7-Unit Apartment
For Sale
$630,000
1005 S GLASS ST, Sioux City, IA 51106
Multi-Unit, Sioux City, IA
Property Size5,610 SF
Lot Size0.17 Acres
Price / SF$112.30
Days on Market95
Property Features for 1005 S GLASS ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
com
Bedrooms
7
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 2, Bathroom 5, Bathroom 1, Bathroom 7, Bedroom 7, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 6, Bathroom 3, Bathroom 6, Bathroom 4, Bedroom 3, Bedroom 5
Directions
Maps
Subdivision
Mside North
Standard status
Active
APN
894735331011
Size
5,610 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
HOLMANS E 1/2 LOTS 1 & 2 BLK 13
Tax Annual Amount
7500
HOA Fee
$1.00 Annually
Legal Description
HOLMANS E 1/2 LOTS 1 & 2 BLK 13
Utilities
Heating system
Forced Air
Amenities
Private Entries
In-Wall AC
Building Details
Year built
1961
Number of units
7
Listing Agency:
Gateway Real Estate Advisors
(712) 226-8000
Listed By:
Nic Madsen · License #S67281000
(712) 540-6562
Added: Jul 1
Changed: Sep 30
Last Checked: Oct 3 at 12:06AM
MLS# 833622
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 7-unit apartment building contains 5,610 square feet in a single-story layout, with all apartments configured as 1 bedroom and 1 bathroom. Each has a private entrance and in-wall air conditioning. Built in 1961, the property is heated by forced air, and 3 of the 7 units have been renovated.
The site spans 0.1657 acres at 1005 S Glass St in Sioux City, Iowa. The building is fully occupied and zoned com.
The site spans 0.1657 acres at 1005 S Glass St in Sioux City, Iowa. The building is fully occupied and zoned com.
Key Highlights
- 7 apartments, each with 1 bedroom and 1 bathroom
- 5,610 square feet in a single‑story building
- 3 of 7 units renovated
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
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Current Use
Lease Details
7
Residential units
100%
Occupancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - A single-story property combines private unit entrances with a mix of renovated and unrenovated apartments.
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 apartments, each with 1 bedroom and 1 bathroom; 5,610 square feet in a single‑story building; 3 of 7 units renovated
