Victorian Triplex with
For Sale
$275,000
1024 18TH Street, Marion, IA 52302
Three separate units support residential income use or a multigenerational living arrangement.
Property Size2,649 SF
Price / SF$103.81
Days on Market82
Property Features for 1024 18TH Street
General Information
Standard status
Active
Size
2,649 SF
Property subtype
Commercial
Lease Term
[]
Building Details
Year Built
1890
Tenancy
Multi
Listing Agency:
Realty87
Listed By:
Jill Hidinger
(319) 447-7137
Source:
Cbhrealty
Added: Jul 6
Changed: Sep 24
Last Checked: Sep 24 at 10:16AM
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 Realty87
Investment Insights
Based on property information with market context.
Built in 1890, this Victorian-style triplex contains 2649 square feet arranged as three residences: a two-bedroom main-floor unit, a one-bedroom second-floor apartment, and a second-floor efficiency. Interior character includes hardwood flooring, natural woodwork, original-style doors, and an elegant staircase. The property is zoned R and occupies a 0.26-acre lot measuring 97.5x120.
Exterior amenities include a two-stall garage reached from a shared driveway, an additional parking pad serving the main-floor apartment, fenced grounds, landscaped areas, and a private courtyard. The home is located in Marion near uptown dining, bars, shops, and other stores, with those destinations described as walkable from the property.
Exterior amenities include a two-stall garage reached from a shared driveway, an additional parking pad serving the main-floor apartment, fenced grounds, landscaped areas, and a private courtyard. The home is located in Marion near uptown dining, bars, shops, and other stores, with those destinations described as walkable from the property.
Key Highlights
- Three‑unit configuration: 2‑bedroom main‑floor unit, 1‑bedroom second‑floor apartment, and second‑floor efficiency
- 2649 SF Victorian‑style home built in 1890
- 0.26‑acre lot measuring 97.5x120
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
$21,081
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
7.67%
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%
$421,620
$421.6K
Cap Rate 7%
$301,157
$301.2K
Cap Rate 9%
$234,233
$234.2K
Market Conditions
NOI Build-Up for 2,649 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
$32.4K $12.24/SF
− Vacancy
−$2.3K −$0.87/SF
EGI
$30.1K $11.37/SF
− OpEx
−$9.0K −$3.41/SF
NOI
$21.1K $7.96/SF
Area
Linn County, IA
Vacancy
7.12%
Lease Rate
$12.24 /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%
$421,620
Cap Rate 7%
$301,157
Cap Rate 9%
$234,233
Alternative Uses
Best Use
Multifamily LT 5
$301.2K
$263.5K – $351.4K
NOI $21,081 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$261.1K
$228.4K – $304.6K
NOI $18,275 @ 7.0% cap · market cap 6.65%
Theoretical Best
Self Storage
$445.8K
$390.1K – $520.1K
NOI $31,208 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
Explore this area
Business Placement
Demographics for 52302, IA
43,130
Population
18,153
Households
2.4
Avg Household Size
39
Median Age
39%
College-Educated
97%
High-School Grad
74.3 sq mi
ZIP Area
580
Density / Sq Mi
$87,463
Median Household Income
$50,234
Median Earnings
$963
Median Rent
$232,900
Median Home Value
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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?
Triplex - Three separate units support residential income use or a multigenerational living arrangement.
Where is this triplex located?
The property is located at 1024 18TH Street Marion, IA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Three‑unit configuration: 2‑bedroom main‑floor unit, 1‑bedroom second‑floor apartment, and second‑floor efficiency; 2649 SF Victorian‑style home built in 1890; 0.26‑acre lot measuring 97.5x120
