Historic Two-Unit
For Sale
$230,000
1990 8th Avenue, Marion, IA 52302
Both residences are occupied by existing tenants, providing an established duplex configuration.
Property Size2,796 SF
Price / SF$82.26
Days on Market197
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Property Features for 1990 8th Avenue
General Information
Standard status
Active
Size
2,796 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
RES
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,640
Amenities
Full
Yes
Public
0.204
4
66x134.6
Parking Space(s)
Building Details
Year Built
1900
Listing Agency:
Urban Acres Real Estate
(319) 393-0900
Listed By:
Star Horak
(319) 538-7671
Source:
Pinnaclerealtyia
Added: Apr 2
Changed: Oct 12
Last Checked: Oct 14 at 9:45PM
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 Urban Acres Real Estate
Investment Insights
Based on property information with market context.
Built in 1900, this 2,796-square-foot duplex contains an upper residence and a lower residence. Each unit provides three bedrooms and one bathroom, creating a consistent two-unit layout. Existing tenants are in place at both residences.
The property is located at 1990 8th Avenue in Marion's historic district, near uptown Marion, local shops, and community amenities. Its established residential configuration and occupied units make the property suitable for buyers seeking a duplex with existing tenancy.
The property is located at 1990 8th Avenue in Marion's historic district, near uptown Marion, local shops, and community amenities. Its established residential configuration and occupied units make the property suitable for buyers seeking a duplex with existing tenancy.
Key Highlights
- 2,796‑square‑foot duplex built in 1900
- Upper and lower units, each with 3 bedrooms and 1 bathroom
- Existing tenants occupy both units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,289
Cap Rate
8.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$385,780
$385.8K
Cap Rate 7%
$275,557
$275.6K
Cap Rate 9%
$214,322
$214.3K
Market Conditions
NOI Build-Up for 2,796 SF
Gross rent
$37.9K $13.56/SF
− Vacancy
−$2.8K −$1.02/SF
EGI
$35.1K $12.54/SF
− OpEx
−$15.8K −$5.64/SF
NOI
$19.3K $6.90/SF
Area
Linn County, IA
Vacancy
7.50%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$385,780
Cap Rate 7%
$275,557
Cap Rate 9%
$214,322
Alternative Uses
Best Use
Multifamily LT 5
$317.9K
$278.1K – $370.8K
NOI $22,250 @ 7.0% cap · market cap 9.67%
Second Best
Apartment 5plus
$275.6K
$241.1K – $321.5K
NOI $19,289 @ 7.0% cap · market cap 8.39%
Theoretical Best
Self Storage
$470.6K
$411.8K – $549.0K
NOI $32,940 @ 7.0% cap · market cap 14.32%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
Explore this area
Business Placement
Demographics for 52302, IA
43,130
Population
18,153
Households
2.4
Avg Household Size
39
Median Age
39%
College-Educated
97%
High-School Grad
74.3 sq mi
ZIP Area
580
Density / Sq Mi
$87,463
Median Household Income
$50,234
Median Earnings
$963
Median Rent
$232,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are occupied by existing tenants, providing an established duplex configuration.
Where is this duplex located?
The property is located at 1990 8th Avenue Marion, IA.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: 2,796‑square‑foot duplex built in 1900; Upper and lower units, each with 3 bedrooms and 1 bathroom; Existing tenants occupy both units
