Five-Unit Apartment
New
For Sale
$400,000
1477 Locust St, Dubuque, IA 52001
Multifamily property with varied unit sizes, laundry hookups, central air, and off-street parking.
Property Size4,112 SF
Price / SF$97.28
Days on Market3
Property Features for 1477 Locust St
General Information
Standard status
Active
Size
4,112 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/2BA, 2 x 1BR, 2 x 2BR
Multifamily Units
5
Amenities
laundry hook ups
central air
off street parking
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Ruhl & Ruhl Realtors
(563) 213-2636
Listed By:
Pamela Helmer
Source:
Kwlegacyrealty
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 7:15AM
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 five-unit apartment property contains a mix of layouts: one four-bedroom, two-bath unit, two one-bedroom units, and two two-bedroom units. The four-bedroom unit includes laundry hookups, and the property has central air. Total building size is 4,112 square feet, with construction dating to 1890.
Located at 1477 Locust St in Dubuque, Iowa, the property occupies a corner lot and provides off-street parking. The unit mix and existing residential configuration support continued multifamily use.
Located at 1477 Locust St in Dubuque, Iowa, the property occupies a corner lot and provides off-street parking. The unit mix and existing residential configuration support continued multifamily use.
Key Highlights
- Five apartment units with a mix of one-, two-, and four‑bedroom layouts
- One four‑bedroom unit includes 2 baths and laundry hookups
- Central air serving the property
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
$31,264
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
7.82%
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%
$625,280
$625.3K
Cap Rate 7%
$446,629
$446.6K
Cap Rate 9%
$347,378
$347.4K
Market Conditions
NOI Build-Up for 4,112 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
$59.2K $14.40/SF
− Vacancy
−$2.4K −$0.58/SF
EGI
$56.8K $13.82/SF
− OpEx
−$25.6K −$6.22/SF
NOI
$31.3K $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%
$625,280
Cap Rate 7%
$446,629
Cap Rate 9%
$347,378
Alternative Uses
Best Use
Apartment 5plus
$446.6K
$390.8K – $521.1K
NOI $31,264 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$800.2K
$700.2K – $933.6K
NOI $56,017 @ 7.0% cap · market cap 14.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,616
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 - Multifamily property with varied unit sizes, laundry hookups, central air, and off-street parking.
Where is this apartment building located?
The property is located at 1477 Locust St Dubuque, IA.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Five apartment units with a mix of one-, two-, and four‑bedroom layouts; One four‑bedroom unit includes 2 baths and laundry hookups; Central air serving the property
