Two-Unit Multifamily
For Sale
$165,000
366 7th Avenue SW, Cedar Rapids, IA 52404
Both residences offer two-bedroom, one-bath layouts with updates.
Property Size1,352 SF
Price / SF$122.04
Days on Market14
Property Features for 366 7th Avenue SW
General Information
Standard status
Active
Size
1,352 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
Multi
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,135
Amenities
Full
Yes
Public
0.179
3
7815
Parking Space(s)
Building Details
Year Built
1900
Listing Agency:
Realty87
(319) 393-0900
Listed By:
Doug McAllister
(319) 350-9476
Source:
Pinnaclerealtyia
Added: Sep 9
Changed: Sep 21
Last Checked: Sep 22 at 1:47PM
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 Realty87
Investment Insights
Based on property information with market context.
This duplex contains 1,352 square feet arranged as two residential units. Each residence provides two bedrooms and one bathroom, with updates completed over time. The property was built in 1900 and has remained occupied by long-term tenants.
Located at 366 7th Avenue SW in Cedar Rapids, the property carries Multi zoning. Its two-unit configuration and established occupancy provide a straightforward multifamily asset for continued rental operation.
Located at 366 7th Avenue SW in Cedar Rapids, the property carries Multi zoning. Its two-unit configuration and established occupancy provide a straightforward multifamily asset for continued rental operation.
Key Highlights
- Two residential units within 1,352 square feet
- Each unit includes 2 beds and 1 bath
- Multi zoning supports the property’s multifamily classification
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
$11,814
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
7.16%
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%
$236,280
$236.3K
Cap Rate 7%
$168,771
$168.8K
Cap Rate 9%
$131,267
$131.3K
Market Conditions
NOI Build-Up for 1,352 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
$18.2K $13.44/SF
− Vacancy
−$1.3K −$0.96/SF
EGI
$16.9K $12.48/SF
− OpEx
−$5.1K −$3.74/SF
NOI
$11.8K $8.74/SF
Area
Cedar Rapids, IA
Vacancy
7.12%
Lease Rate
$13.44 /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%
$236,280
Cap Rate 7%
$168,771
Cap Rate 9%
$131,267
Alternative Uses
Best Use
Multifamily LT 5
$168.8K
$147.7K – $196.9K
NOI $11,814 @ 7.0% cap · market cap 7.16%
Second Best
Apartment 5plus
$155.6K
$136.2K – $181.6K
NOI $10,895 @ 7.0% cap · market cap 6.60%
Theoretical Best
Specialty Retail
$195.7K
$171.2K – $228.3K
NOI $13,697 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,648
Businesses Nearby
Explore this area
Business Placement
Demographics for 52404, IA
43,385
Population
19,923
Households
2.2
Avg Household Size
35
Median Age
22%
College-Educated
94%
High-School Grad
56.6 sq mi
ZIP Area
767
Density / Sq Mi
$62,304
Median Household Income
$38,865
Median Earnings
$885
Median Rent
$159,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Both residences offer two-bedroom, one-bath layouts with updates.
Where is this duplex located?
The property is located at 366 7th Avenue SW Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: Two residential units within 1,352 square feet; Each unit includes 2 beds and 1 bath; Multi zoning supports the property’s multifamily classification
