Two-Story Riverfront
For Sale
$395,000
503 N 3rd St, Keokuk, IA 52632
Four occupied units feature private screened porches, individual garage stalls, and leases extending through 2026.
Property Size2,040 SF
Price / SF$193.63
Days on Market57
Property Features for 503 N 3rd St
General Information
Standard status
Active
Size
2,040 SF
Total Parking Spaces
4
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$7,910
Amenities
screened-in porch
Building Details
Buildings
1
Stories
2
Listing Agency:
Vandenberg Real Estate
(319) 520-1993
Listed By:
Nate Ames · License #***
(319) 795-8644
Source:
Exprealty
Added: Aug 20
Changed: Oct 10
Last Checked: Oct 15 at 4:23AM
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 Vandenberg Real Estate
Investment Insights
Based on property information with market context.
This two-story quadplex contains four residential units, each arranged with two bedrooms, one full bathroom, one half bathroom, a kitchen, and a living room. Every unit also has a screened porch oriented toward the river and a dedicated garage stall, providing private outdoor space and off-street parking.
All four units are occupied under lease agreements that extend through 2026. The combination of four separate units, river views, individual garage accommodations, and established tenancy creates a clearly defined multifamily asset with an existing operating profile.
All four units are occupied under lease agreements that extend through 2026. The combination of four separate units, river views, individual garage accommodations, and established tenancy creates a clearly defined multifamily asset with an existing operating profile.
Key Highlights
- Four‑unit quadplex with two‑story construction and river views
- Each unit includes 2 bedrooms, 1 full bathroom, and 1 half bathroom
- Private screened porch overlooking the river for every unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,549
Cap Rate
4.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$330,980
$331.0K
Cap Rate 7%
$236,414
$236.4K
Cap Rate 9%
$183,878
$183.9K
Market Conditions
NOI Build-Up for 2,040 SF
Gross rent
$25.0K $12.24/SF
− Vacancy
−$1.3K −$0.65/SF
EGI
$23.6K $11.59/SF
− OpEx
−$7.1K −$3.48/SF
NOI
$16.5K $8.11/SF
Area
Lee County, IA
Vacancy
5.32%
Lease Rate
$12.24 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$330,980
Cap Rate 7%
$236,414
Cap Rate 9%
$183,878
Alternative Uses
Best Use
Multifamily LT 5
$236.4K
$206.9K – $275.8K
NOI $16,549 @ 7.0% cap · market cap 4.19%
Second Best
Apartment 5plus
$223.3K
$195.4K – $260.6K
NOI $15,633 @ 7.0% cap · market cap 3.96%
Theoretical Best
Mixed Use
$346.2K
$302.9K – $403.9K
NOI $24,235 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Explore this area
Business Placement
Demographics for 52632, IA
12,006
Population
5,793
Households
2.1
Avg Household Size
43
Median Age
20%
College-Educated
92%
High-School Grad
51.8 sq mi
ZIP Area
232
Density / Sq Mi
$52,547
Median Household Income
$32,407
Median Earnings
$803
Median Rent
$108,400
Median Home Value
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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?
Quadplex - Four occupied units feature private screened porches, individual garage stalls, and leases extending through 2026.
Where is this quadplex located?
The property is located at 503 N 3rd St Keokuk, IA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Four‑unit quadplex with two‑story construction and river views; Each unit includes 2 bedrooms, 1 full bathroom, and 1 half bathroom; Private screened porch overlooking the river for every unit
