Flat-Style Condo with Rental
4391 Berkeley Ln, Iowa City, IA 52245
2 bed, 2 bath condo near trails and downtown.
Type:Multi-Family
Property size:
1,150 SFPrice / SF:
$152/SF- Added:
- Apr 19, 2026
- Days on Market:
- 44
- Last Refresh:
- May 28 at 11:34 pm
Property Features for 4391 Berkeley Ln
General Information
- Standard status
- Active
- Size
- 1,150 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 2003
Listing agent Tim Lehman
Listing office Edge Realty Group (319) 351-3355
Listing date Apr 19, 2026
Source Xome
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
HighLights
- Rented for $1,250 until 7/23/2027, providing immediate rental income.
- Detached 2‑car garage, a significant value‑add for renters.
- Functional 2 bed, 2 bath layout, including a primary suite with private bath, ideal for tenant comfort.
- Screened porch overlooking open green space, adding desirable outdoor living space.
- Convenient location near walking trails and on a bus route with easy access to downtown.
- Spacious living room with a gas fireplace.
Overview
This flat-style condo presents an investment opportunity with a functional layout featuring 2 bedrooms and 2 bathrooms. The primary suite includes a private bath. The living room is spacious and equipped with a gas fireplace. The kitchen, complete with a breakfast bar, flows into a dedicated dining area. A screened porch provides outdoor living space and overlooks open green space. A detached 2-car garage is included. The property is located near walking trails and is on a bus route that provides access to downtown. The property is rented for $1,250 until 7/23/2027. Closing is scheduled to take place in August. Showings require 24-hour notice.
Local Financial Insights For Apartment 5plus
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 | $18.6k | $16.20 |
| − Vacancy | −$745 | −$0.65 |
| EGI | $17.9k | $15.55 |
| − OpEx | −$8.0k | −$7.00 |
| NOI | $9.8k | $8.55 |
1,150 SF · lease $16.20/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$140.5K
$123.0K – $164.0K
NOI $9,837 @ 7.0% cap · market cap 5.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$249.8K
$218.6K – $291.5K
NOI $17,487 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Multifamily properties
Location Insight
- Map
- Local Demand
- City
- Iowa City
- County
- Johnson
- State
- Iowa
- Longitude
- -91.4714181
- Latitude
- 41.656522
Nearby Similar for Sale
FAQs
What type of property is this?
Multifamily property - 2 bed, 2 bath condo near trails and downtown.
Where is this multifamily property located?
The property is located at 4391 Berkeley Ln Iowa City, IA.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Rented for $1,250 until 7/23/2027, providing immediate rental income.; Detached 2‑car garage, a significant value‑add for renters.; Functional 2 bed, 2 bath layout, including a primary suite with private bath, ideal for tenant comfort.
