Five-Unit Apartment
For Sale
$360,000
2512 Jones, Sioux City, IA 51104
Multi-Unit, Sioux City, IA
Property Size3,579 SF
Lot Size0.22 Acres
Price / SF$100.59
Days on Market580
Property Features for 2512 Jones
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NC.4
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 4, Bedroom 6, Bedroom 5, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 3, Bathroom 5, Bedroom 3, Bedroom 2
Elementary school
Bryant
Middle school
North Middle
High school
North High
Directions
Google maps is accurate
Subdivision
Nside Central
Standard status
Active
APN
432825
Size
3,579 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
RENNISON S 1/2 LOT 2 BLK 1 LOT 3 BLK 1
Tax Annual Amount
4215
Legal Description
RENNISON S 1/2 LOT 2 BLK 1 LOT 3 BLK 1
Utilities
Heating system
Forced Air
Building Details
Year built
1910
Number of units
5
Listing Agency:
Keller Williams Siouxland · Keller Williams Realty
(712) 226-1900
Listed By:
Brooke Pedersen
(712) 870-3551
Added: Feb 10, 2025
Changed: Sep 12
Last Checked: Sep 13 at 2:06PM
MLS# 827572
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 five-unit apartment building contains 3,579 square feet on a 0.2169-acre lot and was constructed in 1910. The property uses forced-air heating and carries NC.4 zoning. Three of the five units have been remodeled, while the remaining two are occupied by long-term tenants.
Property improvements include commercial-grade vinyl siding installed in 2019 and a roof replaced in 2017. Common areas have received updated paint and flooring, adding to the building’s recent maintenance history. The unit configuration includes bedrooms and bathrooms across the property, supporting its multifamily use.
Property improvements include commercial-grade vinyl siding installed in 2019 and a roof replaced in 2017. Common areas have received updated paint and flooring, adding to the building’s recent maintenance history. The unit configuration includes bedrooms and bathrooms across the property, supporting its multifamily use.
Key Highlights
- Five‑unit apartment building with 3,579 square feet
- 0.2169‑acre lot with NC.4 zoning
- Commercial‑grade vinyl siding installed in 2019
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
$25,133
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
6.98%
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%
$502,660
$502.7K
Cap Rate 7%
$359,043
$359.0K
Cap Rate 9%
$279,256
$279.3K
Market Conditions
NOI Build-Up for 3,579 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
$48.1K $13.44/SF
− Vacancy
−$2.4K −$0.67/SF
EGI
$45.7K $12.77/SF
− OpEx
−$20.6K −$5.75/SF
NOI
$25.1K $7.02/SF
Area
Woodbury County, IA
Vacancy
5.00%
Lease Rate
$13.44 /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%
$502,660
Cap Rate 7%
$359,043
Cap Rate 9%
$279,256
Alternative Uses
Best Use
Apartment 5plus
$359.0K
$314.2K – $418.9K
NOI $25,133 @ 7.0% cap · market cap 6.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$537.8K
$470.6K – $627.5K
NOI $37,647 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
721
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit residential property with recent exterior improvements and updates to three apartments.
Where is this apartment building located?
The property is located at 2512 Jones Sioux City, IA.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Five‑unit apartment building with 3,579 square feet; 0.2169‑acre lot with NC.4 zoning; Commercial‑grade vinyl siding installed in 2019
