Multifamily Income
For Sale
$2,700,000
30-36 N Lucas Street, Iowa City, IA 52246
Residential income property offered for sale at 30-36 N Lucas Street, Iowa City, with an additional inclusion at 803 Jefferson St.
Property Size10,010 SF
Price / SF$269.73
Days on Market61
Property Features for 30-36 N Lucas Street
General Information
Standard status
Active
Size
10,010 SF
Property subtype
Multi-Family
Zoning
Res
Taxes and HOA fees
Annual Taxes
$35,358
Amenities
Partial
Yes
In Unit
Public
0.055
2407
Parking Space(s)
Building Details
Year Built
2010
Listing Agency:
Structure Real Estate
(319) 393-0900
Listed By:
Hope Hall
(319) 899-3820
Source:
Pinnaclerealtyia
Added: Jul 20
Changed: Sep 17
Last Checked: Sep 18 at 4:35AM
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 Structure Real Estate
Investment Insights
Based on property information with market context.
This residential income multifamily property is offered for sale as part of a package that also includes 803 Jefferson St. in Iowa City.
The listing covers 30-36 N Lucas Street, Iowa City, IA 52246, with the additional address explicitly included in the offering.
The property is classified as an “other multifamily” residential income asset, with a total size of 10,010 square feet as provided in the listing information.
The listing covers 30-36 N Lucas Street, Iowa City, IA 52246, with the additional address explicitly included in the offering.
The property is classified as an “other multifamily” residential income asset, with a total size of 10,010 square feet as provided in the listing information.
Key Highlights
- Residential income property for sale at 30‑36 N Lucas Street, Iowa City, with an additional inclusion at 803 Jefferson St
- Built in 2010
- Heating and air conditioning included; laundry is in‑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
$85,622
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
3.17%
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%
$1,712,440
$1.7M
Cap Rate 7%
$1,223,171
$1.2M
Cap Rate 9%
$951,356
$951.4K
Market Conditions
NOI Build-Up for 10,010 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
$162.2K $16.20/SF
− Vacancy
−$6.5K −$0.65/SF
EGI
$155.7K $15.55/SF
− OpEx
−$70.1K −$7.00/SF
NOI
$85.6K $8.55/SF
Area
Johnson County, IA
Vacancy
4.00%
Lease Rate
$16.20 /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%
$1,712,440
Cap Rate 7%
$1,223,171
Cap Rate 9%
$951,356
Alternative Uses
Best Use
Apartment 5plus
$1.22M
$1.07M – $1.43M
NOI $85,622 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.17M
$1.90M – $2.54M
NOI $152,216 @ 7.0% cap · market cap 5.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,087
Businesses Nearby
Explore this area
Business Placement
Demographics for 52246, IA
22,829
Population
10,627
Households
2.1
Avg Household Size
29
Median Age
67%
College-Educated
95%
High-School Grad
16.7 sq mi
ZIP Area
1,367
Density / Sq Mi
$55,088
Median Household Income
$28,598
Median Earnings
$1,049
Median Rent
$327,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Residential income property offered for sale at 30-36 N Lucas Street, Iowa City, with an additional inclusion at 803 Jefferson St.
Where is this multifamily property located?
The property is located at 30-36 N Lucas Street Iowa City, IA.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Residential income property for sale at 30‑36 N Lucas Street, Iowa City, with an additional inclusion at 803 Jefferson St; Built in 2010; Heating and air conditioning included; laundry is in‑unit
