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    732 Michael St Iowa City, IA 52246

    View on Map
    Sponsored
    For Sale
    $3,650,000

    Multi Family - IowaCity, IA

    Property size:
    8,064 SF
    Days on Market:
    4
    Last Refresh:
    Mar 16 at 5:06 pm

    Property Features for 732 Michael St

    General Information

    Property type
    Residential Multi Family
    Standard status
    Active
    Zoning
    COMM
    APN
    1016184003
    Parking features
    Off Street
    Appliances
    Oven, Range, Refrigerator
    Size
    8,064 SF

    Utilities

    Heating system
    Baseboard, Steam
    Cooling system
    Multi Units, Window Unit(s)

    Building Details

    Year built
    1971
    Building materials
    Frame
    Architectural style
    Other

    We can help!

    Listing Contact
    Matthew Lepic
    Matthew Lepic

    Lepic-Kroeger, REALTORS (319) 351-8811

    Listing agent Matthew Lepic (319) 351-8811

    Listing date Mar 13, 2026

    MLS# 202506132 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.

    Learn more

    Property Insight Report

    Overview

    Multifamily Investment Near University Campus

    This multifamily property features 42 units across three buildings, each containing 14 units. The unit mix includes 36 one-bedroom, one-bath units and 6 studio units. The property has undergone several recent improvements, including roof replacements in 2018, new carpeting, updated kitchens, and new tubs in many units. Located conveniently near UIHC and the West University of Iowa campus, the property is also within walking distance of Kinnick Stadium. Rents have shown a pattern of steady increases. The property is transitioning to RUBS (Ratio Utility Billing System) for utility payments as tenants enter new lease terms. The property is zoned COMM and offers an investment opportunity in a well-located area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Iowa City
    County
    Johnson
    State
    Iowa
    Longitude
    -91.54477
    Latitude
    41.652021

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    FAQs

    What type of property is this?
    Apartment building - 42-unit multifamily property near UIHC and University of Iowa campus.
    Where is this apartment building located?
    The property is located at 732 Michael St Iowa City, IA.
    What is the asking price?
    The asking price for this property is $3,650,000.
    What are key features of this property?
    This property features: - High-density multifamily property with 42 units across 3 buildings.; - Prime location near UIHC, West University of Iowa campus, and Kinnick Stadium.; - 36 one-bedroom, one-bath units and 6 studio units offer diverse rental options.
    (319) 321-7199
    Request Owner's contact information
    732 Michael St Iowa City, IA 52246
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    Iowa City, IA 52246
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    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
    732 Michael St Iowa City, IA 52246
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    We can help!
    Listing Contact
    Matthew Lepic
    Matthew Lepic
    Real Estate License ID: B45389000
    (319) 321-7199 (319) 351-8811
    Learn more
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