Building Details

Year Built 1904

Buildings 1

Stories 2

Tenancy Multi

Listing Agency: GLD COMMERCIAL Show Phone

Listed By: Tatiana McClinton Show Phone

Source: Pinnaclerealtyia

Added: Sep 7 Changed: Oct 16 Last Checked: Oct 20 at 6:35PM

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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 GLD COMMERCIAL

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Investment Insights

Based on property information with market context.

Built in 1904, this 2,474-square-foot quadplex contains four one-bedroom, one-bath units. The property includes updated stairs and a balcony, along with a detached garage providing three stalls. Each garage stall is rented separately, creating an additional income source, while the extra yard area offers usable outdoor space. The property is zoned MR R3+.

The building is located at 1550 Dows St. in Ely’s Old Town District. Bars and restaurants are within walking distance, and Cedar Rapids Airport and Airport National Golf Course are a short drive away. All four residential units are occupied by long-term tenants with leases in place through April 2027.

Key Highlights

• Four 1‑bedroom, 1‑bath units in a 2,474‑square‑foot quadplex
• Long‑term tenants with leases in place until April of 2027
• Detached garage with 3 stalls rented individually

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$19,688

Cap Rate

7.57%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$393,760 $393.8K

Cap Rate 7%

$281,257 $281.3K

Cap Rate 9%

$218,756 $218.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,474 SF

Gross rent

$30.3K $12.24/SF

− Vacancy

−$2.2K −$0.87/SF

EGI

$28.1K $11.37/SF

− OpEx

−$8.4K −$3.41/SF

NOI

$19.7K $7.96/SF

Area

Linn County, IA

Vacancy

7.12%

Lease Rate

$12.24 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$393,760

Cap Rate 7%

$281,257

Cap Rate 9%

$218,756

Alternative Uses

Best Use

Multifamily LT 5

$281.3K

$246.1K – $328.1K (±1% cap)

NOI $19,688 @ 7.0% cap · market cap 7.57%

Second Best

Apartment 5plus

$243.8K

$213.3K – $284.5K (±1% cap)

NOI $17,067 @ 7.0% cap · market cap 6.56%

Theoretical Best

Self Storage

$416.4K

$364.3K – $485.8K (±1% cap)

NOI $29,146 @ 7.0% cap · market cap 11.21%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Lease Details

4

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

95

Businesses Nearby

Explore this area Business Placement

Demographics for 52227, IA

3,089

Population

1,121

Households

2.8

Avg Household Size

37

Median Age

36%

College-Educated

97%

High-School Grad

29.4 sq mi

ZIP Area

105

Density / Sq Mi

$111,000

Median Household Income

$55,861

Median Earnings

$973

Median Rent

$299,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Frequently Asked Questions

What type of property is this?

Quadplex - Four residential units with established tenancy, supplemental garage income, and additional outdoor space in Ely’s Old Town District.

Where is this quadplex located?

The property is located at 1550 Dows St. Ely, IA.

What is the asking price?

The asking price for this property is $260,000.

What are key features of this property?

This property features: Four 1‑bedroom, 1‑bath units in a 2,474‑square‑foot quadplex; Long‑term tenants with leases in place until April of 2027; Detached garage with 3 stalls rented individually