Updated Duplex in
For Sale
$230,000
1820 S Nicollet St, Sioux City, IA 51106
Remodeled duplex with each unit updated, including new HVAC, 2024 roof, and new Gerkin windows.
Property Size2,362 SF
Days on Market144
Property Features for 1820 S Nicollet St
General Information
Standard status
Active
Size
2,362 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Building Details
Building Size
2,362 SF
Year Built
1910
Tenancy
Multi
Listing Agency:
NAI United
Listed By:
Aidan Vanderloo · License #IA #S73073000
(712) 577-1267
Source:
Naiunited
Added: Apr 15
Changed: Sep 3
Last Checked: Sep 5 at 7:16AM
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 NAI United
Investment Insights
Based on property information with market context.
This updated duplex offers two remodeled units with improvements completed throughout. Major upgrades include new HVAC systems for both units, a new roof installed in 2024, and new Gerkin windows.
Located in the Morningside area of Sioux City, Iowa, the property is described as being close to Sioux City Public Schools.
The duplex configuration provides two separate residential units within one property, with the recent system and exterior updates intended to support continued maintenance and everyday comfort.
Located in the Morningside area of Sioux City, Iowa, the property is described as being close to Sioux City Public Schools.
The duplex configuration provides two separate residential units within one property, with the recent system and exterior updates intended to support continued maintenance and everyday comfort.
Key Highlights
- Updated duplex in the Morningside area of Sioux City, IA (close to Sioux City Public Schools)
- Each unit has been remodeled and updated throughout
- New HVAC systems installed for both units
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
$17,953
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
7.81%
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%
$359,060
$359.1K
Cap Rate 7%
$256,471
$256.5K
Cap Rate 9%
$199,478
$199.5K
Market Conditions
NOI Build-Up for 2,362 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
$26.9K $11.40/SF
− Vacancy
−$1.3K −$0.54/SF
EGI
$25.6K $10.86/SF
− OpEx
−$7.7K −$3.26/SF
NOI
$18.0K $7.60/SF
Area
Woodbury County, IA
Vacancy
4.75%
Lease Rate
$11.40 /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%
$359,060
Cap Rate 7%
$256,471
Cap Rate 9%
$199,478
Alternative Uses
Best Use
Multifamily LT 5
$256.5K
$224.4K – $299.2K
NOI $17,953 @ 7.0% cap · market cap 7.81%
Second Best
Apartment 5plus
$237.0K
$207.3K – $276.5K
NOI $16,587 @ 7.0% cap · market cap 7.21%
Theoretical Best
Specialty Retail
$354.9K
$310.6K – $414.1K
NOI $24,845 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
428
Businesses Nearby
Explore this area
Business Placement
Demographics for 51106, IA
28,655
Population
11,681
Households
2.5
Avg Household Size
35
Median Age
27%
College-Educated
93%
High-School Grad
33.5 sq mi
ZIP Area
855
Density / Sq Mi
$74,486
Median Household Income
$40,495
Median Earnings
$1,080
Median Rent
$186,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Remodeled duplex with each unit updated, including new HVAC, 2024 roof, and new Gerkin windows.
Where is this duplex located?
The property is located at 1820 S Nicollet St Sioux City, IA.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Updated duplex in the Morningside area of Sioux City, IA (close to Sioux City Public Schools); Each unit has been remodeled and updated throughout; New HVAC systems installed for both units
