6-Unit Apartment
For Sale
$199,000
511 W 6th Street, Davenport, IA 52803
Fully occupied 6-unit building with two studios and four 1-bedroom units, updated interiors, and shared laundry in the basement.
Days on Market70
Property Features for 511 W 6th Street
General Information
Standard status
Active
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
2 x studio, 4 x 1BR/1BA
Multifamily Units
6
Amenities
laundry facilities
common yard
Building Details
Building Size
2,064 SF
Year Built
1879
Listing Agency:
Epique Realty Inc
(888) 893-3537
Listed By:
Bryce Bowers
(888) 893-3537
Source:
Perillorealestategroup
Added: May 25
Changed: Jul 30
Last Checked: Aug 2 at 2:07PM
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 Epique Realty Inc
Investment Insights
Based on property information with market context.
This fully occupied 6-unit apartment building includes two studio apartments and four 1-bedroom, 1-bathroom units. The property was built in 1879 and has been updated with refreshed hardwood and tile flooring. Each unit includes a full kitchen with appliances, including ranges and refrigerators.
Additional on-site features include a detached garage that is currently leased for additional storage income, along with shared free laundry facilities in the basement. Residents also share a common yard.
The building is located in Davenport’s historic Hamburg/Gold Coast neighborhood, just minutes from downtown Davenport and nearby schools, including Palmer College and St. Ambrose University. The property is being sold as-is, with buyers and/or buyers’ agents to verify all facts, details, features, and measurements of the property. 24-hour notice is required, and tenants should not be disturbed.
Additional on-site features include a detached garage that is currently leased for additional storage income, along with shared free laundry facilities in the basement. Residents also share a common yard.
The building is located in Davenport’s historic Hamburg/Gold Coast neighborhood, just minutes from downtown Davenport and nearby schools, including Palmer College and St. Ambrose University. The property is being sold as-is, with buyers and/or buyers’ agents to verify all facts, details, features, and measurements of the property. 24-hour notice is required, and tenants should not be disturbed.
Key Highlights
- Fully occupied 6‑unit apartment building with two studio apartments and four 1‑bedroom units
- Refreshed hardwood and tile flooring in recent updates
- Full kitchens with ranges and refrigerators included
Financial Insights For Apartment 5plus
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 | $32.4k | $15.72 |
| − Vacancy | −$2.3k | −$1.10 |
| EGI | $30.2k | $14.62 |
| − OpEx | −$13.6k | −$6.58 |
| NOI | $16.6k | $8.04 |
2,064 SF · lease $15.72/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$237.1K
$207.5K – $276.6K
NOI $16,596 @ 7.0% cap · market cap 8.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$445.5K
$389.8K – $519.7K
NOI $31,184 @ 7.0% cap · market cap 15.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,674
Businesses Nearby
Explore this area
Business Placement
Demographics for 52803, IA
22,896
Population
10,427
Households
2.2
Avg Household Size
34
Median Age
35%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
4,489
Density / Sq Mi
$61,082
Median Household Income
$32,163
Median Earnings
$871
Median Rent
$157,900
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?
Apartment building - Fully occupied 6-unit building with two studios and four 1-bedroom units, updated interiors, and shared laundry in the basement.
Where is this apartment building located?
The property is located at 511 W 6th Street Davenport, IA.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Fully occupied 6‑unit apartment building with two studio apartments and four 1‑bedroom units; Refreshed hardwood and tile flooring in recent updates; Full kitchens with ranges and refrigerators included
