Two-Unit Residential Income
For Sale
Contact for pricing
230 S DODGE ST, Iowa City, IA 52240
Single multifamily building with two residential units on a 0.165-acre lot in Iowa City.
Property Size2,557 SF
Lot Size0.17 Acres
Price / SF$244.43
Days on Market14
Property Features for 230 S DODGE ST
General Information
Standard status
Active
Size
2,557 SF
Lot size
0.17 Acres
Property subtype
Multifamily
Additional Details
Cap Rate
6.01%
Multifamily Units
2
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
WSG CRE
(319) 343-5542
Listed By:
Tiffany Earl Williams · License #IA s41864000
Source:
Crexi
Added: Jul 22
Changed: Jul 25
Last Checked: Aug 3 at 3:14PM
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 WSG CRE
Investment Insights
Based on property information with market context.
230 S Dodge Street is a two-unit residential income property in Iowa City, Iowa, constructed in 1900. The asset is housed in a single building and is set on a 0.165-acre lot.
The property is positioned near the University of Iowa campus and downtown Iowa City, with convenient access to the University of Iowa Health Care and major employment centers.
With an established two-unit layout, this offering is presented as a multifamily investment opportunity supported by a reported proforma NOI of $37,567 and a stated 6.01% cap rate.
The property is positioned near the University of Iowa campus and downtown Iowa City, with convenient access to the University of Iowa Health Care and major employment centers.
With an established two-unit layout, this offering is presented as a multifamily investment opportunity supported by a reported proforma NOI of $37,567 and a stated 6.01% cap rate.
Key Highlights
- Multifamily property at 230 S Dodge Street in Iowa City, IA, built in 1900.
- Single building with 2 residential units.
- 0.165‑acre lot.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $41.4k | $16.20 |
| − Vacancy | −$1.7k | −$0.65 |
| EGI | $39.8k | $15.55 |
| − OpEx | −$17.9k | −$7.00 |
| NOI | $21.9k | $8.55 |
2,557 SF · lease $16.20/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$312.5K
$273.4K – $364.5K
NOI $21,872 @ 7.0% cap · market cap 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$555.5K
$486.0K – $648.1K
NOI $38,883 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,494
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?
Multifamily property - Single multifamily building with two residential units on a 0.165-acre lot in Iowa City.
Where is this multifamily property located?
The property is located at 230 S DODGE ST Iowa City, IA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Multifamily property at 230 S Dodge Street in Iowa City, IA, built in 1900.; Single building with 2 residential units.; 0.165‑acre lot.
