6-Unit Multifamily Apartment
504 2nd Ave Coralville, IA 52241
504 2nd Ave, Coralville, IA, 52241
$1,150,000
For Sale
$1,150,000
Well-maintained 6-unit multifamily with an excellent rental history near major employers, shopping, and transit corridors.
Property Size4,488 SF
Price / SF$256.24
Days on Market9
Property Features for 504 2nd Ave
General Information
- Standard status
- Active
- Size
- 4,488 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1983
Listing agency
Miehe Commercial Real Estate
(319) 981-2378
Listed by
Kyle Steele
(319) 981-2378
Source
Pinnaclerealtyia
Added: Jul 15 Updated: Jul 23 at 2:54AM Checked: Jul 23 at 2:54AM
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 Miehe Commercial Real Estate
Investment Insights
Based on property information with market context.
504 2nd Ave is a well-maintained 6-unit multifamily property offered as part of a bundled portfolio. The building is presented with an excellent rental history, supporting steady income performance within the package.
The property is described as ideally located near Iowa River Landing and University of Iowa Hospitals & Clinics, as well as Kinnick Stadium. Additional nearby conveniences referenced include restaurants, coffee shops, bus lines, and major interstates.
This offering is positioned for investors seeking a diversified portfolio across multiple properties, while each asset remains individually purchasable within the overall package.
The property is described as ideally located near Iowa River Landing and University of Iowa Hospitals & Clinics, as well as Kinnick Stadium. Additional nearby conveniences referenced include restaurants, coffee shops, bus lines, and major interstates.
This offering is positioned for investors seeking a diversified portfolio across multiple properties, while each asset remains individually purchasable within the overall package.
Key Highlights
- Year built 1983 with 2,244 SF above‑grade finished area
- 2,244 SF below‑grade finished area with slab basement
- Interior includes kitchen and dining room combination
Local 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 | $61.9k | $13.80 |
| − Vacancy | −$2.8k | −$0.62 |
| EGI | $59.1k | $13.18 |
| − OpEx | −$17.7k | −$3.95 |
| NOI | $41.4k | $9.23 |
4,488 SF · lease $13.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$591.5K
$517.5K – $690.1K
NOI $41,403 @ 7.0% cap · market cap 3.60%
Second Best
Apartment 5plus
$548.4K
$479.9K – $639.8K
NOI $38,389 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$974.9K
$853.1K – $1.14M
NOI $68,246 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Well-maintained 6-unit multifamily with an excellent rental history near major employers, shopping, and transit corridors.
Where is this duplex located?
The property is located at 504 2nd Ave Coralville, IA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Year built 1983 with 2,244 SF above‑grade finished area; 2,244 SF below‑grade finished area with slab basement; Interior includes kitchen and dining room combination
