Updated Duplex with
For Sale
$250,000
3427 Garretson Ave, Sioux City, IA 51106
MULTI_FAMILY - Sioux City, IA
Property Size2,334 SF
Lot Size0.27 Acres
Price / SF$107.11
Days on Market11
Property Features for 3427 Garretson Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NC.4
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bedroom 1, Bedroom 3, Bedroom 4, Bedroom 5, Bathroom 2
Elementary school
Spalding
Middle school
East Middle
High school
East High
Subdivision
Mside North
Standard status
Active
APN
884706132010
Size
2,334 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PETERS PLACE EX W 6 FT LOT 20 & L OT 21 & EX E 20 FT L OT 22 BLK K
Tax Annual Amount
3986
Legal Description
PETERS PLACE EX W 6 FT LOT 20 & L OT 21 & EX E 20 FT L OT 22 BLK K
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1920
Number of units
2
Listing Agency:
Century 21 ProLink
(712) 224-2300
Listed By:
Eric Banks
(712) 898-8605
Added: Aug 1
Changed: Aug 11
Last Checked: Aug 11 at 7:06PM
MLS# 834040
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.
This two-unit duplex contains 2,334 square feet arranged as an upper and lower residence. The lower unit has three bedrooms, while the upper unit includes two bedrooms. Both units provide living space, kitchens, bathrooms, and refrigerators, stoves, washers, and dryers. The property has received exterior and interior improvements, including siding, shingles, gutters, windows, fresh paint, and new carpeting. Heating is provided by forced air, with central air conditioning.
Each residence has its own furnace and air-conditioning system, and utilities are metered separately. An oversized attached one-stall garage adds on-site parking and storage. The 0.2683-acre property is located next to Morningside University in Sioux City, Iowa, and is zoned NC.4. Built in 1920, the duplex offers a defined two-unit configuration with separate mechanical and utility systems.
Each residence has its own furnace and air-conditioning system, and utilities are metered separately. An oversized attached one-stall garage adds on-site parking and storage. The 0.2683-acre property is located next to Morningside University in Sioux City, Iowa, and is zoned NC.4. Built in 1920, the duplex offers a defined two-unit configuration with separate mechanical and utility systems.
Key Highlights
- 2,334‑square‑foot up‑and‑down duplex with three bedrooms downstairs and two bedrooms upstairs
- New interior paint and carpeting, plus completed siding, shingles, gutters, and window improvements
- Separate furnace and central air‑conditioning systems for each unit
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
$17,741
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
7.10%
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%
$354,820
$354.8K
Cap Rate 7%
$253,443
$253.4K
Cap Rate 9%
$197,122
$197.1K
Market Conditions
NOI Build-Up for 2,334 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
$26.6K $11.40/SF
− Vacancy
−$1.3K −$0.54/SF
EGI
$25.3K $10.86/SF
− OpEx
−$7.6K −$3.26/SF
NOI
$17.7K $7.60/SF
Area
Woodbury County, IA
Vacancy
4.75%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
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%
$354,820
Cap Rate 7%
$253,443
Cap Rate 9%
$197,122
Alternative Uses
Best Use
Multifamily LT 5
$253.4K
$221.8K – $295.7K
NOI $17,741 @ 7.0% cap · market cap 7.10%
Second Best
Apartment 5plus
$234.1K
$204.9K – $273.2K
NOI $16,390 @ 7.0% cap · market cap 6.56%
Theoretical Best
Specialty Retail
$350.7K
$306.9K – $409.2K
NOI $24,551 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
428
Businesses Nearby
Explore this area
Business Placement
Demographics for 51106, IA
28,655
Population
11,681
Households
2.5
Avg Household Size
35
Median Age
27%
College-Educated
93%
High-School Grad
33.5 sq mi
ZIP Area
855
Density / Sq Mi
$74,486
Median Household Income
$40,495
Median Earnings
$1,080
Median Rent
$186,300
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?
Duplex - Up-and-down two-unit property with separate mechanical systems, individual utility metering, and included kitchen appliances.
Where is this duplex located?
The property is located at 3427 Garretson Ave Sioux City, IA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 2,334‑square‑foot up‑and‑down duplex with three bedrooms downstairs and two bedrooms upstairs; New interior paint and carpeting, plus completed siding, shingles, gutters, and window improvements; Separate furnace and central air‑conditioning systems for each unit
