Duplex with Off-Street
New
For Sale
$215,000
120 Front Street, North Liberty, IA 52317
Two-unit residential property with an existing rental commitment and R-10 zoning.
Property Size1,680 SF
Price / SF$127.98
Days on Market2
Property Features for 120 Front Street
General Information
Standard status
Active
Size
1,680 SF
Property subtype
Multi-Family
Zoning
R-10
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,382
Amenities
Slab
Carpet
KitDiningRmComb,Other
1680.0
0.0
70 X 130
OffStreet
Building Details
Year Built
1967
Listing Agency:
Keller Williams Legacy Group
(319) 393-0900
Listed By:
Ryan Eighme
(319) 721-6099
Source:
Pinnaclerealtyia
Added: Sep 2
Last Checked: Sep 2 at 2:01PM
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 Keller Williams Legacy Group
Investment Insights
Based on property information with market context.
This 1967 duplex contains 1,680 square feet and is situated on a 70-by-130-foot lot. Interior features include slab construction, carpeted areas, and a combined kitchen and dining room configuration. Off-street parking is provided.
The property is located at 120 Front Street in North Liberty, Iowa, within the R-10 zoning district. Current occupancy is supported by a rental agreement extending through next July, providing an established leasing arrangement for the property.
The property is located at 120 Front Street in North Liberty, Iowa, within the R-10 zoning district. Current occupancy is supported by a rental agreement extending through next July, providing an established leasing arrangement for the property.
Key Highlights
- Duplex with 1,680 square feet of building area
- R‑10 zoning designation
- Rental agreement in place through next July
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
$15,499
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
7.21%
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%
$309,980
$310.0K
Cap Rate 7%
$221,414
$221.4K
Cap Rate 9%
$172,211
$172.2K
Market Conditions
NOI Build-Up for 1,680 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
$23.2K $13.80/SF
− Vacancy
−$1.0K −$0.62/SF
EGI
$22.1K $13.18/SF
− OpEx
−$6.6K −$3.95/SF
NOI
$15.5K $9.23/SF
Area
Johnson County, IA
Vacancy
4.50%
Lease Rate
$13.80 /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%
$309,980
Cap Rate 7%
$221,414
Cap Rate 9%
$172,211
Alternative Uses
Best Use
Multifamily LT 5
$221.4K
$193.7K – $258.3K
NOI $15,499 @ 7.0% cap · market cap 7.21%
Second Best
Apartment 5plus
$205.3K
$179.6K – $239.5K
NOI $14,370 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$365.0K
$319.3K – $425.8K
NOI $25,547 @ 7.0% cap · market cap 11.88%
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
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 52317, IA
22,096
Population
9,125
Households
2.4
Avg Household Size
32
Median Age
54%
College-Educated
99%
High-School Grad
34.4 sq mi
ZIP Area
642
Density / Sq Mi
$108,156
Median Household Income
$57,950
Median Earnings
$1,221
Median Rent
$314,700
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-unit residential property with an existing rental commitment and R-10 zoning.
Where is this duplex located?
The property is located at 120 Front Street North Liberty, IA.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Duplex with 1,680 square feet of building area; R‑10 zoning designation; Rental agreement in place through next July
