Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Dubuque Multifamily Investment Opportunity Title is generated by Realmo AI

    2535 Central Avenue, Dubuque, IA 52001

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    19-unit multifamily property with recent capital improvements in Dubuque, Iowa.

    Type:Multifamily
    Added:
    May 22, 2026
    Days on Market:
    9
    Last Refresh:
    May 27 at 8:20 am

    Property Features for 2535 Central Avenue

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    Building Details

    Year Built
    1920

    We can help!

    Listing Contact
    Marcus Anderson

    Listing agent Marcus Anderson License #Equity Real Estate Group

    Listing office Equity Real Estate Group

    Listing date May 22, 2026

    Source Crexi

    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 Equity Real Estate Group

    HighLights

    • Strong in‑place cash flow from 19‑unit multifamily property.
    • Major capital improvements completed: new roof (2024), new water lines (2023), and new windows (2022).
    • Tenants pay their own electric expenses (except Unit #5) due to electric baseboard heat installed in 2022.
    • Prime location in the heart of Dubuque.
    • Reduced landlord expenses limited to water and common area electric.
    • Five apartments have been rehabbed/added, increasing tenant appeal.

    Overview

    Located in Dubuque, the property at 2535 Central Ave is a 19-unit multifamily property. The property has undergone extensive updates, which aim to reduce future maintenance costs and increase long-term efficiency and tenant appeal. All units, with the exception of Unit #5, feature electric baseboard heat installed in 2022, allowing tenants to pay their own electric expenses. Landlord expenses are limited to water and common area electric. Recent improvements include new windows throughout the building in 2022, new water lines throughout the building in 2023, and a new roof completed in 2024. Additional upgrades include a new forced air gas furnace with ductwork in the basement, replacement of the central water heater, repaired and painted soffits, a new gas line to Unit #16, and the rehab/addition of 5 apartments. This property offers investors the chance to step into a stabilized asset with upside and long-term durability.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Dubuque
    County
    Dubuque
    State
    Iowa
    Longitude
    -90.674707
    Latitude
    42.5182501

    Nearby Similar for Sale

    • $950,000
      6,116 SF

      Adaptable Commercial Building in Dubuque

      Versatile 6,116 SF building on 1.14-acre lot.
      2155 Southpark Court, Dubuque, IA 52003
      View Details
    • $675,000
      8,100 SF

      Multi-Use Commercial Building in Dubuque

      Multi-use commercial building with retail, office, warehouse, and apartment.
      3350 Center Grove Drive, Dubuque, IA 52003
      View Details
    • $1,250,000

      Historic Cornerstone in Downtown Dubuque

      Five-story building with development potential in Dubuque's vibrant hub.
      100 Main Street, Dubuque, IA 52001
      View Details
    • $1.00

      Iconic Bar & Restaurant Space

      Historic bar and restaurant space in downtown Dubuque for sale.
      100 Main Street, Dubuque, IA 52001
      View Details
    • $1,290,000
      24,000 SF

      Historic Mixed-Use Redevelopment Opportunity

      24,000+ SF mixed-use property in Dubuque's Old Main Historic District.
      101 Main Street, Dubuque, IA 52001
      View Details
    • $2,400,000

      Versatile Commercial Building in Dubuque

      High-end commercial property with offices, studios, and flexible spaces.
      1055 University Avenue, Dubuque, IA 52001
      View Details
    • $899,000

      Historic Mansion Inn & Suites

      Historic 15-suite Inn & Suites in Dubuque, Iowa.
      504 Bluff Street, Dubuque, IA 52001
      View Details
    • $400,000
      5,520 SF

      Updated Fourplex in Dubuque, Iowa

      Updated fourplex with four 2-bedroom units and off-street parking.
      251 W 17th Street, Dubuque, IA 52001
      View Details
    • $685,000

      Iconic Entertainment Venue in Dubuque

      Turn-key entertainment venue with bar, restaurant, and rooftop lounge.
      62 E 7th Street, Dubuque, IA 52001
      View Details
    • $324,500
      5,152 SF

      Turnkey Dubuque Investment Opportunity

      Four-unit property with residential and commercial tenants in Dubuque, Iowa.
      1229 & 1233 Rhomberg Avenue, Dubuque, IA 52001-1851
      View Details
    • $650,000
      4,620 SF

      Historic Millwork District Commercial Building

      Three-story brick building in Dubuque's Historic Millwork District.
      1097 Jackson Street, Dubuque, IA 52001
      View Details
    • $395,000
      4,480 SF

      Historic Four-Unit Duplex in Dubuque

      Four-unit duplex in Dubuque's historic district with modern updates.
      507-509 Chestnut Street, Dubuque, IA 52001-0000
      View Details

    FAQs

    What type of property is this?
    Apartment building - 19-unit multifamily property with recent capital improvements in Dubuque, Iowa.
    Where is this apartment building located?
    The property is located at 2535 Central Avenue Dubuque, IA.
    What is the asking price?
    The asking price for this property is $1,050,000.
    What are key features of this property?
    This property features: Strong in‑place cash flow from 19‑unit multifamily property.; Major capital improvements completed: **new roof (2024), new water lines (2023), and new windows (2022).**; Tenants pay their own electric expenses (except Unit #5) due to electric baseboard heat installed in 2022.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Marcus Anderson
    Real Estate License ID: Equity Real Estate Group
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2535 Central Avenue, Dubuque, IA 52001
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!