Newer Construction Multifamily
For Sale
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1720 Morningside Avenue, Sioux City, IA 51106
Built in 2023, this 24-unit apartment complex includes six 3-bedroom and eighteen 2-bedroom units.
Property Size26,850 SF
Price / SF$143.39
Days on Market165
Property Features for 1720 Morningside Avenue
General Information
Standard status
Active
Size
26,850 SF
Class
A
Total Parking Spaces
42
Property subtype
Multifamily
Zoning
NC.5 - Neighborhood Conservation 5
Occupancy
100%
Investment Type
Stabilized
Additional Details
Multifamily Units
24
Building Details
Year Built
2023
Buildings
1
Stories
3
Units
42
Tenancy
Multi
Listing Agency:
NAI United
Listed By:
Aidan Vanderloo · License #20250418
(712) 577-1267
Source:
Crexi
Added: May 12
Changed: Oct 12
Last Checked: Oct 23 at 3:51AM
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
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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
Estimated NOI and Cap Rate
NOI / Yr
$188,551
Cap Rate
4.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,771,020
$3.8M
Cap Rate 7%
$2,693,586
$2.7M
Cap Rate 9%
$2,095,011
$2.1M
Market Conditions
NOI Build-Up for 26,850 SF
Gross rent
$360.9K $13.44/SF
− Vacancy
−$18.0K −$0.67/SF
EGI
$342.8K $12.77/SF
− OpEx
−$154.3K −$5.75/SF
NOI
$188.6K $7.02/SF
Area
Woodbury County, IA
Vacancy
5.00%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,771,020
Cap Rate 7%
$2,693,586
Cap Rate 9%
$2,095,011
Alternative Uses
Best Use
Apartment 5plus
$2.69M
$2.36M – $3.14M
NOI $188,551 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.03M
$3.53M – $4.71M
NOI $282,428 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
493
Businesses Nearby
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Business Placement
Demographics for 51106, IA
28,655
Population
11,681
Households
2.5
Avg Household Size
35
Median Age
27%
College-Educated
93%
High-School Grad
33.5 sq mi
ZIP Area
855
Density / Sq Mi
$74,486
Median Household Income
$40,495
Median Earnings
$1,080
Median Rent
$186,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
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 $3,850,000.
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
