Two-Story Quadplex with River
New
For Sale
$395,000
503 N 3rd St, Keokuk, IA 52632
Residential Income, Keokuk, IA
Property Size2,040 SF
Price / SF$193.63
Days on Market2
Property Features for 503 N 3rd St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Directions
Turn north onto 3rd St. from Main St. Travel 5 blocks, property is on the corner of 3rd & Fulton. Sign will be in the yard
Standard status
Active
APN
044522303100080
Size
2,040 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
503 NO 3RD #616 KKK PCL A LYG IN LOT 7-12 BLK 54
Tax Annual Amount
7910
Legal Description
503 NO 3RD #616 KKK PCL A LYG IN LOT 7-12 BLK 54
Utilities
Heating system
Forced Air
Water source
Public
Amenities
screened-in porch
Building Details
Year built
1992
Floors in Building
2
Number of units
4
Building materials
Vinyl Siding
Listing Agency:
Vandenberg Real Estate
(319) 520-1993
Listed By:
Nate Ames · License #***
(319) 795-8644
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 6:06PM
MLS# 6341811
Copyright © 2026 NoCoast MLS. 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 two-story quadplex contains 2,040 square feet and was built in 1992. The property includes four residential units, each arranged with two bedrooms, one full bathroom, one half bathroom, a kitchen, and a living room. Screened porches provide private outdoor space with river views, while individual garage stalls serve each unit. Vinyl siding, forced-air heating, and public water are among the property features.
All four units are occupied, with lease agreements in place through 2026. The property is located at 503 N 3rd St in Keokuk, Iowa, within Lee County and ZIP Code 52632.
All four units are occupied, with lease agreements in place through 2026. The property is located at 503 N 3rd St in Keokuk, Iowa, within Lee County and ZIP Code 52632.
Key Highlights
- Four‑unit residential property with 2,040 square feet
- Each unit includes 2 bedrooms, 1 full bathroom, and 1 half bathroom
- Private screened porch and river views accompany every unit
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
$16,549
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
4.19%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four occupied units offer 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 residential property with 2,040 square feet; Each unit includes 2 bedrooms, 1 full bathroom, and 1 half bathroom; Private screened porch and river views accompany every unit
