Historic Four-Unit
For Sale
$385,000
507-509 Chestnut St, Dubuque, IA 52001
Renovated four-unit income property with preserved architectural details and an upper balcony overlooking Chestnut Street.
Property Size4,480 SF
Price / SF$85.94
Days on Market18
Property Features for 507-509 Chestnut St
General Information
Standard status
Active
Size
4,480 SF
Property subtype
Multi-Family
Additional Details
Road Access
Yes
Multifamily Units
4
Amenities
upper balcony
Building Details
Year Built
1860
Listing Agency:
Ruhl & Ruhl Realtors
Listed By:
Ann Williams
(563) 207-6770
Source:
Kwlegacyrealty
Added: Sep 10
Changed: Sep 15
Last Checked: Sep 26 at 11:22AM
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 Ruhl & Ruhl Realtors
Investment Insights
Based on property information with market context.
This 4,480-square-foot quadplex contains four occupied units in a historic building within Dubuque’s 11th Street Historic District. Interior character includes original woodwork, exposed brick, and other period details, while the property has received updates to electrical systems, roofing, flooring, appliances, paint, windows, and carpeting. An upper balcony adds outdoor space overlooking Chestnut Street.
The property is located at 507-509 Chestnut St, within walking distance of downtown Dubuque, the library, post office, seasonal farmers markets, restaurants, coffee shops, and entertainment venues. Loras College and area hospitals are also nearby. The combination of four occupied units, updated building systems, and preserved historic features supports continued residential income use.
The property is located at 507-509 Chestnut St, within walking distance of downtown Dubuque, the library, post office, seasonal farmers markets, restaurants, coffee shops, and entertainment venues. Loras College and area hospitals are also nearby. The combination of four occupied units, updated building systems, and preserved historic features supports continued residential income use.
Key Highlights
- 4,480‑square‑foot quadplex with four occupied units
- Located in Dubuque’s 11th Street Historic District
- Original woodwork, exposed brick, and period architectural details
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
$34,062
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
8.85%
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%
$681,240
$681.2K
Cap Rate 7%
$486,600
$486.6K
Cap Rate 9%
$378,467
$378.5K
Market Conditions
NOI Build-Up for 4,480 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
$64.5K $14.40/SF
− Vacancy
−$2.6K −$0.58/SF
EGI
$61.9K $13.82/SF
− OpEx
−$27.9K −$6.22/SF
NOI
$34.1K $7.60/SF
Area
Dubuque County, IA
Vacancy
4.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$681,240
Cap Rate 7%
$486,600
Cap Rate 9%
$378,467
Alternative Uses
Best Use
Multifamily LT 5
$539.1K
$471.7K – $628.9K
NOI $37,735 @ 7.0% cap · market cap 9.80%
Second Best
Apartment 5plus
$486.6K
$425.8K – $567.7K
NOI $34,062 @ 7.0% cap · market cap 8.85%
Theoretical Best
Specialty Retail
$871.9K
$762.9K – $1.02M
NOI $61,030 @ 7.0% cap · market cap 15.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,698
Businesses Nearby
Explore this area
Business Placement
Demographics for 52001, IA
43,572
Population
20,102
Households
2.2
Avg Household Size
36
Median Age
30%
College-Educated
92%
High-School Grad
26.1 sq mi
ZIP Area
1,669
Density / Sq Mi
$60,882
Median Household Income
$35,571
Median Earnings
$916
Median Rent
$168,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Renovated four-unit income property with preserved architectural details and an upper balcony overlooking Chestnut Street.
Where is this quadplex located?
The property is located at 507-509 Chestnut St Dubuque, IA.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 4,480‑square‑foot quadplex with four occupied units; Located in Dubuque’s 11th Street Historic District; Original woodwork, exposed brick, and period architectural details
