Duplex with Finished Lower
2729 & 2731 Wayne Ave, Iowa City, IA 52240
For Sale
$244,900
Two residences include private laundry, eat-in kitchens, wood flooring and off-street parking.
Property Size1,560 SF
Price / SF$156.99
Days on Market15
Property Features for 2729 & 2731 Wayne Ave
General Information
Standard status
Size
Property subtype
Additional Details
Public Transit
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
off street parking
wood floors
eat-in kitchens
private laundry
Building Details
Building Size
Year Built
Listing Agency:
Urban Acres Real Estate
Listed By:
Natasha Wendt
(319) 541-2620
Source:
Blankandmccune
Added: Oct 26
Changed: Nov 7
Last Checked: Nov 9 at 4:11PM
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 Urban Acres Real Estate
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Investment Insights
Based on property information with market context.
This duplex contains two 1,560-square-foot residences, built in 1964. Both have wood floors, generously sized bedrooms, eat-in kitchens and private laundry. The lower levels differ in finish and bath configuration: 2729 Wayne Ave has a finished lower level and a second full bath, while 2731 Wayne Ave has a mostly finished lower level with a half bath.
Key Highlights
- Two 1,560‑square‑foot residences
- Built in 1964
- 2729 Wayne Ave has a finished lower level and second full bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,391
Cap Rate
5.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$287,820
$287.8K
Cap Rate 7%
$205,586
$205.6K
Cap Rate 9%
$159,900
$159.9K
Market Conditions
NOI Build-Up for 1,560 SF
Gross rent
$21.5K $13.80/SF
− Vacancy
−$969 −$0.62/SF
EGI
$20.6K $13.18/SF
− OpEx
−$6.2K −$3.95/SF
NOI
$14.4K $9.23/SF
Area
Johnson County, IA
Vacancy
4.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$287,820
Cap Rate 7%
$205,586
Cap Rate 9%
$159,900
Alternative Uses
Best Use
Multifamily LT 5
$205.6K
$179.9K – $239.9K
NOI $14,391 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$190.6K
$166.8K – $222.4K
NOI $13,344 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office A
$338.9K
$296.5K – $395.4K
NOI $23,722 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
704
Businesses Nearby
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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
$241,100
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Johnson County, IA
Properties on Market for Duplexes in Johnson County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two residences include private laundry, eat-in kitchens, wood flooring and off-street parking.
Where is this duplex located?
The property is located at 2729 & 2731 Wayne Ave Iowa City, IA.
What is the asking price?
The asking price for this property is $244,900.
What are key features of this property?
This property features: Two 1,560‑square‑foot residences; Built in 1964; 2729 Wayne Ave has a finished lower level and second full bath
