Duplex with Fenced
New
For Sale
$210,000
2121/2123 Pierce St., Sioux City, IA 51101
Multi-Unit, Sioux City, IA
Property Size1,320 SF
Lot Size0.09 Acres
Price / SF$159.09
Days on Market6
Property Features for 2121/2123 Pierce St.
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RES
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 4
Directions
2121-2123 Pierce corner lot.
Subdivision
Nside Central
Standard status
Active
APN
894721158011
Size
1,320 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HEDGES ALL E OF W 57 FT LOT 6 BLK 1
Tax Annual Amount
1918
Legal Description
HEDGES ALL E OF W 57 FT LOT 6 BLK 1
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
fenced backyard with walkout
garage
Building Details
Year built
1900
Number of units
2
Listing Agency:
NextHome Tri State Realty
(712) 224-6398
Listed By:
Terry Hoffman
(712) 281-8704
Added: Sep 8
Changed: Sep 13
Last Checked: Sep 13 at 5:06PM
MLS# 834584
Copyright © 2026 Northwest Iowa Regional Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1900-built duplex contains 1,320 square feet across two separate residences, including one three-bedroom unit and one two-bedroom unit. The property includes two bathrooms, forced-air heating, central air conditioning, and a fenced backyard with walkout access. A detached garage adds utility, with a flat roof described as being in good condition.
Located at 2121/2123 Pierce St. in Sioux City, the property offers access to Hamilton Boulevard and nearby amenities. Recent property updates include a newer water heater and exterior paint completed last year. Unit 2123 is expected to become available at the end of September, and showings require 24-hour notice.
Located at 2121/2123 Pierce St. in Sioux City, the property offers access to Hamilton Boulevard and nearby amenities. Recent property updates include a newer water heater and exterior paint completed last year. Unit 2123 is expected to become available at the end of September, and showings require 24-hour notice.
Key Highlights
- Duplex with 1,320 square feet and two separate units
- Unit mix includes one 3‑bedroom residence and one 2‑bedroom residence
- Fenced backyard with walkout access
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
$10,033
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
4.78%
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%
$200,660
$200.7K
Cap Rate 7%
$143,329
$143.3K
Cap Rate 9%
$111,478
$111.5K
Market Conditions
NOI Build-Up for 1,320 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
$15.0K $11.40/SF
− Vacancy
−$715 −$0.54/SF
EGI
$14.3K $10.86/SF
− OpEx
−$4.3K −$3.26/SF
NOI
$10.0K $7.60/SF
Area
Woodbury County, IA
Vacancy
4.75%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
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%
$200,660
Cap Rate 7%
$143,329
Cap Rate 9%
$111,478
Alternative Uses
Best Use
Multifamily LT 5
$143.3K
$125.4K – $167.2K
NOI $10,033 @ 7.0% cap · market cap 4.78%
Second Best
Apartment 5plus
$132.4K
$115.9K – $154.5K
NOI $9,270 @ 7.0% cap · market cap 4.41%
Theoretical Best
Specialty Retail
$198.4K
$173.6K – $231.4K
NOI $13,885 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
934
Businesses Nearby
Explore this area
Business Placement
Demographics for 51101, IA
1,146
Population
723
Households
1.6
Avg Household Size
39
Median Age
11%
College-Educated
84%
High-School Grad
1.2 sq mi
ZIP Area
955
Density / Sq Mi
$18,103
Median Household Income
$25,661
Median Earnings
$676
Median Rent
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences with central air, forced-air heat, and a walkout to enclosed outdoor space.
Where is this duplex located?
The property is located at 2121/2123 Pierce St. Sioux City, IA.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Duplex with 1,320 square feet and two separate units; Unit mix includes one 3‑bedroom residence and one 2‑bedroom residence; Fenced backyard with walkout access
