7-Unit Apartment
New
For Sale
$675,000
20 S Lucas St, Iowa City, IA 52240
Walkable to downtown and campus with coin laundry and a detached garage.
Property Size3,302 SF
Price / SF$204.42
Days on Market6
Property Features for 20 S Lucas St
General Information
Standard status
Active
Size
3,302 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Zoning
RES
Units
Unit Mix
7 x 1BR/1BA
Multifamily Units
7
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$10,570
Amenities
coin laundry
Block,Full,WalkOutAccess
Carpet,Wood,Vinyl
1
InBasement,LaundryRoom
KitDiningRmComb
2302.0
1000.0
63x95
DetachedGarage,OffStreet,OnStreet
FrontPorch
Building Details
Year Built
1900
Buildings
1
Stories
3
Listing Agency:
Realty87
(319) 540-1281
Listed By:
Karrie Schultz · License #B63691000
(319) 540-1281
Source:
Pinnaclerealtyia
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 31 at 1:14PM
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 Realty87
Investment Insights
Based on property information with market context.
This 7-unit apartment building contains one-bedroom, one-bath apartments, each with a kitchen. The 3,302-square-foot property was built in 1900 and includes coin-operated laundry in the lower level. Three lower-level apartments have both front and rear entrances, while separate HVAC systems serve the lower level and the upper two floors. A detached single-car garage is also part of the property, along with front porch space and off-street and on-street parking.
Located at 20 S Lucas St in Iowa City, the building is within walking distance of downtown and campus. Apartment D is vacant, and Apartment A has a lease expiring 12/31; the remaining apartments are leased through 7/31/27. Tenants pay gas and electric, while ownership covers water, sewer, trash, and heat. Showings require 48-hour notice because of tenant occupancy.
Located at 20 S Lucas St in Iowa City, the building is within walking distance of downtown and campus. Apartment D is vacant, and Apartment A has a lease expiring 12/31; the remaining apartments are leased through 7/31/27. Tenants pay gas and electric, while ownership covers water, sewer, trash, and heat. Showings require 48-hour notice because of tenant occupancy.
Key Highlights
- 7‑unit apartment building with 3,302 SF of living area
- Each apartment includes 1 bedroom, 1 full bath, and a kitchen
- Within walking distance of downtown and campus
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
$28,244
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
4.18%
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%
$564,880
$564.9K
Cap Rate 7%
$403,486
$403.5K
Cap Rate 9%
$313,822
$313.8K
Market Conditions
NOI Build-Up for 3,302 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
$53.5K $16.20/SF
− Vacancy
−$2.1K −$0.65/SF
EGI
$51.4K $15.55/SF
− OpEx
−$23.1K −$7.00/SF
NOI
$28.2K $8.55/SF
Area
Johnson County, IA
Vacancy
4.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$564,880
Cap Rate 7%
$403,486
Cap Rate 9%
$313,822
Alternative Uses
Best Use
Apartment 5plus
$403.5K
$353.1K – $470.7K
NOI $28,244 @ 7.0% cap · market cap 4.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$717.3K
$627.7K – $836.9K
NOI $50,212 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,087
Businesses Nearby
Explore this area
Business Placement
Demographics for 52240, IA
34,224
Population
17,035
Households
2
Avg Household Size
29
Median Age
47%
College-Educated
94%
High-School Grad
142.1 sq mi
ZIP Area
241
Density / Sq Mi
$55,189
Median Household Income
$25,508
Median Earnings
$1,065
Median Rent
$241,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Walkable to downtown and campus with coin laundry and a detached garage.
Where is this apartment building located?
The property is located at 20 S Lucas St Iowa City, IA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 7‑unit apartment building with 3,302 SF of living area; Each apartment includes 1 bedroom, 1 full bath, and a kitchen; Within walking distance of downtown and campus
