul 11
Last Checked: Jul 27 at 8:06AM
MLS# 2601194
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 well-maintained up/down duplex in Marion presents an investor opportunity with immediate income potential. The property features a 2-bedroom, 1-bathroom lower unit and a 1-bedroom, 1-bathroom upper unit, both occupied by long-term tenants. A recent rental permit inspection ensures a smooth and compliant transition for the next owner. Most utilities are separately metered and paid by tenants, supporting simplified expense management. Exterior improvements include a newer roof (post-deracho repair), fresh scraping and paint, and a newly improved gravel driveway with off-street parking in the rear. The shared furnace is functional, with heat controlled by the lower unit. Tenants also handle snow and lawn care, reducing owner responsibilities. The property is located near all that Marion has to offer. The lot size is 0.172 acres. The property size is 1600 square feet. The zoning is Com/Res. It is a solid, low-maintenance addition to any rental portfolio with stable occupancy and operational ease.
Key Highlights
- Up/down duplex in Marion with 2BR/1BA lower unit and 1BR/1BA upper unit
- Both units are occupied by long‑term tenants
- Recent rental permit inspection completed this past week
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 | $19.6k | $12.24 |
| − Vacancy | −$1.4k | −$0.87 |
| EGI | $18.2k | $11.37 |
| − OpEx | −$5.5k | −$3.41 |
| NOI | $12.7k | $7.96 |
1,600 SF · lease $12.24/SF/yr · vacancy 7.12% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$181.9K
$159.2K – $212.2K
NOI $12,733 @ 7.0% cap · market cap 8.22%
Second Best
Apartment 5plus
$157.7K
$138.0K – $184.0K
NOI $11,038 @ 7.0% cap · market cap 7.13%
Theoretical Best
Self Storage
$269.3K
$235.6K – $314.2K
NOI $18,850 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Well-maintained Marion duplex with immediate income potential and long-term tenants.
Where is this duplex located?
The property is located at 535 8th Avenue Marion, IA.
What is the asking price?
The asking price for this property is $154,900.
What are key features of this property?
This property features: Up/down duplex in Marion with 2BR/1BA lower unit and 1BR/1BA upper unit; Both units are occupied by long‑term tenants; Recent rental permit inspection completed this past week
