For Sale
Contact for pricing
1005 S GLASS ST, Sioux City, IA 51106
Apartment buildings
Property Size5,610 SF
Price / SF$112.30
Days on Market64
Property Features for 1005 S GLASS ST
General Information
Standard status
Active
Size
5,610 SF
Class
C
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$37,817
Additional Details
Cap Rate
6%
Multifamily Units
7
Building Details
Year Built
1962
Buildings
1
Stories
2
Units
7
Tenancy
Multi
Listing Agency:
Gateway Real Estate Advisors
Listed By:
Nic Madsen · License #S67281000
(712) 540-6562
Source:
Crexi
Added: Jul 1
Changed: Aug 25
Last Checked: Sep 2 at 10:22AM
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.
Key Highlights
- 7‑unit apartment building at 1005 S Glass Street, Sioux City, IA; 100% occupied
- In‑place 6.00% cap rate with approximately $38,000 NOI
- Average in‑place rents of about $800/month remain below reported market rent of $946/month
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
$39,396
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
6.25%
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%
$787,920
$787.9K
Cap Rate 7%
$562,800
$562.8K
Cap Rate 9%
$437,733
$437.7K
Market Conditions
NOI Build-Up for 5,610 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
$75.4K $13.44/SF
− Vacancy
−$3.8K −$0.67/SF
EGI
$71.6K $12.77/SF
− OpEx
−$32.2K −$5.75/SF
NOI
$39.4K $7.02/SF
Area
Woodbury County, IA
Vacancy
5.00%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
45.00%
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%
$787,920
Cap Rate 7%
$562,800
Cap Rate 9%
$437,733
Alternative Uses
Best Use
Apartment 5plus
$562.8K
$492.5K – $656.6K
NOI $39,396 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$843.0K
$737.6K – $983.5K
NOI $59,010 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
377
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
Where is this apartment building located?
The property is located at 1005 S GLASS ST Sioux City, IA.
What is the asking price?
The asking price for this property is $630,000.
What are key features of this property?
This property features: 7‑unit apartment building at 1005 S Glass Street, Sioux City, IA; 100% occupied; In‑place 6.00% cap rate with approximately $38,000 NOI; Average in‑place rents of about $800/month remain below reported market rent of $946/month
