Building Details

Year Built 1900

Buildings 1

Abandoned No

Listing Agency: KW 1Advantage a***@teamship.homes Show Phone

Listed By: Abby Shipman · License #S66662000/475.203187

Source: Illianahomesource

Added: Nov 9, 2025 Changed: Aug 28 Last Checked: Aug 25 at 7:26AM

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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 KW 1Advantage

Investment Insights

Based on property information with market context.

Built in 1900, this 1,350-square-foot live-work property is arranged across two levels. The upper floor includes a studio-style apartment with a full kitchen and bathroom, high ceilings, and original wood detailing. It is currently configured as a music studio, supporting creative, residential, or combined live-work use.

The lower level operates as a one-bedroom Airbnb and is described as consistently rented. The property is within walking distance of historic downtown Le Claire, with boutiques, restaurants, and riverfront amenities nearby. Its two-level layout brings together an upper creative or residential space and an income-producing short-term rental component.

Key Highlights

• 1,350 SF live‑work property built in 1900
• Upper‑level studio apartment with full kitchen and bathroom
• Original woodwork and high ceilings on the upper level

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

$13,365

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

2.97%

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%

$267,300 $267.3K

Cap Rate 7%

$190,929 $190.9K

Cap Rate 9%

$148,500 $148.5K

Market Conditions

NOI Build-Up for 1,350 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

$24.3K $18.00/SF

− Vacancy

−$2.9K −$2.16/SF

EGI

$21.4K $15.84/SF

− OpEx

−$8.0K −$5.94/SF

NOI

$13.4K $9.90/SF

Area

Scott County, IA

Vacancy

12.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

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%

$267,300

Cap Rate 7%

$190,929

Cap Rate 9%

$148,500

Alternative Uses

Best Use

Mixed Use

$190.9K

$167.1K – $222.8K (±1% cap)

NOI $13,365 @ 7.0% cap · market cap 2.97%

Second Best

Apartment 5plus

$162.7K

$142.4K – $189.9K (±1% cap)

NOI $11,391 @ 7.0% cap · market cap 2.53%

Theoretical Best

Industrial

$1.10M

$959.8K – $1.28M (±1% cap)

NOI $76,785 @ 7.0% cap · market cap 17.06%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Live-work space

Suggested Use

Top Pick Real Estate Agency Building Supply Auto Repair Shop Dental Office HVAC Service Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

332

Businesses Nearby

Explore this area Business Placement

Demographics for 52753, IA

6,176

Population

2,489

Households

2.5

Avg Household Size

41

Median Age

38%

College-Educated

96%

High-School Grad

24.7 sq mi

ZIP Area

250

Density / Sq Mi

$100,122

Median Household Income

$56,594

Median Earnings

$1,120

Median Rent

$306,700

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this live-work space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Live-work space - Two-level commercial property combines a studio apartment, creative workspace, and operating one-bedroom short-term rental.

Where is this live-work space located?

The property is located at 204 N 2nd St Le Claire, IA.

What is the asking price?

The asking price for this property is $450,000.

What are key features of this property?

This property features: 1,350 SF live‑work property built in 1900; Upper‑level studio apartment with full kitchen and bathroom; Original woodwork and high ceilings on the upper level