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 Market22
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
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
WSG CRE
(319) 343-5542
Listed By:
Tiffany Earl Williams · License #IA s41864000
Source:
Crexi
Added: Jul 22
Changed: Aug 11
Last Checked: Aug 11 at 1:31PM
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
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
$21,872
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
3.50%
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%
$437,440
$437.4K
Cap Rate 7%
$312,457
$312.5K
Cap Rate 9%
$243,022
$243.0K
Market Conditions
NOI Build-Up for 2,557 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
$41.4K $16.20/SF
− Vacancy
−$1.7K −$0.65/SF
EGI
$39.8K $15.55/SF
− OpEx
−$17.9K −$7.00/SF
NOI
$21.9K $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%
$437,440
Cap Rate 7%
$312,457
Cap Rate 9%
$243,022
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
Property Profile
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.
