Renovated
For Sale
$310,000
120 DELAWARE AVE SW, Orange City, IA 51041
MULTI_FAMILY - Orange City, IA
Property Size1,715 SF
Lot Size0.23 Acres
Price / SF$180.76
Days on Market52
Property Features for 120 DELAWARE AVE SW
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
residentia
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 3, Bathroom 3
Directions
gps
Subdivision
Surrounding Areas/Other Areas
Standard status
Active
APN
19167-17-32-261-001
Size
1,715 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
L7 S100' OF E25' & L8 S100' BLK 42 ORIGINAL UNIT 1 UNIT 2 UNIT 3 UNIT 4 DELAWARE CONDOMINIUMS
Tax Annual Amount
5722
Legal Description
L7 S100' OF E25' & L8 S100' BLK 42 ORIGINAL UNIT 1 UNIT 2 UNIT 3 UNIT 4 DELAWARE CONDOMINIUMS
Amenities
shared washer and dryer
Building Details
Year built
1900
Number of units
4
Listing Agency:
Keller Williams Siouxland · Keller Williams Realty
(712) 226-1900
Listed By:
Toni Delfs
(712) 301-9090
Added: Jun 18
Changed: Aug 3
Last Checked: Aug 8 at 6:06PM
MLS# 833420
Copyright © 2026 Northwest Iowa Regional Board 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 renovated quadplex at 120 Delaware Ave SW in Orange City, IA offers four rental units in a single income property. The home was built in 1900 and underwent extensive renovations in 2020, resulting in updated, well-maintained units. Three current tenants are in place on month-to-month leases, which can provide flexibility for future leasing and unit mix decisions.
A clean and convenient common area supports day-to-day living, including shared washer and dryer access. Tenants pay their own Wi-Fi, and the property notes that tenants also cover additional utility costs. Unit mix includes multiple bedrooms and bathrooms across the four units.
The lot size is 0.23 acres, and the property size is 1,715 square feet, providing a compact footprint for an income-focused buyer or operator seeking a four-unit residential rental structure.
A clean and convenient common area supports day-to-day living, including shared washer and dryer access. Tenants pay their own Wi-Fi, and the property notes that tenants also cover additional utility costs. Unit mix includes multiple bedrooms and bathrooms across the four units.
The lot size is 0.23 acres, and the property size is 1,715 square feet, providing a compact footprint for an income-focused buyer or operator seeking a four-unit residential rental structure.
Key Highlights
- Four‑unit quadplex with three current tenants on month‑to‑month leases
- Extensive renovations completed in 2020
- Shared washer and dryer located in the common area
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
$14,711
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
4.75%
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%
$294,220
$294.2K
Cap Rate 7%
$210,157
$210.2K
Cap Rate 9%
$163,456
$163.5K
Market Conditions
NOI Build-Up for 1,715 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
$23.3K $13.56/SF
− Vacancy
−$2.2K −$1.31/SF
EGI
$21.0K $12.25/SF
− OpEx
−$6.3K −$3.68/SF
NOI
$14.7K $8.58/SF
Area
Sioux County, IA
Vacancy
9.63%
Lease Rate
$13.56 /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%
$294,220
Cap Rate 7%
$210,157
Cap Rate 9%
$163,456
Alternative Uses
Best Use
Multifamily LT 5
$210.2K
$183.9K – $245.2K
NOI $14,711 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$193.3K
$169.1K – $225.5K
NOI $13,528 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$357.3K
$312.6K – $416.8K
NOI $25,008 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
Explore this area
Business Placement
Demographics for 51041, IA
7,195
Population
2,565
Households
2.8
Avg Household Size
32
Median Age
41%
College-Educated
97%
High-School Grad
70.9 sq mi
ZIP Area
101
Density / Sq Mi
$84,115
Median Household Income
$35,613
Median Earnings
$808
Median Rent
$253,600
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?
Quadplex - Renovated quadplex in Orange City with three current tenants on month-to-month leases and a shared washer and dryer in the common area.
Where is this quadplex located?
The property is located at 120 DELAWARE AVE SW Orange City, IA.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Four‑unit quadplex with three current tenants on month‑to‑month leases; Extensive renovations completed in 2020; Shared washer and dryer located in the common area
