Mixed-Use Building with Apartment
For Sale
$875,000
510 E Burlington, Iowa City, IA 52240
Two street-level commercial spaces and four apartments share dedicated parking, supporting flexible mixed-use occupancy in Iowa City.
Property Size5,184 SF
Price / SF$168.79
Days on Market74
Property Features for 510 E Burlington
General Information
Standard status
Active
Size
5,184 SF
Property subtype
Commercial
Zoning
C53
Taxes and HOA fees
Annual Taxes
$14,956
Amenities
Carpet,Vinyl
Paved
Building Details
Year Built
1971
Listing Agency:
Urban Acres Real Estate Corridor
(319) 594-2525
Listed By:
Jerome Edwards
(319) 594-2525
Source:
Pinnaclerealtyia
Added: Jun 4
Changed: Aug 16
Last Checked: Aug 16 at 3:27AM
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 Urban Acres Real Estate Corridor
Investment Insights
Based on property information with market context.
This mixed-use property combines two street-level commercial spaces with four residential apartments. There are two commercial units of approximately 864 square feet each and four apartments of approximately 864 square feet each, with each apartment configured as two bedrooms and two bathrooms. The building provides 8 dedicated parking spaces for the apartments, along with 3 parking spaces for the commercial units and 6 additional parking spaces that can be rented to surrounding residents or commercial customers. For apartment showings, tenant rights require at least 24 hours’ notice.
Located at 510 E Burlington in Iowa City, the building sits on a heavily traveled street, supporting visibility for the street-level retail use.
For tenants and operators seeking a combined commercial and residential setup, the property offers separate commercial space at street level alongside four apartment units upstairs. The onsite parking mix is designed to serve both residents and commercial visitors, with the additional parking spaces providing an option to rent to nearby customers when available.
Located at 510 E Burlington in Iowa City, the building sits on a heavily traveled street, supporting visibility for the street-level retail use.
For tenants and operators seeking a combined commercial and residential setup, the property offers separate commercial space at street level alongside four apartment units upstairs. The onsite parking mix is designed to serve both residents and commercial visitors, with the additional parking spaces providing an option to rent to nearby customers when available.
Key Highlights
- Mixed‑use property in Iowa City with 2 street‑level commercial spaces and 4 apartments
- Street‑level commercial spaces are approximately 864 SF each
- Four top‑side apartments, each approximately 864 SF, with 2 bedrooms and 2 bathrooms
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
$49,119
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
5.61%
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%
$982,380
$982.4K
Cap Rate 7%
$701,700
$701.7K
Cap Rate 9%
$545,767
$545.8K
Market Conditions
NOI Build-Up for 5,184 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
$74.6K $14.40/SF
− Vacancy
−$4.5K −$0.86/SF
EGI
$70.2K $13.54/SF
− OpEx
−$21.1K −$4.06/SF
NOI
$49.1K $9.48/SF
Area
Johnson County, IA
Vacancy
6.00%
Lease Rate
$14.40 /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%
$982,380
Cap Rate 7%
$701,700
Cap Rate 9%
$545,767
Alternative Uses
Best Use
Retail
$701.7K
$614.0K – $818.7K
NOI $49,119 @ 7.0% cap · market cap 5.61%
Second Best
Multifamily LT 5
$683.2K
$597.8K – $797.1K
NOI $47,824 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$1.13M
$985.4K – $1.31M
NOI $78,830 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,861
Businesses Nearby
Explore this area
Business Placement
Demographics for 52240, IA
34,224
Population
17,035
Households
2
Avg Household Size
29
Median Age
47%
College-Educated
94%
High-School Grad
142.1 sq mi
ZIP Area
241
Density / Sq Mi
$55,189
Median Household Income
$25,508
Median Earnings
$1,065
Median Rent
$241,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Two street-level commercial spaces and four apartments share dedicated parking, supporting flexible mixed-use occupancy in Iowa City.
Where is this quadplex located?
The property is located at 510 E Burlington Iowa City, IA.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Mixed‑use property in Iowa City with 2 street‑level commercial spaces and 4 apartments; Street‑level commercial spaces are approximately 864 SF each; Four top‑side apartments, each approximately 864 SF, with 2 bedrooms and 2 bathrooms
