Split-Level Duplex with
New
For Sale
$299,950
409 S 7th Avenue, Iowa City, IA 52245
MULTI_FAMILY - Iowa City, IA
Property Size1,146 SF
Lot Size0.02 Acres
Price / SF$261.74
Days on Market2
Property Features for 409 S 7th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
2
Rooms
Bedroom 2, Bedroom 1
Parking
3
Elementary school
Longfellow
Middle school
Southeast
High school
City
Directions
S on N Dodge St, E on E Jefferson St, continue onto Glendale Rd, S on 7th Ave, corner of 7th Ave and E Court St
Subdivision
Iowa City/Coralville
Standard status
Active
APN
1014201001
Size
1,146 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Description
As per legal
Tax Annual Amount
4680
Legal Description
As per legal
Amenities
in-unit laundry and appliances
Building Details
Year built
1992
Number of units
2
Building materials
Frame
Listing Agency:
GRAF REAL ESTATE, ERA POWERED · ERA Real Estate
(319) 826-1861
Listed By:
Mike Graf-Graf Home Selling Team
(319) 981-3702
Added: Aug 3
Last Checked: Aug 4 at 6:06AM
MLS# 2605493
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 1,146-square-foot split-level duplex contains two separate rentable units, with a two-bedroom, one-bath layout upstairs and a distinct lower-level unit. Each level includes its own laundry and appliances, while separate entrances support independent access. The property was built in 1992 with frame construction and includes an attached one-stall garage serving the lower level.
An additional one-stall garage on the neighboring lot provides workshop or storage space. The 0.019-acre corner-lot property also has driveway parking and a yard suitable for gardening or outdoor use. Both units are occupied under month-to-month leases, and the layout can accommodate an owner occupant in one unit while the other remains rented. The property is near downtown Iowa City, parks, the University of Iowa, shopping, dining, and entertainment.
An additional one-stall garage on the neighboring lot provides workshop or storage space. The 0.019-acre corner-lot property also has driveway parking and a yard suitable for gardening or outdoor use. Both units are occupied under month-to-month leases, and the layout can accommodate an owner occupant in one unit while the other remains rented. The property is near downtown Iowa City, parks, the University of Iowa, shopping, dining, and entertainment.
Key Highlights
- Two‑unit split‑level duplex totaling 1,146 square feet
- Upper unit includes 2 bedrooms and 1 bathroom
- Separate in‑unit laundry and appliances for each level
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $15.8k | $13.80 |
| − Vacancy | −$712 | −$0.62 |
| EGI | $15.1k | $13.18 |
| − OpEx | −$4.5k | −$3.95 |
| NOI | $10.6k | $9.23 |
1,146 SF · lease $13.80/SF/yr · vacancy 4.50% · expense 30.00%
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
100%
Occupancy
Multi-tenant
Tenancy
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 tenant-occupied units offer separate laundry, appliances, entrances, and flexible owner-occupant or rental use.
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‑unit split‑level duplex totaling 1,146 square feet; Upper unit includes 2 bedrooms and 1 bathroom; Separate in‑unit laundry and appliances for each level
