12-Unit Apartment
For Sale
$1,375,000
301 College St, Tiffin, IA 52340
R4-zoned multifamily property near I-80 with individual gas heat and through-wall air conditioning.
Property Size5,880 SF
Price / SF$233.84
Days on Market9
Property Features for 301 College St
General Information
Standard status
Active
Size
5,880 SF
Property subtype
Multi-Family
Zoning
R4
Units
Unit Mix
4 x 2BR/2BA, 4 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
12
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$12,500
Amenities
laundry hookups
common laundry room
through-the-wall AC
CrawlSpace,Slab
Carpet,Vinyl
2
InHall
Pantry,Other,LivingRoomDiningRoomCombo
5880.0
0.0
CulDeSac
Irregular
OffStreet
Other
Building Details
Year Built
1971
Buildings
4
Stories
2
Listing Agency:
SKOGMAN REALTY
(319) 329-0619
Listed By:
Sara Kruse
(319) 329-0619
Source:
Pinnaclerealtyia
Added: Aug 3
Changed: Aug 11
Last Checked: Aug 11 at 5:07AM
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 SKOGMAN REALTY
Investment Insights
Based on property information with market context.
This apartment property contains 12 units across four buildings on two adjacent lots. The unit mix includes four 2-bedroom, 2-bath apartments, four 2-bedroom, 1-bath apartments, and four 1-bedroom, 1-bath apartments. The buildings total 5,880 square feet and were constructed in 1971. Duplex residences include laundry hookups, while the 4-plex buildings provide a shared coin-operated laundry room. Each unit has a through-the-wall AC unit, individual gas heat, and individual water service. The property also offers off-street parking and a newer parking lot.
The complex is positioned on a quiet cul-de-sac in Tiffin, one block south of Marengo Rd and one block east of Clear Creek Middle School. I-80 is approximately one-third of a mile away. The property is zoned R4 and includes many long-term tenants.
The complex is positioned on a quiet cul-de-sac in Tiffin, one block south of Marengo Rd and one block east of Clear Creek Middle School. I-80 is approximately one-third of a mile away. The property is zoned R4 and includes many long-term tenants.
Key Highlights
- 12 units across two 4‑plexes and two duplexes
- Unit mix includes four 2 bed 2 bath, four 2 bed 1 bath, and four 1 bed 1 bath apartments
- 5,880 SF across two adjacent lots; built in 1971
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
$50,295
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
3.66%
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%
$1,005,900
$1.0M
Cap Rate 7%
$718,500
$718.5K
Cap Rate 9%
$558,833
$558.8K
Market Conditions
NOI Build-Up for 5,880 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
$95.3K $16.20/SF
− Vacancy
−$3.8K −$0.65/SF
EGI
$91.4K $15.55/SF
− OpEx
−$41.2K −$7.00/SF
NOI
$50.3K $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%
$1,005,900
Cap Rate 7%
$718,500
Cap Rate 9%
$558,833
Alternative Uses
Best Use
Apartment 5plus
$718.5K
$628.7K – $838.3K
NOI $50,295 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,414 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
154
Businesses Nearby
Explore this area
Business Placement
Demographics for 52340, IA
4,810
Population
2,400
Households
2
Avg Household Size
33
Median Age
58%
College-Educated
99%
High-School Grad
19.1 sq mi
ZIP Area
252
Density / Sq Mi
$105,517
Median Household Income
$67,275
Median Earnings
$1,336
Median Rent
$317,900
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?
Apartment building - R4-zoned multifamily property near I-80 with individual gas heat and through-wall air conditioning.
Where is this apartment building located?
The property is located at 301 College St Tiffin, IA.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: 12 units across two 4‑plexes and two duplexes; Unit mix includes four 2 bed 2 bath, four 2 bed 1 bath, and four 1 bed 1 bath apartments; 5,880 SF across two adjacent lots; built in 1971
