7-Unit Apartment
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 Market51
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:
GLD Commercial Real Estate Advisors
(319) 393-0900
Listed By:
Karrie Schultz · License #B63691000
(319) 540-1281
Source:
Pinnaclerealtyia
Added: Aug 26
Changed: Oct 15
Last Checked: Oct 14 at 8:46PM
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 GLD Commercial Real Estate Advisors
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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 / Yr
$28,244
Cap Rate
4.18%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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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?
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
