Fully Occupied Duplex Near
New
For Sale
$225,000
1001-03 S RUSTIN ST, Sioux City, IA 51106
MULTI_FAMILY - Sioux City, IA
Property Size1,494 SF
Lot Size0.18 Acres
Price / SF$150.60
Days on Market3
Property Features for 1001-03 S RUSTIN ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
res
Bedrooms
4
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 1, Bathroom 4, Bedroom 4, Bathroom 2, Bedroom 2
Directions
Maps
Subdivision
Mside North
Standard status
Active
APN
894734429032
Size
1,494 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SHERMAN OAKS LOT 7 (EX N 5 FT)
Tax Annual Amount
3367
Legal Description
SHERMAN OAKS LOT 7 (EX N 5 FT)
Building Details
Year built
2000
Number of units
2
Listing Agency:
Gateway Real Estate Advisors
(712) 226-8000
Listed By:
Nic Madsen · License #21571
(712) 540-6562
Added: Aug 6
Changed: Aug 8
Last Checked: Aug 8 at 12:06PM
MLS# 834125
Copyright © 2026 Northwest Iowa Regional Board 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 two-unit residential property contains 1,494 square feet and was built in 2000. Each side offers two bedrooms and 1.5 bathrooms, giving the building a consistent configuration across both units. The property sits on a 0.18-acre lot and carries residential zoning.
Both units are occupied, and residents pay their own utilities. Its position near Morningside University places the duplex within an established university-area setting. The matching floor plans and existing occupancy provide a uniform operating profile for an owner evaluating a small multifamily asset.
Both units are occupied, and residents pay their own utilities. Its position near Morningside University places the duplex within an established university-area setting. The matching floor plans and existing occupancy provide a uniform operating profile for an owner evaluating a small multifamily asset.
Key Highlights
- Two‑unit duplex with matching 2‑bedroom, 1.5‑bath layouts
- 1,494 square feet on a 0.18‑acre lot
- Built in 2000
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
Property Profile
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Matching layouts, resident-paid utilities, and established occupancy create a straightforward residential income property.
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 with matching 2‑bedroom, 1.5‑bath layouts; 1,494 square feet on a 0.18‑acre lot; Built in 2000
