Five-Room Duplex
For Sale
$226,000
1532 D Ave NE, Cedar Rapids, IA 52402
Multi-Family, Cedar Rapids, IA
Property Size1,835 SF
Lot Size0.19 Acres
Price / SF$123.16
Days on Market17
Property Features for 1532 D Ave NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
5
Rooms
Bedroom 4, Bedroom 3, Bedroom 5, Bedroom 1, Bedroom 2
Parking
2
Elementary school
Trailside
Middle school
Franklin
High school
Washington
Directions
1st Ave, North 16th St NE, West D Ave NE
Subdivision
NE Quadrant
Standard status
Active
APN
14153-59024-00000
Size
1,835 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
CENTRAL PARK STR/LB 15 4
Tax Annual Amount
3149
Legal Description
CENTRAL PARK STR/LB 15 4
Amenities
laundry
Building Details
Year built
1885
Number of units
2
Building materials
Frame
Listing Agency:
Realty87 · Coldwell Banker Real Estate
(319) 378-8760
Listed By:
Lucas Pietan
(319) 367-8760
Added: Aug 13
Changed: Aug 19
Last Checked: Aug 29 at 6:06PM
MLS# 2605765
Copyright © 2026 Cedar Rapids Area Association of REALTORS®. 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.
Located at 1532 D Ave NE in Cedar Rapids, this 1,835-square-foot frame duplex was built in 1885 and reconfigured into five individually rented rooms with shared common areas. The current arrangement includes month-to-month leases, and all five rooms are identified as bedrooms in the property record.
Laundry facilities have been added on each floor. Recent property work includes a new water heater, replacement of the sewer pipes and plumbing, and a transferable furnace and AC tune-up service. The parcel contains 0.193 acres and carries Res zoning.
Laundry facilities have been added on each floor. Recent property work includes a new water heater, replacement of the sewer pipes and plumbing, and a transferable furnace and AC tune-up service. The parcel contains 0.193 acres and carries Res zoning.
Key Highlights
- Five individually rented rooms with shared common areas
- 1,835 square feet on a 0.193‑acre parcel
- Frame duplex built in 1885
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
$16,035
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
7.10%
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%
$320,700
$320.7K
Cap Rate 7%
$229,071
$229.1K
Cap Rate 9%
$178,167
$178.2K
Market Conditions
NOI Build-Up for 1,835 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
$24.7K $13.44/SF
− Vacancy
−$1.8K −$0.96/SF
EGI
$22.9K $12.48/SF
− OpEx
−$6.9K −$3.74/SF
NOI
$16.0K $8.74/SF
Area
Cedar Rapids, IA
Vacancy
7.12%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
30.00%
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%
$320,700
Cap Rate 7%
$229,071
Cap Rate 9%
$178,167
Alternative Uses
Best Use
Multifamily LT 5
$229.1K
$200.4K – $267.3K
NOI $16,035 @ 7.0% cap · market cap 7.10%
Second Best
Apartment 5plus
$211.3K
$184.9K – $246.5K
NOI $14,788 @ 7.0% cap · market cap 6.54%
Theoretical Best
Specialty Retail
$265.6K
$232.4K – $309.9K
NOI $18,591 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,369
Businesses Nearby
Explore this area
Business Placement
Demographics for 52402, IA
42,072
Population
19,848
Households
2.1
Avg Household Size
36
Median Age
41%
College-Educated
95%
High-School Grad
13.7 sq mi
ZIP Area
3,071
Density / Sq Mi
$71,319
Median Household Income
$41,753
Median Earnings
$992
Median Rent
$188,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Separate laundry facilities serve both floors, alongside shared common areas for the individually rented rooms.
Where is this duplex located?
The property is located at 1532 D Ave NE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $226,000.
What are key features of this property?
This property features: Five individually rented rooms with shared common areas; 1,835 square feet on a 0.193‑acre parcel; Frame duplex built in 1885
