Multifamily
For Sale
$765,000
521 E College St, Iowa City, IA 52240
Eight-bedroom residence near the University of Iowa campus and downtown Iowa City.
Property Size3,240 SF
Lot Size0.17 Acres
Price / SF$236.11
Days on Market49
Property Features for 521 E College St
General Information
Standard status
Active
Size
3,240 SF
Lot size
0.17 Acres
Property subtype
Multi-Family
Building Details
Year Built
1890
Listing Agency:
Skogman Realty Commercial
(319) 363-8286
Listed By:
Matt Smith Team
(319) 431-5859
Source:
Mattsmithteam
Added: Aug 2
Changed: Sep 9
Last Checked: Sep 18 at 7:29AM
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 Skogman Realty Commercial
Investment Insights
Based on property information with market context.
This multifamily residence includes 8 bedrooms and 4 bathrooms within 3,240 square feet. Built in 1890, the property occupies a 0.172-acre lot and is configured as a single residential structure.
The home is located near the University of Iowa campus and downtown Iowa City, with access to University of Iowa Health Care, downtown amenities, and major employment centers. Its location places the property within an established Iowa City rental market.
The offering carries a 6.92% cap rate and provides a substantial bedroom count for the local housing market.
The home is located near the University of Iowa campus and downtown Iowa City, with access to University of Iowa Health Care, downtown amenities, and major employment centers. Its location places the property within an established Iowa City rental market.
The offering carries a 6.92% cap rate and provides a substantial bedroom count for the local housing market.
Key Highlights
- 8‑bedroom, 4‑bath residence
- 3,240 square feet on a 0.172‑acre lot
- Constructed in 1890
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
$27,714
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
3.62%
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%
$554,280
$554.3K
Cap Rate 7%
$395,914
$395.9K
Cap Rate 9%
$307,933
$307.9K
Market Conditions
NOI Build-Up for 3,240 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
$52.5K $16.20/SF
− Vacancy
−$2.1K −$0.65/SF
EGI
$50.4K $15.55/SF
− OpEx
−$22.7K −$7.00/SF
NOI
$27.7K $8.55/SF
Area
Johnson County, IA
Vacancy
4.00%
Lease Rate
$16.20 /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%
$554,280
Cap Rate 7%
$395,914
Cap Rate 9%
$307,933
Alternative Uses
Best Use
Apartment 5plus
$395.9K
$346.4K – $461.9K
NOI $27,714 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$703.8K
$615.9K – $821.2K
NOI $49,269 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,494
Businesses Nearby
Explore this area
Business Placement
Demographics for 52240, IA
34,224
Population
17,035
Households
2
Avg Household Size
29
Median Age
47%
College-Educated
94%
High-School Grad
142.1 sq mi
ZIP Area
241
Density / Sq Mi
$55,189
Median Household Income
$25,508
Median Earnings
$1,065
Median Rent
$241,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Eight-bedroom residence near the University of Iowa campus and downtown Iowa City.
Where is this multifamily property located?
The property is located at 521 E College St Iowa City, IA.
What is the asking price?
The asking price for this property is $765,000.
What are key features of this property?
This property features: 8‑bedroom, 4‑bath residence; 3,240 square feet on a 0.172‑acre lot; Constructed in 1890
