12-Unit Apartment
For Sale
$1,375,000
301 College Street Unit 303, Tiffin, IA 52340
A mix of one- and two-bedroom homes offers in-unit or shared laundry, depending on the building.
Property Size5,880 SF
Price / SF$233.84
Days on Market146
Property Features for 301 College Street Unit 303
General Information
Standard status
Active
Size
5,880 SF
Property subtype
Residential / Multi Family
Zoning
R4
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 2BR/2BA, 4 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
12
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$12,500
Amenities
laundry hookups
common coin operated laundry room
through-the-wall AC units
Ceiling Fan(s), Window Unit(s)
No
Baseboard, Forced Air
Crawl Space
Carpet, Vinyl
Refrigerator, Dryer, Washer
Yes
2
In Hall
Pantry
Sidewalks, Street Lights
Building Details
Year Built
1971
Buildings
4
Listing Agency:
Lepic-Kroeger, REALTORS
Listed By:
Jeff Edberg · License #B33730000
(319) 331-6187
Source:
Compass
Added: Jun 7
Changed: Oct 28
Last Checked: Oct 28 at 4:39PM
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 Lepic-Kroeger, REALTORS
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Investment Insights
Based on property information with market context.
Built in 1971, this 5,880-square-foot multifamily property comprises 12 apartments in four buildings on two adjacent lots. The unit mix includes four two-bedroom, two-bath residences, four two-bedroom, one-bath residences, and four one-bedroom, one-bath residences. Two buildings contain four units each; the other two are duplexes. Zoning is R4. Each apartment has through-wall air conditioning and individual gas heat and water. The duplexes have washer and dryer hookups, while the four-unit buildings share a coin-operated laundry room.
The property sits on a cul-de-sac in Tiffin, about one-third of a mile from I-80. It is also one block south of Marengo Road and one block east of Clear Creek Middle School. A newer parking lot serves the buildings.
The property sits on a cul-de-sac in Tiffin, about one-third of a mile from I-80. It is also one block south of Marengo Road and one block east of Clear Creek Middle School. A newer parking lot serves the buildings.
Key Highlights
- 12 apartments across four buildings: two four‑unit buildings and two duplexes
- Unit mix: four 2 bed/2 bath, four 2 bed/1 bath, and four 1 bed/1 bath
- 5,880 square feet; built in 1971; R4 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$54,245
Cap Rate
3.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,084,900
$1.1M
Cap Rate 7%
$774,929
$774.9K
Cap Rate 9%
$602,722
$602.7K
Market Conditions
NOI Build-Up for 5,880 SF
Gross rent
$81.1K $13.80/SF
− Vacancy
−$3.7K −$0.62/SF
EGI
$77.5K $13.18/SF
− OpEx
−$23.2K −$3.95/SF
NOI
$54.2K $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%
$1,084,900
Cap Rate 7%
$774,929
Cap Rate 9%
$602,722
Alternative Uses
Best Use
Multifamily LT 5
$774.9K
$678.1K – $904.1K
NOI $54,245 @ 7.0% cap · market cap 3.95%
Second Best
Apartment 5plus
$718.5K
$628.7K – $838.3K
NOI $50,295 @ 7.0% cap · market cap 3.66%
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.
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Lease Details
12
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Multifamily property - A mix of one- and two-bedroom homes offers in-unit or shared laundry, depending on the building.
Where is this multifamily property located?
The property is located at 301 College Street Unit 303 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 apartments across four buildings: two four‑unit buildings and two duplexes; Unit mix: four 2 bed/2 bath, four 2 bed/1 bath, and four 1 bed/1 bath; 5,880 square feet; built in 1971; R4 zoning
