Four-Level Apartment
For Sale
$1,025,000
301 21st Street, Sioux City, IA 51104
Multi-Unit, Sioux City, IA
Property Size9,000 SF
Lot Size0.08 Acres
Price / SF$113.89
Days on Market52
Property Features for 301 21st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3+
Bedrooms
10
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 10, Bathroom 4, Bathroom 9, Bedroom 9, Bathroom 1, Bedroom 4, Bedroom 7, Bathroom 3, Bedroom 2, Bedroom 5, Bedroom 3, Bathroom 7, Bedroom 10, Bedroom 8, Bathroom 5, Bedroom 6, Bedroom 1, Bathroom 8, Bathroom 2, Bathroom 6
Subdivision
Downtown
Standard status
Active
APN
894721155024
Size
9,000 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
Calls Summit W 1/2 Lot 7 & EX S 40.7 Ft E 6FT Blk 4
Tax Annual Amount
9728
HOA Fee
$1.00 Annually
Legal Description
Calls Summit W 1/2 Lot 7 & EX S 40.7 Ft E 6FT Blk 4
Building Details
Year built
1905
Number of units
15
Listing Agency:
J & M Real Estate Group Inc.
Listed By:
Brandi Jorgensen
(605) 232-1819
Added: Aug 13
Changed: Sep 23
Last Checked: Oct 3 at 12:06AM
MLS# 834214
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.
Grandview Apartments is a four-level multifamily building containing 15 one-bedroom units within approximately 9,000 square feet. The property was built in 1905, is fully leased, and is situated on 0.0762 acres. Each apartment has been remodeled with updated finishes and new appliances, while a recently installed roof adds a major building improvement. The property is zoned R3+ and located at 301 21st Street in Sioux City, Iowa.
Key Highlights
- 15 one‑bedroom apartment units
- Approximately 9,000 square feet across four levels
- Fully leased multifamily property
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
$63,202
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
6.17%
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%
$1,264,040
$1.3M
Cap Rate 7%
$902,886
$902.9K
Cap Rate 9%
$702,244
$702.2K
Market Conditions
NOI Build-Up for 9,000 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
$121.0K $13.44/SF
− Vacancy
−$6.0K −$0.67/SF
EGI
$114.9K $12.77/SF
− OpEx
−$51.7K −$5.75/SF
NOI
$63.2K $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%
$1,264,040
Cap Rate 7%
$902,886
Cap Rate 9%
$702,244
Alternative Uses
Best Use
Apartment 5plus
$902.9K
$790.0K – $1.05M
NOI $63,202 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.35M
$1.18M – $1.58M
NOI $94,669 @ 7.0% cap · market cap 9.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
15
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,152
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
Check the figures for this property
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 - Fully leased multifamily property with remodeled one-bedroom apartments, new appliances, and a recently installed roof.
Where is this apartment building located?
The property is located at 301 21st Street Sioux City, IA.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: 15 one‑bedroom apartment units; Approximately 9,000 square feet across four levels; Fully leased multifamily property
