Brick 5-Unit Apartment
For Sale
$349,997
2612 N Harrison St, Davenport, IA 52803
Five-unit brick property with individual storage units and a location across from Vander Veer Park.
Property Size3,194 SF
Price / SF$109.58
Days on Market129
Property Features for 2612 N Harrison St
General Information
Standard status
Active
Size
3,194 SF
Property subtype
Commercial
Additional Details
Multifamily Units
5
Amenities
storage unit
Building Details
Year Built
1939
Buildings
1
Construction
brick
Listing Agency:
RE/MAX Concepts Bettendorf
(563) 332-9900
Listed By:
Darla Hooper · License #S45626000/475.122731
Source:
Illianahomesource
Added: Apr 24
Changed: Aug 29
Last Checked: Aug 25 at 6:54AM
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 RE/MAX Concepts Bettendorf
Investment Insights
Based on property information with market context.
Built in 1939, this 3,194-square-foot apartment property contains five units within a brick-constructed building. Each unit includes a dedicated storage unit, adding practical utility for residents and supporting the property's multifamily configuration.
The property is located at 2612 Harrison Street in Davenport, directly across from Vander Veer Park. Its established setting and existing five-unit layout provide a straightforward apartment investment profile with rental income potential.
The property is located at 2612 Harrison Street in Davenport, directly across from Vander Veer Park. Its established setting and existing five-unit layout provide a straightforward apartment investment profile with rental income potential.
Key Highlights
- Five‑unit apartment property
- 3,194‑square‑foot building constructed in 1939
- Brick construction
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
$25,682
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
7.34%
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%
$513,640
$513.6K
Cap Rate 7%
$366,886
$366.9K
Cap Rate 9%
$285,356
$285.4K
Market Conditions
NOI Build-Up for 3,194 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
$50.2K $15.72/SF
− Vacancy
−$3.5K −$1.10/SF
EGI
$46.7K $14.62/SF
− OpEx
−$21.0K −$6.58/SF
NOI
$25.7K $8.04/SF
Area
Davenport, IA
Vacancy
7.00%
Lease Rate
$15.72 /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%
$513,640
Cap Rate 7%
$366,886
Cap Rate 9%
$285,356
Alternative Uses
Best Use
Apartment 5plus
$366.9K
$321.0K – $428.0K
NOI $25,682 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$689.4K
$603.2K – $804.3K
NOI $48,256 @ 7.0% cap · market cap 13.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
469
Businesses Nearby
Explore this area
Business Placement
Demographics for 52803, IA
22,896
Population
10,427
Households
2.2
Avg Household Size
34
Median Age
35%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
4,489
Density / Sq Mi
$61,082
Median Household Income
$32,163
Median Earnings
$871
Median Rent
$157,900
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?
Apartment building - Five-unit brick property with individual storage units and a location across from Vander Veer Park.
Where is this apartment building located?
The property is located at 2612 N Harrison St Davenport, IA.
What is the asking price?
The asking price for this property is $349,997.
What are key features of this property?
This property features: Five‑unit apartment property; 3,194‑square‑foot building constructed in 1939; Brick construction
