Newer Construction Multifamily
1720 Morningside Avenue Sioux City, IA 51106
For Sale
Contact for pricing
Built in 2023, this 24-unit apartment complex includes six 3-bedroom and eighteen 2-bedroom units.
Property Size26,850 SF
Price / SF$158.29
Days on Market73
Property Features for 1720 Morningside Avenue
General Information
- Standard status
- Active
- Size
- 26,850 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 2023
Listing Agency:
NAI United
(712) 577-1267
Listed By:
Aidan Vanderloo · License #IA 20250418
Source:
Crexi
Added: May 12
Changed: Jul 23
Last Checked: Jul 23 at 6:16PM
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 NAI United
Investment Insights
Based on property information with market context.
Morningside Lofts is a modern 24-unit apartment complex built in 2023. The mix includes six units with three bedrooms and two bathrooms, and eighteen units with two bedrooms and two bathrooms. The property is presented as turnkey, with newer construction and remaining tax abatement.
The building is located at 1720 Morningside Avenue in Sioux City, Iowa, next to Morningside University.
Financial information is available upon request with a signed NDA.
The building is located at 1720 Morningside Avenue in Sioux City, Iowa, next to Morningside University.
Financial information is available upon request with a signed NDA.
Key Highlights
- 24‑unit apartment complex built in 2023
- Unit mix includes six 3‑bedroom, 2‑bath units and eighteen 2‑bedroom, 2‑bath units
- Modern multifamily property with remaining tax abatement
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $360.9k | $13.44 |
| − Vacancy | −$18.0k | −$0.67 |
| EGI | $342.8k | $12.77 |
| − OpEx | −$154.3k | −$5.75 |
| NOI | $188.6k | $7.02 |
26,850 SF · lease $13.44/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.69M
$2.36M – $3.14M
NOI $188,551 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.03M
$3.53M – $4.71M
NOI $282,428 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Morningside Lofts
Apartment Building
FAQs
What type of property is this?
Apartment building - Built in 2023, this 24-unit apartment complex includes six 3-bedroom and eighteen 2-bedroom units.
Where is this apartment building located?
The property is located at 1720 Morningside Avenue Sioux City, IA.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: 24‑unit apartment complex built in 2023; Unit mix includes six 3‑bedroom, 2‑bath units and eighteen 2‑bedroom, 2‑bath units; Modern multifamily property with remaining tax abatement
