Three-Unit Triplex with Garden
For Sale
Contact for pricing
1012 Bridge Ave, Davenport, IA 52803
Professionally managed triplex with two leased units and a vacant garden-level apartment.
Property Size1,536 SF
Price / SF$104.10
Days on Market98
Property Features for 1012 Bridge Ave
General Information
Standard status
Active
Size
1,536 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
EXIT Realty Fireside
Listed By:
Scott Ryder
Source:
Crexi
Added: May 25
Changed: Aug 29
Last Checked: Aug 29 at 9:32PM
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 EXIT Realty Fireside
Investment Insights
Based on property information with market context.
This 1,536-square-foot triplex, built in 1900, includes three residential units across the main, upper, and garden levels. The main-floor apartment has two bedrooms and is leased, while the upstairs unit is also occupied. The garden-level apartment is vacant and available for showing. Off-street parking serves the property, which is professionally managed.
Located at 1012 Bridge Ave in Davenport, the property is within 5 miles of MercyOne Hospital, Palmer Chiropractic College, The Village of East Davenport, Downtown Davenport, and The Hilltop District. The reported cap rate is close to 10%, and tenant notice requirements apply to units #1 and #2.
Located at 1012 Bridge Ave in Davenport, the property is within 5 miles of MercyOne Hospital, Palmer Chiropractic College, The Village of East Davenport, Downtown Davenport, and The Hilltop District. The reported cap rate is close to 10%, and tenant notice requirements apply to units #1 and #2.
Key Highlights
- Three‑unit property with 1,536 SF of total building area
- Main‑floor unit has 2 bedrooms and is currently rented
- Upstairs unit is occupied and currently rented
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
$13,725
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
8.58%
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%
$274,500
$274.5K
Cap Rate 7%
$196,071
$196.1K
Cap Rate 9%
$152,500
$152.5K
Market Conditions
NOI Build-Up for 1,536 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
$21.2K $13.80/SF
− Vacancy
−$1.6K −$1.04/SF
EGI
$19.6K $12.77/SF
− OpEx
−$5.9K −$3.83/SF
NOI
$13.7K $8.94/SF
Area
Davenport, IA
Vacancy
7.50%
Lease Rate
$13.80 /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%
$274,500
Cap Rate 7%
$196,071
Cap Rate 9%
$152,500
Alternative Uses
Best Use
Multifamily LT 5
$196.1K
$171.6K – $228.8K
NOI $13,725 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$176.4K
$154.4K – $205.9K
NOI $12,351 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$331.5K
$290.1K – $386.8K
NOI $23,207 @ 7.0% cap · market cap 14.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
497
Businesses Nearby
Explore this area
Business Placement
Demographics for 52803, IA
22,896
Population
10,427
Households
2.2
Avg Household Size
34
Median Age
35%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
4,489
Density / Sq Mi
$61,082
Median Household Income
$32,163
Median Earnings
$871
Median Rent
$157,900
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?
Triplex - Professionally managed triplex with two leased units and a vacant garden-level apartment.
Where is this triplex located?
The property is located at 1012 Bridge Ave Davenport, IA.
What is the asking price?
The asking price for this property is $159,900.
What are key features of this property?
This property features: Three‑unit property with 1,536 SF of total building area; Main‑floor unit has 2 bedrooms and is currently rented; Upstairs unit is occupied and currently rented
