Updated Duplex with Three-Car
For Sale
$172,000
1117 Avenue D, Fort Madison, IA 52627
Two distinct living units support owner occupancy, rental income, or flexible household use.
Property Size2,000 SF
Price / SF$86
Days on Market150
Property Features for 1117 Avenue D
General Information
Standard status
Active
Size
2,000 SF
Total Parking Spaces
4
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR, 1 x 1BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,857
Amenities
private back yard
composite deck
awning
beautiful perennial flowers
water feature
washer/dryer hookups
Building Details
Building Size
2,000 SF
Year Built
1900
Stories
2
Units
2
Listing Agency:
Fraise Auction & Real Estate
(319) 372-9121
Listed By:
Laura Story · License #***
Source:
Sweeneyrealestate
Added: Mar 12
Changed: Aug 5
Last Checked: Aug 7 at 8:57AM
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 Fraise Auction & Real Estate
Investment Insights
Based on property information with market context.
This 2,000-square-foot duplex combines an updated main-floor residence with a separate upstairs apartment. The primary unit includes two bedrooms, vinyl plank flooring, quartz countertops, cherry-finish cabinetry, and stainless steel appliances. The upper unit is accessed from the exterior and offers an open living, dining, and kitchen arrangement, one bedroom, and washer and dryer hookups.
Outdoor amenities include a private backyard, composite deck, awning, perennial plantings, and a remotely controlled water feature. The property also includes a three-car garage, along with a carport designated for the tenant. Built in 1900, the layout accommodates an owner occupant seeking supplemental rental income or use of the second unit for guests or family members.
Outdoor amenities include a private backyard, composite deck, awning, perennial plantings, and a remotely controlled water feature. The property also includes a three-car garage, along with a carport designated for the tenant. Built in 1900, the layout accommodates an owner occupant seeking supplemental rental income or use of the second unit for guests or family members.
Key Highlights
- 2,000 square feet with two separate residential units
- Main‑floor unit has 2 bedrooms and updated interior finishes
- Upper apartment includes 1 bedroom and exterior access
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
$15,327
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
8.91%
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%
$306,540
$306.5K
Cap Rate 7%
$218,957
$219.0K
Cap Rate 9%
$170,300
$170.3K
Market Conditions
NOI Build-Up for 2,000 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
$29.5K $14.76/SF
− Vacancy
−$1.7K −$0.83/SF
EGI
$27.9K $13.93/SF
− OpEx
−$12.5K −$6.27/SF
NOI
$15.3K $7.66/SF
Area
Lee County, IA
Vacancy
5.60%
Lease Rate
$14.76 /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%
$306,540
Cap Rate 7%
$218,957
Cap Rate 9%
$170,300
Alternative Uses
Best Use
Multifamily LT 5
$231.8K
$202.8K – $270.4K
NOI $16,224 @ 7.0% cap · market cap 9.43%
Second Best
Apartment 5plus
$219.0K
$191.6K – $255.5K
NOI $15,327 @ 7.0% cap · market cap 8.91%
Theoretical Best
Mixed Use
$339.4K
$297.0K – $396.0K
NOI $23,760 @ 7.0% cap · market cap 13.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Explore this area
Business Placement
Demographics for 52627, IA
12,350
Population
6,134
Households
2
Avg Household Size
43
Median Age
21%
College-Educated
95%
High-School Grad
63.9 sq mi
ZIP Area
193
Density / Sq Mi
$54,864
Median Household Income
$39,058
Median Earnings
$830
Median Rent
$111,700
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?
Duplex - Two distinct living units support owner occupancy, rental income, or flexible household use.
Where is this duplex located?
The property is located at 1117 Avenue D Fort Madison, IA.
What is the asking price?
The asking price for this property is $172,000.
What are key features of this property?
This property features: 2,000 square feet with two separate residential units; Main‑floor unit has 2 bedrooms and updated interior finishes; Upper apartment includes 1 bedroom and exterior access
