Updated Two-Unit
For Sale
$154,900
535 8th Avenue, Marion, IA 52302
Multi-Family, Marion, IA
Property Size1,600 SF
Lot Size0.17 Acres
Price / SF$96.81
Days on Market205
Property Features for 535 8th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Com/Res
Bedrooms
3
Rooms
Bedroom 2, Bedroom 3, Bedroom 1
Parking
3
Elementary school
Longfellow
Middle school
Vernon
High school
Marion
Directions
From 2nd St, follow 8th Ave to the right, home is on the right
Subdivision
Marion
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
Legal Description
N1/2 LOT 8 IN LOT 8 IRR SUR NE
Building Details
Year built
1900
Number of units
2
Building materials
Frame
Listing Agency:
Keller Williams Legacy Group · Keller Williams Realty
(319) 423-4139
Listed By:
Stacey Dlouhy
(210) 383-0736
Added: Feb 20
Changed: Sep 12
Last Checked: Sep 13 at 7:06PM
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 1,600-square-foot up-and-down duplex, built in 1900, includes a two-bedroom, one-bath lower residence and a one-bedroom, one-bath upper residence. Both units are occupied under month-to-month arrangements. Recent property work includes structural support repairs, rebuilt deck stairs, a replacement rear handrail, a secured A/C electrical box, and a newer roof. A sewer line installation is scheduled, and the property has passed its recent rental permit inspection.
The building is located in Marion near downtown and is zoned Com/Res. Most utilities are separately metered and paid by the tenants, who also manage lawn and snow care. The shared furnace is controlled from the lower unit, providing a straightforward two-unit configuration for continued rental use.
The building is located in Marion near downtown and is zoned Com/Res. Most utilities are separately metered and paid by the tenants, who also manage lawn and snow care. The shared furnace is controlled from the lower unit, providing a straightforward two-unit configuration for continued rental use.
Key Highlights
- Two‑unit duplex with 2BR/1BA lower unit and 1BR/1BA upper unit
- Both units occupied by month‑to‑month tenants
- 1,600 square feet on 0.172 acres
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
$12,733
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
8.22%
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%
$254,660
$254.7K
Cap Rate 7%
$181,900
$181.9K
Cap Rate 9%
$141,478
$141.5K
Market Conditions
NOI Build-Up for 1,600 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
$19.6K $12.24/SF
− Vacancy
−$1.4K −$0.87/SF
EGI
$18.2K $11.37/SF
− OpEx
−$5.5K −$3.41/SF
NOI
$12.7K $7.96/SF
Area
Linn County, IA
Vacancy
7.12%
Lease Rate
$12.24 /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%
$254,660
Cap Rate 7%
$181,900
Cap Rate 9%
$141,478
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 authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
709
Businesses Nearby
Explore this area
Business Placement
Demographics for 52302, IA
43,130
Population
18,153
Households
2.4
Avg Household Size
39
Median Age
39%
College-Educated
97%
High-School Grad
74.3 sq mi
ZIP Area
580
Density / Sq Mi
$87,463
Median Household Income
$50,234
Median Earnings
$963
Median Rent
$232,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Month-to-month tenants occupy both units, with most utilities separately metered and paid by 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: Two‑unit duplex with 2BR/1BA lower unit and 1BR/1BA upper unit; Both units occupied by month‑to‑month tenants; 1,600 square feet on 0.172 acres
