Move-In Ready First Floor
For Sale
$221,000
3415 EASTERN Avenue ##102, Davenport, IA 52807
First-floor condo with open floor plan, modern kitchen, and patios.
Property Size1,341 SF
Lot Size0.02 Acres
Days on Market370
Property Features for 3415 EASTERN Avenue ##102
General Information
Standard status
Active
Size
1,341 SF
Lot size
0.02 Acres
Property subtype
Single Family Detached
Amenities
Cable Ready
Forced Air
Central Air
Natural Gas
Dishwasher
Disposal
Microwave
Range
Refrigerator
Patio, Water Front, Cable Available
Building Details
Building Size
1,341 SF
Year Built
2006
Listing Agency:
(309) 314-2499
Listed By:
Lisa DeLoose · License #475
(309) 314-2499
Source:
Kw
Added: Aug 26, 2025
Changed: Aug 21
Last Checked: Aug 29 at 5:22PM
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 Lisa DeLoose
Investment Insights
Based on property information with market context.
This first-floor condo features an open floor plan with a kitchen equipped with cherry cabinets and appliances. The great room has 9-foot ceilings with crown molding. The living room includes a fireplace, and the dining room provides access to a private covered and gated patio via sliding glass doors. The property includes two large bedrooms and two full bathrooms, along with a separate laundry room. The master bedroom features a door to an additional private covered and gated patio, two closets, and a master bathroom. A parking garage is located under the building, offering a private storage area and elevator access to the floor. The unit has been repainted throughout and features newer carpet in the living room and dining room. It is located in Davenport, IL.
Key Highlights
- First‑floor condo with elevator access from the parking garage
- Private, covered, and gated patio accessible from both the dining room and master bedroom
- Open floor plan featuring a gorgeous kitchen with cherry cabinets and included appliances
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
$10,783
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
4.88%
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%
$215,660
$215.7K
Cap Rate 7%
$154,043
$154.0K
Cap Rate 9%
$119,811
$119.8K
Market Conditions
NOI Build-Up for 1,341 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
$21.1K $15.72/SF
− Vacancy
−$1.5K −$1.10/SF
EGI
$19.6K $14.62/SF
− OpEx
−$8.8K −$6.58/SF
NOI
$10.8K $8.04/SF
Area
Davenport, IA
Vacancy
7.00%
Lease Rate
$15.72 /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%
$215,660
Cap Rate 7%
$154,043
Cap Rate 9%
$119,811
Alternative Uses
Best Use
Apartment 5plus
$154.0K
$134.8K – $179.7K
NOI $10,783 @ 7.0% cap · market cap 4.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$289.4K
$253.3K – $337.7K
NOI $20,260 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
807
Businesses Nearby
Explore this area
Business Placement
Demographics for 52807, IA
15,851
Population
8,136
Households
1.9
Avg Household Size
40
Median Age
43%
College-Educated
94%
High-School Grad
28.6 sq mi
ZIP Area
554
Density / Sq Mi
$71,866
Median Household Income
$44,203
Median Earnings
$910
Median Rent
$323,900
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 - First-floor condo with open floor plan, modern kitchen, and patios.
Where is this apartment building located?
The property is located at 3415 EASTERN Avenue ##102 Davenport, IA.
What is the asking price?
The asking price for this property is $221,000.
What are key features of this property?
This property features: First‑floor condo with elevator access from the parking garage; Private, covered, and gated patio accessible from both the dining room and master bedroom; Open floor plan featuring a gorgeous kitchen with cherry cabinets and included appliances
