4-Unit Apartment Building with
New
For Sale
$309,900
1525 Airlane Drive, Burlington, IA 52601
Residential Income, Burlington, IA
Property Size1,680 SF
Lot Size0.28 Acres
Price / SF$184.46
Days on Market5
Property Features for 1525 Airlane Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Subdivision
AUDITORS PLAT
Directions
South on Summer before the airport turn East on Airlane. It is the 2nd 4-Plex on the right
Standard status
Active
APN
0161608380019
Size
1,680 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
4 AUDITOR'S PLAT OF PT S 1/2 SW
Tax Annual Amount
4376
Legal Description
4 AUDITOR'S PLAT OF PT S 1/2 SW
Utilities
Heating system
Forced Air
Amenities
off street parking
coin operated laundry
Building Details
Year built
1977
Floors in Building
2
Number of units
4
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Century 21/Property Professionals
(319) 753-6000
Listed By:
Cynthia Miller
(319) 750-2365
Added: Oct 19
Changed: Oct 21
Last Checked: Oct 23 at 1:06AM
MLS# 6343861
Copyright © 2026 NoCoast MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This four-unit residential property contains four 2-bedroom apartments, each with a living room, dining area, kitchen, and full bathroom. Walk-outs open to patios on the first level and decks on the upper floors. Three units have been updated recently, and coin-operated laundry is available on site. The building has vinyl siding, forced-air heating, and a shingle roof; improvements include a newer roof, two newer GFA/AC units, plumbing work, and painting in progress.
All four apartments are occupied by long-term tenants under month-to-month arrangements. The property was built in 1977 and occupies a 0.28-acre site in Burlington, Iowa, near the airport. Off-street parking is provided.
All four apartments are occupied by long-term tenants under month-to-month arrangements. The property was built in 1977 and occupies a 0.28-acre site in Burlington, Iowa, near the airport. Off-street parking is provided.
Key Highlights
- Four apartments, each with 2 bedrooms and a full bathroom
- All 4 units occupied by long‑term tenants on month‑to‑month terms
- Three units recently updated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,365
Cap Rate
4.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$307,300
$307.3K
Cap Rate 7%
$219,500
$219.5K
Cap Rate 9%
$170,722
$170.7K
Market Conditions
NOI Build-Up for 1,680 SF
Gross rent
$23.2K $13.80/SF
− Vacancy
−$1.2K −$0.73/SF
EGI
$22.0K $13.07/SF
− OpEx
−$6.6K −$3.92/SF
NOI
$15.4K $9.15/SF
Area
Des Moines County, IA
Vacancy
5.32%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$307,300
Cap Rate 7%
$219,500
Cap Rate 9%
$170,722
Alternative Uses
Best Use
Multifamily LT 5
$219.5K
$192.1K – $256.1K
NOI $15,365 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$201.9K
$176.6K – $235.5K
NOI $14,131 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$419.8K
$367.3K – $489.8K
NOI $29,387 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
170
Businesses Nearby
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Business Placement
Demographics for 52601, IA
27,899
Population
14,107
Households
2
Avg Household Size
43
Median Age
24%
College-Educated
94%
High-School Grad
109.3 sq mi
ZIP Area
255
Density / Sq Mi
$57,123
Median Household Income
$35,594
Median Earnings
$921
Median Rent
$125,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Four residences are leased month to month, with coin-operated laundry and off-street parking on site.
Where is this quadplex located?
The property is located at 1525 Airlane Drive Burlington, IA.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: Four apartments, each with 2 bedrooms and a full bathroom; All 4 units occupied by long‑term tenants on month‑to‑month terms; Three units recently updated
