Remodeled Triplex with Private
For Sale
$259,900
2308-10 Jones St., Sioux City, IA 51104
Three-unit property with individual laundry rooms, central HVAC, and separately metered gas and electric service.
Property Size2,172 SF
Days on Market34
Property Features for 2308-10 Jones St.
General Information
Standard status
Active
Size
2,172 SF
Property subtype
Multi-Family
Building Details
Building Size
2,172 SF
Year Built
1961
Listing Agency:
Keller Williams Siouxland
(712) 212-6909
Listed By:
Thuy Baker
(712) 212-6909
Source:
Markhanson.kw
Added: Jul 28
Changed: Aug 29
Last Checked: Aug 29 at 11:15AM
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 Keller Williams Siouxland
Investment Insights
Based on property information with market context.
Built in 1961, this triplex contains three residential units, each equipped with central heating and air conditioning, a private laundry room, and separate gas and electric utilities. Remodeling work has been completed since 2021, including replacement of the roof in 2021 and the air-conditioning system serving Unit 2308½ in 2025. Water and garbage are paid by the owner.
The property is located at 2308-10 Jones St. in Sioux City, Iowa’s Northside Central area. Its three-unit layout provides a defined residential income configuration, with unit-level utility separation and dedicated laundry facilities supporting day-to-day operations.
The property is located at 2308-10 Jones St. in Sioux City, Iowa’s Northside Central area. Its three-unit layout provides a defined residential income configuration, with unit-level utility separation and dedicated laundry facilities supporting day-to-day operations.
Key Highlights
- Three‑unit triplex at 2308‑10 Jones St., Sioux City, IA 51104
- Central heating and A/C in each unit
- Private laundry room provided for every unit
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
$16,509
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
6.35%
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%
$330,180
$330.2K
Cap Rate 7%
$235,843
$235.8K
Cap Rate 9%
$183,433
$183.4K
Market Conditions
NOI Build-Up for 2,172 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
$24.8K $11.40/SF
− Vacancy
−$1.2K −$0.54/SF
EGI
$23.6K $10.86/SF
− OpEx
−$7.1K −$3.26/SF
NOI
$16.5K $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%
$330,180
Cap Rate 7%
$235,843
Cap Rate 9%
$183,433
Alternative Uses
Best Use
Multifamily LT 5
$235.8K
$206.4K – $275.2K
NOI $16,509 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$217.9K
$190.7K – $254.2K
NOI $15,253 @ 7.0% cap · market cap 5.87%
Theoretical Best
Specialty Retail
$326.4K
$285.6K – $380.8K
NOI $22,847 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
765
Businesses Nearby
Explore this area
Business Placement
Demographics for 51104, IA
23,080
Population
9,119
Households
2.5
Avg Household Size
35
Median Age
28%
College-Educated
89%
High-School Grad
7.5 sq mi
ZIP Area
3,077
Density / Sq Mi
$74,984
Median Household Income
$42,411
Median Earnings
$955
Median Rent
$193,000
Median Home Value
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?
Triplex - Three-unit property with individual laundry rooms, central HVAC, and separately metered gas and electric service.
Where is this triplex located?
The property is located at 2308-10 Jones St. Sioux City, IA.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Three‑unit triplex at 2308‑10 Jones St., Sioux City, IA 51104; Central heating and A/C in each unit; Private laundry room provided for every unit
