6-Unit Multifamily Apartment
For Sale
$725,000
504 2nd Avenue, Coralville, IA 52241
Well-maintained 6-unit multifamily with an excellent rental history near major employers, shopping, and transit corridors.
Property Size4,488 SF
Price / SF$161.54
Days on Market167
Property Features for 504 2nd Avenue
General Information
Standard status
Active
Size
4,488 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$5,374
Amenities
9255
Slab
Building Details
Year Built
1983
Listing Agency:
Fischels Commercial Group
(319) 393-0900
Listed By:
Angie Buck
(319) 361-9457
Source:
Pinnaclerealtyia
Added: Mar 25
Changed: Sep 6
Last Checked: Sep 7 at 4:57AM
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 Fischels Commercial Group
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
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
$41,403
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
5.71%
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%
$828,060
$828.1K
Cap Rate 7%
$591,471
$591.5K
Cap Rate 9%
$460,033
$460.0K
Market Conditions
NOI Build-Up for 4,488 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
$61.9K $13.80/SF
− Vacancy
−$2.8K −$0.62/SF
EGI
$59.1K $13.18/SF
− OpEx
−$17.7K −$3.95/SF
NOI
$41.4K $9.23/SF
Area
Johnson County, IA
Vacancy
4.50%
Lease Rate
$13.80 /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%
$828,060
Cap Rate 7%
$591,471
Cap Rate 9%
$460,033
Alternative Uses
Best Use
Multifamily LT 5
$591.5K
$517.5K – $690.1K
NOI $41,403 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$548.4K
$479.9K – $639.8K
NOI $38,389 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$974.9K
$853.1K – $1.14M
NOI $68,246 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,188
Businesses Nearby
Explore this area
Business Placement
Demographics for 52241, IA
22,319
Population
10,294
Households
2.2
Avg Household Size
34
Median Age
57%
College-Educated
95%
High-School Grad
13.5 sq mi
ZIP Area
1,653
Density / Sq Mi
$66,508
Median Household Income
$40,504
Median Earnings
$1,021
Median Rent
$286,000
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?
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 Avenue Coralville, IA.
What is the asking price?
The asking price for this property is $725,000.
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
