3-Unit Triplex with Updated
New
For Sale
$275,000
305 N 2ND Street, Council Bluffs, IA 51503
MultiFamily, COUNCIL BLUFFS, IA
Property Size3,303 SF
Lot Size0.20 Acres
Price / SF$83.26
Days on Market3
Property Features for 305 N 2ND Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 1, Bedroom 4
Exterior features
Stucco
Appliances
Refrigerator, Range, Dishwasher, Washer, Dryer, Refrigerator, Range, Dishwasher, Washer, Dryer
Elementary school
Hoover
Middle school
Gerald W Kirn
High school
Abraham Lincoln
Directions
2nd St and W. Kanesville Blvd. North to home.
Subdivision
Area 7
Standard status
Active
APN
7544 25 407 006
Size
3,303 SF
Lot size
0.20 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Description
FLEMING SUB LT 4 AND 4 FT VAC ALLEY
Legal Description
FLEMING SUB LT 4 AND 4 FT VAC ALLEY
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1900
Number of units
3
Roof type
Composition
Listing Agency:
Better Homes and Gardens Real Estate The Good Life Group
(402) 932-5989
Listed By:
Lisa Marie Pringle · License #S65916000
(402) 660-9078
Added: Oct 31
Changed: Nov 1
Last Checked: Nov 2 at 2:06PM
MLS# 26-2398
Copyright © 2026 Southwest Iowa Association 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.
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Investment Insights
Based on property information with market context.
This 3,303-square-foot triplex in Council Bluffs contains two 2-bedroom, 1-bathroom units and a lower-level studio. Each unit has its own kitchen, bathroom, and laundry. The upper apartment has been remodeled and includes a gas range and dishwasher; the main-level unit features an eat-in kitchen and front porch. Improvements since 2022 include HVAC, upper windows, a roof, water heaters, and a mini-split AC system. The property recently passed a city inspection.
Built around 1900 on a 0.20-acre lot, the property also includes a 1-car garage, off-street parking, and a storage shed. The upper unit is furnished and operates on monthly leases; the other two units are month-to-month.
Built around 1900 on a 0.20-acre lot, the property also includes a 1-car garage, off-street parking, and a storage shed. The upper unit is furnished and operates on monthly leases; the other two units are month-to-month.
Key Highlights
- Three units: two 2‑bedroom, 1‑bathroom apartments and a lower‑level studio
- 3,303 square feet on a 0.20‑acre lot
- Each unit has its own kitchen, bathroom, and laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,722
Cap Rate
8.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$494,440
$494.4K
Cap Rate 7%
$353,171
$353.2K
Cap Rate 9%
$274,689
$274.7K
Market Conditions
NOI Build-Up for 3,303 SF
Gross rent
$48.8K $14.76/SF
− Vacancy
−$3.8K −$1.15/SF
EGI
$44.9K $13.61/SF
− OpEx
−$20.2K −$6.12/SF
NOI
$24.7K $7.48/SF
Area
Pottawattamie County, IA
Vacancy
7.80%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$494,440
Cap Rate 7%
$353,171
Cap Rate 9%
$274,689
Alternative Uses
Best Use
Multifamily LT 5
$385.3K
$337.2K – $449.6K
NOI $26,974 @ 7.0% cap · market cap 9.81%
Second Best
Apartment 5plus
$353.2K
$309.0K – $412.0K
NOI $24,722 @ 7.0% cap · market cap 8.99%
Theoretical Best
Office A
$630.8K
$552.0K – $735.9K
NOI $44,156 @ 7.0% cap · market cap 16.06%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,428
Businesses Nearby
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Business Placement
Demographics for 51503, IA
37,330
Population
16,154
Households
2.3
Avg Household Size
41
Median Age
30%
College-Educated
94%
High-School Grad
121.7 sq mi
ZIP Area
307
Density / Sq Mi
$76,064
Median Household Income
$46,986
Median Earnings
$964
Median Rent
$252,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three separate kitchens, bathrooms, and laundry setups serve a mix of two-bedroom apartments and a studio.
Where is this triplex located?
The property is located at 305 N 2ND Street Council Bluffs, IA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Three units: two 2‑bedroom, 1‑bathroom apartments and a lower‑level studio; 3,303 square feet on a 0.20‑acre lot; Each unit has its own kitchen, bathroom, and laundry
