Two-Unit
New
For Sale
$165,000
366 7th Avenue SW, Cedar Rapids, IA 52404
Multi-Family, Cedar Rapids, IA
Property Size1,352 SF
Lot Size0.18 Acres
Price / SF$122.04
Days on Market1
Property Features for 366 7th Avenue SW
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi
Bedrooms
4
Rooms
Bedroom 3, Bedroom 1, Bedroom 2, Bedroom 4
Parking
3
Elementary school
Taylor
Middle school
Wilson
High school
Jefferson
Directions
6TH ST SW TO 7TH AVE SW
Subdivision
SW Quadrant
Standard status
Active
APN
14283-28010-00000
Size
1,352 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
MURRAY'S 3RD LOT 5 & S 50' E 7.5' STR/LB 6 14 or as per abstract
Tax Annual Amount
2135
Legal Description
MURRAY'S 3RD LOT 5 & S 50' E 7.5' STR/LB 6 14 or as per abstract
Building Details
Year built
1900
Number of units
2
Building materials
Frame
Listing Agency:
Keller Williams Legacy Group · Keller Williams Realty
(319) 423-4139
Listed By:
Kristie Freese
(319) 310-4196
Added: Sep 8
Last Checked: Sep 8 at 12:06PM
MLS# 2606280
Copyright © 2026 Cedar Rapids Area 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.
Investment Insights
Based on property information with market context.
This two-unit duplex at 366 7th Avenue SW contains 1,352 square feet within a frame-built structure dating to 1900. Each residence is configured with two bedrooms and one bathroom, providing a straightforward layout for residential rental use. The property carries Multi zoning and sits on a 0.179-acre lot.
Both units have been occupied by long-term tenants, providing an established rental history. The property is located in Cedar Rapids, Iowa, within Linn County and the 52404 ZIP code.
Both units have been occupied by long-term tenants, providing an established rental history. The property is located in Cedar Rapids, Iowa, within Linn County and the 52404 ZIP code.
Key Highlights
- Two‑unit duplex with 1,352 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Long‑term tenants occupy both units
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Both residences offer two bedrooms, one bathroom, and established tenant occupancy.
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‑unit duplex with 1,352 square feet; Each unit includes 2 bedrooms and 1 bathroom; Long‑term tenants occupy both units
