Fully Occupied 3-Unit
New
For Sale
$275,000
3820 ORLEANS AVE, Sioux City, IA 51106
MULTI_FAMILY - Sioux City, IA
Property Size2,476 SF
Lot Size0.14 Acres
Price / SF$111.07
Days on Market3
Property Features for 3820 ORLEANS AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
res
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 5, Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 1
Directions
Maps
Subdivision
Mside Central
Standard status
Active
APN
884706208007
Size
2,476 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
GARRETSON PLACE LOT 12 BLK 2
Tax Annual Amount
2740
Legal Description
GARRETSON PLACE LOT 12 BLK 2
Building Details
Year built
1900
Number of units
3
Listing Agency:
Gateway Real Estate Advisors
(712) 226-8000
Listed By:
Nic Madsen · License #21571
(712) 540-6562
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 8 at 12:06PM
MLS# 834124
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 2,476-square-foot triplex contains three residential units: two apartments with 2 bedrooms and 1 bathroom each, plus a 1-bedroom, 1-bathroom apartment. The upper unit has been recently updated. Built in 1900, the property sits on a 0.14-acre lot and is classified residential under res zoning. All three units are occupied, providing an established operating profile for a multifamily owner.
The property is located near Morningside University in Sioux City, Iowa. The owner pays water, trash, and gas expenses. The unit mix combines two two-bedroom residences with a one-bedroom residence, offering varied layouts within a compact multifamily asset.
The property is located near Morningside University in Sioux City, Iowa. The owner pays water, trash, and gas expenses. The unit mix combines two two-bedroom residences with a one-bedroom residence, offering varied layouts within a compact multifamily asset.
Key Highlights
- 3‑unit triplex with all units occupied
- 2,476 square feet on a 0.14‑acre lot
- Unit mix includes two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath 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
$18,820
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
6.84%
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%
$376,400
$376.4K
Cap Rate 7%
$268,857
$268.9K
Cap Rate 9%
$209,111
$209.1K
Market Conditions
NOI Build-Up for 2,476 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
$28.2K $11.40/SF
− Vacancy
−$1.3K −$0.54/SF
EGI
$26.9K $10.86/SF
− OpEx
−$8.1K −$3.26/SF
NOI
$18.8K $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%
$376,400
Cap Rate 7%
$268,857
Cap Rate 9%
$209,111
Alternative Uses
Best Use
Multifamily LT 5
$268.9K
$235.3K – $313.7K
NOI $18,820 @ 7.0% cap · market cap 6.84%
Second Best
Apartment 5plus
$248.4K
$217.3K – $289.8K
NOI $17,387 @ 7.0% cap · market cap 6.32%
Theoretical Best
Specialty Retail
$372.1K
$325.6K – $434.1K
NOI $26,044 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
373
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Residential income property with two larger units, one smaller unit, and recent improvements to the upper residence.
Where is this triplex located?
The property is located at 3820 ORLEANS AVE Sioux City, 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: 3‑unit triplex with all units occupied; 2,476 square feet on a 0.14‑acre lot; Unit mix includes two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
