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 Market148
Property Features for 409 S 7th Avenue
General Information
Standard status
Active
Size
1,146 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
2
Building Details
Year Built
1992
Listing Agency:
GRAF REAL ESTATE,ERA POWERED
Listed By:
Mike Graf-Graf Home Selling Team
(319) 981-3702
Source:
Cbhrealty
Added: May 22
Changed: Oct 15
Last Checked: Oct 15 at 12:03AM
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 GRAF REAL ESTATE,ERA POWERED
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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 / Yr
$10,572
Cap Rate
3.52%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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
