Apartment Building with Renovated
For Sale
$2,100,000
1521 S G Ave, Nevada, IA 50201
Property includes renovated studio kitchens, coin-operated laundry, and a two-bedroom manager’s apartment.
Property Size16,594 SF
Price / SF$126.55
Days on Market47
Property Features for 1521 S G Ave
General Information
Standard status
Active
Size
16,594 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
33
Amenities
on-site laundry
utility monitoring system
Building Details
Year Built
1997
Listing Agency:
WB Realty Company
Listed By:
Guns, Matthew
(515) 554-4543
Source:
Kwlegacyrealty
Added: Aug 3
Changed: Sep 8
Last Checked: Sep 18 at 1:42PM
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 WB Realty Company
Investment Insights
Based on property information with market context.
Nevada Living Apartments is a 33-unit apartment complex at 1521 S G Ave in Nevada, Iowa. The property includes studio apartments, each equipped with a newly renovated kitchen, along with a two-bedroom manager’s apartment. An on-site laundry room contains coin-operated machines, and a utility monitoring system has been installed. Built in 1997, the complex contains 16,594 square feet. The combination of studio layouts, a dedicated manager’s residence, laundry facilities, and utility monitoring creates a clearly defined multifamily configuration with several operational components.
Key Highlights
- 33‑unit apartment complex with studio layouts
- Each studio apartment includes a newly renovated kitchen
- Two‑bedroom manager’s apartment on site
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
$110,976
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
5.28%
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%
$2,219,520
$2.2M
Cap Rate 7%
$1,585,371
$1.6M
Cap Rate 9%
$1,233,067
$1.2M
Market Conditions
NOI Build-Up for 16,594 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
$213.1K $12.84/SF
− Vacancy
−$11.3K −$0.68/SF
EGI
$201.8K $12.16/SF
− OpEx
−$90.8K −$5.47/SF
NOI
$111.0K $6.69/SF
Area
Story County, IA
Vacancy
5.30%
Lease Rate
$12.84 /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%
$2,219,520
Cap Rate 7%
$1,585,371
Cap Rate 9%
$1,233,067
Alternative Uses
Best Use
Apartment 5plus
$1.59M
$1.39M – $1.85M
NOI $110,976 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.88M
$3.39M – $4.52M
NOI $271,451 @ 7.0% cap · market cap 12.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
33
Residential units
Location Intelligence
Trade Area within ½ mile
164
Businesses Nearby
Explore this area
Business Placement
Demographics for 50201, IA
8,427
Population
3,806
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
94%
High-School Grad
117.3 sq mi
ZIP Area
72
Density / Sq Mi
$81,989
Median Household Income
$45,960
Median Earnings
$908
Median Rent
$186,500
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?
Apartment building - Property includes renovated studio kitchens, coin-operated laundry, and a two-bedroom manager’s apartment.
Where is this apartment building located?
The property is located at 1521 S G Ave Nevada, IA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 33‑unit apartment complex with studio layouts; Each studio apartment includes a newly renovated kitchen; Two‑bedroom manager’s apartment on site
