Duplex with Matching Unit
For Sale
$225,000
1001-03 S RUSTIN ST, Sioux City, IA 51106
Fully occupied two-unit property near Morningside University, with tenants responsible for all utilities.
Property Size1,494 SF
Days on Market26
Property Features for 1001-03 S RUSTIN ST
General Information
Standard status
Active
Size
1,494 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Building Details
Building Size
1,494 SF
Year Built
2000
Buildings
1
Listing Agency:
Gateway Real Estate Advisors
(712) 540-6562
Listed By:
Nic Madsen · License #S67281000
(712) 540-6562
Source:
Markhanson.kw
Added: Aug 6
Changed: Aug 29
Last Checked: Aug 31 at 12:39PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Gateway Real Estate Advisors
Investment Insights
Based on property information with market context.
Built in 2000, this duplex contains two matching residential units, each configured with two bedrooms and one and one-half bathrooms. The consistent layouts provide a straightforward property profile for ownership and management.
The property is located near Morningside University in Sioux City, Iowa. Both units are currently occupied, and tenants pay all utilities, reducing the owner’s direct utility responsibilities. The address is 1001-03 S Rustin St.
The property is located near Morningside University in Sioux City, Iowa. Both units are currently occupied, and tenants pay all utilities, reducing the owner’s direct utility responsibilities. The address is 1001-03 S Rustin St.
Key Highlights
- Two‑unit duplex built in 2000
- Each unit has 2 bedrooms and 1.5 bathrooms
- Both units are currently occupied
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
$11,356
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
5.05%
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%
$227,120
$227.1K
Cap Rate 7%
$162,229
$162.2K
Cap Rate 9%
$126,178
$126.2K
Market Conditions
NOI Build-Up for 1,494 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
$17.0K $11.40/SF
− Vacancy
−$809 −$0.54/SF
EGI
$16.2K $10.86/SF
− OpEx
−$4.9K −$3.26/SF
NOI
$11.4K $7.60/SF
Area
Woodbury County, IA
Vacancy
4.75%
Lease Rate
$11.40 /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%
$227,120
Cap Rate 7%
$162,229
Cap Rate 9%
$126,178
Alternative Uses
Best Use
Multifamily LT 5
$162.2K
$142.0K – $189.3K
NOI $11,356 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$149.9K
$131.1K – $174.9K
NOI $10,491 @ 7.0% cap · market cap 4.66%
Theoretical Best
Specialty Retail
$224.5K
$196.4K – $261.9K
NOI $15,715 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
357
Businesses Nearby
Explore this area
Business Placement
Demographics for 51106, IA
28,655
Population
11,681
Households
2.5
Avg Household Size
35
Median Age
27%
College-Educated
93%
High-School Grad
33.5 sq mi
ZIP Area
855
Density / Sq Mi
$74,486
Median Household Income
$40,495
Median Earnings
$1,080
Median Rent
$186,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied two-unit property near Morningside University, with tenants responsible for all utilities.
Where is this duplex located?
The property is located at 1001-03 S RUSTIN ST Sioux City, IA.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two‑unit duplex built in 2000; Each unit has 2 bedrooms and 1.5 bathrooms; Both units are currently occupied
