Renovated Mixed-Use
For Sale
$749,000
1043 & 1053 Main St, Dubuque, IA 52001
Two retail spaces and two remodeled apartments provide four established income streams.
Property Size5,500 SF
Price / SF$136.18
Days on Market35
Property Features for 1043 & 1053 Main St
General Information
Standard status
Active
Size
5,500 SF
Occupancy
100%
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
private deck
dedicated garage space
off-street parking
Building Details
Year Built
1900
Buildings
2
Tenancy
Multi
Listing Agency:
Ruhl & Ruhl Realtors
(563) 580-8935
Listed By:
Susan Swift
Source:
Kwlegacyrealty
Added: Jul 27
Changed: Aug 30
Last Checked: Aug 30 at 5:04AM
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 Ruhl & Ruhl Realtors
Investment Insights
Based on property information with market context.
This offering combines the buildings at 1043 and 1053 Main St. into one mixed-use property totaling 5,500 square feet. The configuration includes two ground-floor retail spaces and two two-bedroom apartments, creating four separate income streams. The retail suites are occupied by established long-term tenants, while both apartments are currently rented.
The property has received comprehensive system replacements, including new mechanical, electrical, and plumbing components throughout both buildings. Each apartment has been remodeled and includes a private deck along with dedicated garage space. Additional off-street parking serves the retail and residential portions. Located in downtown Dubuque, the asset brings together commercial and residential uses within a single offering.
The property has received comprehensive system replacements, including new mechanical, electrical, and plumbing components throughout both buildings. Each apartment has been remodeled and includes a private deck along with dedicated garage space. Additional off-street parking serves the retail and residential portions. Located in downtown Dubuque, the asset brings together commercial and residential uses within a single offering.
Key Highlights
- Two combined parcels at 1043 and 1053 Main St.
- 5,500‑square‑foot mixed‑use property with four income streams
- Two ground‑floor retail spaces with established long‑term tenants
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
$47,771
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
6.38%
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%
$955,420
$955.4K
Cap Rate 7%
$682,443
$682.4K
Cap Rate 9%
$530,789
$530.8K
Market Conditions
NOI Build-Up for 5,500 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
$72.6K $13.20/SF
− Vacancy
−$4.4K −$0.79/SF
EGI
$68.2K $12.41/SF
− OpEx
−$20.5K −$3.72/SF
NOI
$47.8K $8.69/SF
Area
Dubuque County, IA
Vacancy
6.00%
Lease Rate
$13.20 /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%
$955,420
Cap Rate 7%
$682,443
Cap Rate 9%
$530,789
Alternative Uses
Best Use
Retail
$682.4K
$597.1K – $796.2K
NOI $47,771 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$597.4K
$522.7K – $697.0K
NOI $41,818 @ 7.0% cap · market cap 5.58%
Theoretical Best
Specialty Retail
$1.07M
$936.6K – $1.25M
NOI $74,925 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,656
Businesses Nearby
Explore this area
Business Placement
Demographics for 52001, IA
43,572
Population
20,102
Households
2.2
Avg Household Size
36
Median Age
30%
College-Educated
92%
High-School Grad
26.1 sq mi
ZIP Area
1,669
Density / Sq Mi
$60,882
Median Household Income
$35,571
Median Earnings
$916
Median Rent
$168,900
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?
Mixed-use property - Two retail spaces and two remodeled apartments provide four established income streams.
Where is this mixed-use property located?
The property is located at 1043 & 1053 Main St Dubuque, IA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Two combined parcels at 1043 and 1053 Main St.; 5,500‑square‑foot mixed‑use property with four income streams; Two ground‑floor retail spaces with established long‑term tenants
