Two-Unit
For Sale
$350,000
15 S Johnson St, Iowa City, IA 52240
1900-built two-unit duplex in Iowa City near downtown and the University of Iowa, totaling four bedrooms and two bathrooms.
Property Size2,471 SF
Lot Size0.07 Acres
Price / SF$141.64
Days on Market94
Property Features for 15 S Johnson St
General Information
Standard status
Active
Size
2,471 SF
Lot size
0.07 Acres
Property subtype
Multi-Family
Building Details
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
Skogman Realty Co
(319) 363-8286
Listed By:
Matt Smith Team
(319) 431-5859
Source:
Mattsmithteam
Added: Jul 28
Changed: Oct 27
Last Checked: Oct 28 at 7:20AM
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 Co
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Investment Insights
Based on property information with market context.
15 S Johnson St is a two-unit duplex investment property constructed in 1900. The building contains two residential units with a total of four bedrooms and two bathrooms across 1,792 square feet. The property sits on a 0.074-acre lot.
Located near downtown Iowa City and the University of Iowa campus, the duplex offers convenient access to the University of Iowa, University of Iowa Health Care, downtown amenities, and major employment centers.
For underwriting purposes, the offering reflects a 6.20% cap rate based on a proforma NOI. With its compact, established in-town setting and proximity to core demand drivers, the property is positioned for rental-oriented ownership in Iowa City.
Located near downtown Iowa City and the University of Iowa campus, the duplex offers convenient access to the University of Iowa, University of Iowa Health Care, downtown amenities, and major employment centers.
For underwriting purposes, the offering reflects a 6.20% cap rate based on a proforma NOI. With its compact, established in-town setting and proximity to core demand drivers, the property is positioned for rental-oriented ownership in Iowa City.
Key Highlights
- Two residential units in a single duplex building
- Constructed in 1900
- 1,792 square feet total living area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,796
Cap Rate
6.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$455,920
$455.9K
Cap Rate 7%
$325,657
$325.7K
Cap Rate 9%
$253,289
$253.3K
Market Conditions
NOI Build-Up for 2,471 SF
Gross rent
$34.1K $13.80/SF
− Vacancy
−$1.5K −$0.62/SF
EGI
$32.6K $13.18/SF
− OpEx
−$9.8K −$3.95/SF
NOI
$22.8K $9.23/SF
Area
Johnson County, IA
Vacancy
4.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$455,920
Cap Rate 7%
$325,657
Cap Rate 9%
$253,289
Alternative Uses
Best Use
Multifamily LT 5
$325.7K
$285.0K – $379.9K
NOI $22,796 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$301.9K
$264.2K – $352.3K
NOI $21,136 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$536.8K
$469.7K – $626.3K
NOI $37,575 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,494
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Duplex - 1900-built two-unit duplex in Iowa City near downtown and the University of Iowa, totaling four bedrooms and two bathrooms.
Where is this duplex located?
The property is located at 15 S Johnson St Iowa City, IA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two residential units in a single duplex building; Constructed in 1900; 1,792 square feet total living area
