Historic Triplex with
For Sale
$275,000
1024 18th Street, Marion, IA 52302
Commercial, Marion, IA
Property Size2,649 SF
Lot Size0.26 Acres
Price / SF$103.81
Days on Market47
Property Features for 1024 18th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R
Directions
Drive East on Blairs Ferry Road, turn Left onto Lindale Dr., and Right onto W 8th to 18th St. Property is on the Left, Corner of 10th Ave. & 18th Street
Subdivision
Marion
Standard status
Active
APN
10313-86009-00000
Size
2,649 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Description
English's 1st S42' lot 5& All
Tax Annual Amount
3389
Legal Description
English's 1st S42' lot 5& All
Amenities
hardwood floors
natural woodwork
elegant staircase
landscaping
private courtyard
Building Details
Year built
1890
Flooring type
Wood
Building materials
Frame
Roof type
Shingle
Listing Agency:
Realty87 · Coldwell Banker Real Estate
(319) 378-8760
Listed By:
Jill Hidinger
(319) 367-8760
Added: Jul 31
Changed: Aug 27
Last Checked: Sep 15 at 8:06AM
MLS# 2605450
Copyright © 2026 Cedar Rapids Area Association 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 1890 wood-frame triplex contains 2,649 square feet and is arranged as one two-bedroom residence on the main level, plus a one-bedroom apartment and an efficiency upstairs. Wood flooring, natural woodwork, original doors, and a decorative staircase contribute period character throughout the home. The property includes a shingle roof, a two-stall garage, and an additional parking pad serving the main-floor unit.
Set on a 0.26-acre parcel zoned R, the property also offers landscaped grounds and a private courtyard. Its location provides walkable access to uptown Marion, including nearby dining, bars, and retail shops. The existing configuration supports continued multifamily use, while the full-house layout also accommodates multigenerational living.
Set on a 0.26-acre parcel zoned R, the property also offers landscaped grounds and a private courtyard. Its location provides walkable access to uptown Marion, including nearby dining, bars, and retail shops. The existing configuration supports continued multifamily use, while the full-house layout also accommodates multigenerational living.
Key Highlights
- Three‑unit layout: 2‑bedroom main‑floor unit, 1‑bedroom upstairs apartment, and upstairs efficiency
- 2,649 square feet on a 0.26‑acre lot
- 1890 wood‑frame construction with wood flooring and original interior woodwork
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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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?
Triplex - Three residential units occupy a wood-frame home with original character, private outdoor space, and detached parking improvements.
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 layout: 2‑bedroom main‑floor unit, 1‑bedroom upstairs apartment, and upstairs efficiency; 2,649 square feet on a 0.26‑acre lot; 1890 wood‑frame construction with wood flooring and original interior woodwork
