33-Unit Apartment
For Sale
$2,100,000
1521 S G Avenue, Nevada, IA 50201
MULTI_FAMILY - Nevada, IA
Property Size16,594 SF
Lot Size2.05 Acres
Price / SF$126.55
Days on Market277
Property Features for 1521 S G Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MR R3
Bedrooms
1
Bathrooms
33
Full bathrooms
33
Rooms
Bathroom 16, Bathroom 3, Bathroom 28, Bathroom 30, Bathroom 7, Bathroom 24, Bathroom 32, Bathroom 27, Bathroom 17, Bathroom 5, Bathroom 33, Bedroom 1, Bathroom 6, Bathroom 2, Bathroom 15, Bathroom 21, Bathroom 31, Bathroom 14, Bathroom 29, Bathroom 20, Bathroom 9, Bathroom 23, Bathroom 19, Bathroom 12, Bathroom 26, Bathroom 22, Bathroom 13, Bathroom 1, Bathroom 10, Bathroom 18, Bathroom 4, Bathroom 8, Bathroom 25, Bathroom 11
Lot features
Irregular Lot
Elementary school district
Nevada
Middle school district
Nevada
High school district
Nevada
Directions
From I35 take Hwy 30 exit and head E. Take exit 158/19th St and continue onto South G Avenue. Property is on the N side of the road.
Subdivision
Nevada
Standard status
Active
APN
11-17-116-125
Size
16,594 SF
Lot size
2.05 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SOUTH G AVENUE BUSINESS PARK 1ST ADD LOT 1 EX PARCEL C SLIDE 348 PG 1
Tax Annual Amount
19466
Legal Description
SOUTH G AVENUE BUSINESS PARK 1ST ADD LOT 1 EX PARCEL C SLIDE 348 PG 1
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Amenities
on-site laundry
Building Details
Year built
1997
Number of units
33
Building materials
VinylSiding
Roof type
Asphalt, Shingle
Listing Agency:
WB Realty Company
(515) 966-5478
Listed By:
Guns, Matthew
(515) 554-4543
Added: Nov 19, 2025
Changed: Aug 2
Last Checked: Aug 23 at 1:06PM
MLS# 730729
Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Nevada Living Apartments is a fully stabilized, recently renovated 33-unit apartment complex offering efficient studio apartments and a 2-bedroom manager’s apartment. Each unit includes its own kitchen, which has been newly renovated. The property also features an on-site laundry room with coin-operated machines, supporting additional resident services.
Set on a 2.05-acre site in Nevada, Iowa (1521 S G Avenue), the building totals 16,594 square feet. The property was built in 1997 and includes vinyl siding, a natural gas heating system, and an asphalt shingle roof. Public water and public sewer services are provided, supporting straightforward day-to-day operations.
A utility monitoring system has been installed to help track and manage costs. With the combination of renovated interiors, on-site laundry, and on-site management, the building is designed for practical long-term residential income operations under MR R3 zoning.
Set on a 2.05-acre site in Nevada, Iowa (1521 S G Avenue), the building totals 16,594 square feet. The property was built in 1997 and includes vinyl siding, a natural gas heating system, and an asphalt shingle roof. Public water and public sewer services are provided, supporting straightforward day-to-day operations.
A utility monitoring system has been installed to help track and manage costs. With the combination of renovated interiors, on-site laundry, and on-site management, the building is designed for practical long-term residential income operations under MR R3 zoning.
Key Highlights
- 33‑unit apartment complex with studio apartments and a 2‑bedroom manager’s apartment
- Recently renovated kitchens in each unit
- On‑site laundry room with coin‑operated machines
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
Property Profile
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
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 - Recently renovated 33-unit apartment building in MR R3 zoning with in-unit newly renovated kitchens and on-site coin laundry.
Where is this apartment building located?
The property is located at 1521 S G Avenue 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 apartments and a 2‑bedroom manager’s apartment; Recently renovated kitchens in each unit; On‑site laundry room with coin‑operated machines
