9-Unit Rooming
For Sale
$329,900
416 S Dodge Street, Iowa City, IA 52240
Most rooms have kitchenettes, with two shared kitchens, three bathrooms, and rear off-street parking.
Property Size3,032 SF
Price / SF$108.81
Days on Market66
Property Features for 416 S Dodge Street
General Information
Standard status
Active
Size
3,032 SF
Property subtype
Multi-Family
Zoning
RM-12
Taxes and HOA fees
Annual Taxes
$7,834
Amenities
Block,Partial,Unfinished
EngineeredWood,Vinyl,Laminate
LowerLevel,MainLevel
Other,CableAvailable,RearStairs
3032.0
0.0
50 x 159
OffStreet
Garden,FrontPorch
Building Details
Year Built
1900
Stories
2
Listing Agency:
Edge Realty Group
(319) 393-0900
Listed By:
Jaime Hymer
(319) 651-9617
Source:
Pinnaclerealtyia
Added: Jul 29
Changed: Oct 1
Last Checked: Oct 1 at 8:51AM
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 Edge Realty Group
Investment Insights
Based on property information with market context.
This 3,032-square-foot rooming house in Iowa City has nine units, with kitchenettes in most rooms, two main kitchens, and three bathrooms. Updates were made within the past three years, though the property also needs repairs. A broken water pipe is noted in a kitchen closet area, and the city inspection identified routine repairs. Gas, electricity, and water are off; the boiler and plumbing have not been evaluated.
Key Highlights
- Nine‑unit rooming house with 3,032 square feet
- Kitchenettes in most rooms, plus 2 main kitchens and 3 bathrooms
- Rear off‑street parking accessed from the city alley
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
$25,935
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
7.86%
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%
$518,700
$518.7K
Cap Rate 7%
$370,500
$370.5K
Cap Rate 9%
$288,167
$288.2K
Market Conditions
NOI Build-Up for 3,032 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
$49.1K $16.20/SF
− Vacancy
−$2.0K −$0.65/SF
EGI
$47.2K $15.55/SF
− OpEx
−$21.2K −$7.00/SF
NOI
$25.9K $8.55/SF
Area
Johnson County, IA
Vacancy
4.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$518,700
Cap Rate 7%
$370,500
Cap Rate 9%
$288,167
Alternative Uses
Best Use
Apartment 5plus
$370.5K
$324.2K – $432.3K
NOI $25,935 @ 7.0% cap · market cap 7.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$658.7K
$576.3K – $768.4K
NOI $46,106 @ 7.0% cap · market cap 13.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,570
Businesses Nearby
Explore this area
Business Placement
Demographics for 52240, IA
34,224
Population
17,035
Households
2
Avg Household Size
29
Median Age
47%
College-Educated
94%
High-School Grad
142.1 sq mi
ZIP Area
241
Density / Sq Mi
$55,189
Median Household Income
$25,508
Median Earnings
$1,065
Median Rent
$241,100
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Most rooms have kitchenettes, with two shared kitchens, three bathrooms, and rear off-street parking.
Where is this apartment building located?
The property is located at 416 S Dodge Street Iowa City, IA.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Nine‑unit rooming house with 3,032 square feet; Kitchenettes in most rooms, plus 2 main kitchens and 3 bathrooms; Rear off‑street parking accessed from the city alley
