Handyman Special
For Sale
$260,000
464 W 3rd St, Dubuque, IA 52001
Fourplex offered for sale and marketed as a handyman special, with described renovation potential.
Property Size3,120 SF
Price / SF$83.33
Days on Market41
Property Features for 464 W 3rd St
General Information
Standard status
Active
Size
3,120 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Listing Agency:
Equity Real Estate Group LLC
(563) 542-6829
Listed By:
Team Dolter .
Source:
Kwlegacyrealty
Added: Jul 21
Changed: Aug 21
Last Checked: Aug 29 at 11:45AM
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 Equity Real Estate Group LLC
Investment Insights
Based on property information with market context.
This fourplex is being marketed as a handyman special and is offered for sale with described potential for renovation. The property is configured as a residential income asset with four separate units, providing an investor-friendly setup for buyers looking to oversee improvements.
The address is 464 W 3rd St in Dubuque, Iowa. Public remarks indicate the property is located near a growing business sector and close to the Cathedral district and a new medical school, along with nearby dining and entertainment.
For a buyer evaluating opportunities to update and reposition a multi-unit asset, this fourplex presents a renovation-focused purchase with four-unit income potential.
The address is 464 W 3rd St in Dubuque, Iowa. Public remarks indicate the property is located near a growing business sector and close to the Cathedral district and a new medical school, along with nearby dining and entertainment.
For a buyer evaluating opportunities to update and reposition a multi-unit asset, this fourplex presents a renovation-focused purchase with four-unit income potential.
Key Highlights
- 4‑plex offered for sale as a handyman special with described renovation potential
- Built in 1900
- Located near the Cathedral district and near a new med school, dining, and entertainment areas
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
$23,722
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
9.12%
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%
$474,440
$474.4K
Cap Rate 7%
$338,886
$338.9K
Cap Rate 9%
$263,578
$263.6K
Market Conditions
NOI Build-Up for 3,120 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
$44.9K $14.40/SF
− Vacancy
−$1.8K −$0.58/SF
EGI
$43.1K $13.82/SF
− OpEx
−$19.4K −$6.22/SF
NOI
$23.7K $7.60/SF
Area
Dubuque County, IA
Vacancy
4.00%
Lease Rate
$14.40 /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%
$474,440
Cap Rate 7%
$338,886
Cap Rate 9%
$263,578
Alternative Uses
Best Use
Multifamily LT 5
$375.4K
$328.5K – $438.0K
NOI $26,280 @ 7.0% cap · market cap 10.11%
Second Best
Apartment 5plus
$338.9K
$296.5K – $395.4K
NOI $23,722 @ 7.0% cap · market cap 9.12%
Theoretical Best
Specialty Retail
$607.2K
$531.3K – $708.4K
NOI $42,503 @ 7.0% cap · market cap 16.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,615
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?
Quadplex - Fourplex offered for sale and marketed as a handyman special, with described renovation potential.
Where is this quadplex located?
The property is located at 464 W 3rd St Dubuque, IA.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 4‑plex offered for sale as a handyman special with described renovation potential; Built in 1900; Located near the Cathedral district and near a new med school, dining, and entertainment areas
