Two-Bedroom 6-Unit Apartment
For Sale
$500,000
2340 Central Ave, Dubuque, IA 52001
6 units with two bedrooms each and plenty of off-street parking, with separate gas meters for tenant billing flexibility.
Property Size4,298 SF
Price / SF$116.33
Days on Market34
Property Features for 2340 Central Ave
General Information
Standard status
Active
Size
4,298 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x 2BR
Multifamily Units
6
Building Details
Year Built
1900
Listing Agency:
Ruhl & Ruhl Realtors
(563) 213-2636
Listed By:
Pamela Helmer
Source:
Kwlegacyrealty
Added: Jul 28
Changed: Aug 15
Last Checked: Aug 29 at 12:04PM
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 Ruhl & Ruhl Realtors
Investment Insights
Based on property information with market context.
This two-bedroom 6-unit apartment building offers a straightforward residential income setup, with six units total. The property includes plenty of off-street parking to support tenant and guest access.
Gas expense is currently paid by the owner, but separate meters are in place, allowing tenants to potentially pay for gas as applicable. Interior photos are available for units 3 and 6.
Built in 1900, the building totals 4,298 SF. The combination of a small, multi-unit configuration and metered gas can be helpful for investors looking for a manageable unit count with clear utility separation.
Gas expense is currently paid by the owner, but separate meters are in place, allowing tenants to potentially pay for gas as applicable. Interior photos are available for units 3 and 6.
Built in 1900, the building totals 4,298 SF. The combination of a small, multi-unit configuration and metered gas can be helpful for investors looking for a manageable unit count with clear utility separation.
Key Highlights
- Six units with two bedrooms each
- Plenty of off‑street parking
- Separate gas meters; owner currently pays for gas
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
$32,679
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
6.54%
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%
$653,580
$653.6K
Cap Rate 7%
$466,843
$466.8K
Cap Rate 9%
$363,100
$363.1K
Market Conditions
NOI Build-Up for 4,298 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
$61.9K $14.40/SF
− Vacancy
−$2.5K −$0.58/SF
EGI
$59.4K $13.82/SF
− OpEx
−$26.7K −$6.22/SF
NOI
$32.7K $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%
$653,580
Cap Rate 7%
$466,843
Cap Rate 9%
$363,100
Alternative Uses
Best Use
Apartment 5plus
$466.8K
$408.5K – $544.7K
NOI $32,679 @ 7.0% cap · market cap 6.54%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$836.4K
$731.9K – $975.9K
NOI $58,551 @ 7.0% cap · market cap 11.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
636
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?
Apartment building - 6 units with two bedrooms each and plenty of off-street parking, with separate gas meters for tenant billing flexibility.
Where is this apartment building located?
The property is located at 2340 Central Ave Dubuque, IA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Six units with two bedrooms each; Plenty of off‑street parking; Separate gas meters; owner currently pays for gas
