Building Details

Year Built 1904

Buildings 1

Tenancy Multi

Listing Agency: Burke Real Estate Show Phone

Listed By: Angie Buck Show Phone

Source: Pinnaclerealtyia

Added: Sep 7 Last Checked: Sep 7 at 4:27AM

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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 Burke Real Estate

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 = 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

$19,688

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

7.43%

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%

$393,760 $393.8K

Cap Rate 7%

$281,257 $281.3K

Cap Rate 9%

$218,756 $218.8K

Market Conditions

NOI Build-Up for 2,474 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

$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 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%

$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 7.43%

Second Best

Apartment 5plus

$243.8K

$213.3K – $284.5K (±1% cap)

NOI $17,067 @ 7.0% cap · market cap 6.44%

Theoretical Best

Self Storage

$416.4K

$364.3K – $485.8K (±1% cap)

NOI $29,146 @ 7.0% cap · market cap 11.00%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Quadplexes

Suggested Use

Top Pick Real Estate Agency Building Supply Restaurant Hair Salon Electrical Service Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Questions? Ask Rey

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What type of property is this? Where is this quadplexes located? What is the asking price? Find similar properties What are key features of this property?

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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 Street Ely, IA.

What is the asking price?

The asking price for this property is $265,000.

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