Split-Level Duplex with Two
For Sale
$299,950
409 S 7th Avenue, Iowa City, IA 52245
Two separate units include private laundry, appliances, and direct access from distinct entrances.
Property Size1,146 SF
Price / SF$261.74
Days on Market9
Property Features for 409 S 7th Avenue
General Information
Standard status
Active
Size
1,146 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
Res
Net Operating Income
$1,300
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,680
Amenities
Full
Yes
In Unit
Storage
Public
0.019
3
125 X 50
Parking Space(s)
Building Details
Year Built
1992
Listing Agency:
AWRE - Commercial & Development
(319) 540-2744
Listed By:
Jami Gordon
(319) 540-2744
Source:
Pinnaclerealtyia
Added: Aug 3
Changed: Aug 11
Last Checked: Aug 11 at 4:52AM
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 AWRE - Commercial & Development
Investment Insights
Based on property information with market context.
This 1,146-square-foot split-level duplex is configured as two separate rentable units. The upper level includes two bedrooms and one bathroom, while the lower level provides a one-bedroom/studio layout. Each unit has its own laundry and appliances, with separate entrances serving the upper and lower levels. One attached one-stall garage provides access to the lower unit, and a second one-stall garage on the neighboring lot offers additional workshop or storage space. The property also includes driveway parking and a manageable yard suitable for gardening or outdoor use.
Built in 1992 and situated on a corner lot, the property is currently occupied by tenants on month-to-month leases. Its Iowa City setting places the property minutes from downtown, parks, and the University of Iowa, with shopping, dining, and entertainment nearby.
Built in 1992 and situated on a corner lot, the property is currently occupied by tenants on month-to-month leases. Its Iowa City setting places the property minutes from downtown, parks, and the University of Iowa, with shopping, dining, and entertainment nearby.
Key Highlights
- Two rentable units in a split‑level configuration
- Upper unit includes 2 bedrooms and 1 bathroom
- Each unit has private laundry and 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
$10,572
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
3.52%
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%
$211,440
$211.4K
Cap Rate 7%
$151,029
$151.0K
Cap Rate 9%
$117,467
$117.5K
Market Conditions
NOI Build-Up for 1,146 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
$15.8K $13.80/SF
− Vacancy
−$712 −$0.62/SF
EGI
$15.1K $13.18/SF
− OpEx
−$4.5K −$3.95/SF
NOI
$10.6K $9.23/SF
Area
Johnson County, IA
Vacancy
4.50%
Lease Rate
$13.80 /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%
$211,440
Cap Rate 7%
$151,029
Cap Rate 9%
$117,467
Alternative Uses
Best Use
Multifamily LT 5
$151.0K
$132.2K – $176.2K
NOI $10,572 @ 7.0% cap · market cap 3.52%
Second Best
Apartment 5plus
$140.0K
$122.5K – $163.4K
NOI $9,802 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$249.0K
$217.8K – $290.5K
NOI $17,427 @ 7.0% cap · market cap 5.81%
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
443
Businesses Nearby
Explore this area
Business Placement
Demographics for 52245, IA
21,874
Population
10,210
Households
2.1
Avg Household Size
34
Median Age
68%
College-Educated
99%
High-School Grad
8.4 sq mi
ZIP Area
2,604
Density / Sq Mi
$75,876
Median Household Income
$30,273
Median Earnings
$1,215
Median Rent
$293,300
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 - Two separate units include private laundry, appliances, and direct access from distinct entrances.
Where is this duplex located?
The property is located at 409 S 7th Avenue Iowa City, IA.
What is the asking price?
The asking price for this property is $299,950.
What are key features of this property?
This property features: Two rentable units in a split‑level configuration; Upper unit includes 2 bedrooms and 1 bathroom; Each unit has private laundry and appliances
