Up/Down
For Sale
$154,900
535 8th Avenue, Marion, IA 52302
Multi-Family, Marion, IA
Property Size1,600 SF
Lot Size0.17 Acres
Price / SF$96.81
Days on Market228
Property Features for 535 8th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Com/Res
Bedrooms
3
Rooms
Bedroom 2, Bedroom 3, Bedroom 1
Parking
3
Elementary school
Longfellow
Middle school
Vernon
High school
Marion
Directions
From 2nd St, follow 8th Ave to the right, home is on the right
Subdivision
Marion
Standard status
Active
APN
14-01-1-31-006-0-0000
Size
1,600 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
N1/2 LOT 8 IN LOT 8 IRR SUR NE
Tax Annual Amount
2077
Legal Description
N1/2 LOT 8 IN LOT 8 IRR SUR NE
Building Details
Year built
1900
Number of units
2
Building materials
Frame
Listing Agency:
Keller Williams Legacy Group · Keller Williams Realty
(319) 423-4139
Listed By:
Stacey Dlouhy
(210) 383-0736
Added: Feb 20
Changed: Oct 3
Last Checked: Oct 6 at 4:06PM
MLS# 2601194
Copyright © 2026 Cedar Rapids Area Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,600-square-foot duplex has two vertically arranged apartments: a lower residence with two bedrooms and one bathroom, and an upper residence with one bedroom and one bathroom. Both units are occupied under month-to-month arrangements. Improvements include work to the main structural support, revised deck stairs and rear handrail, a secured air-conditioning electrical box, and a newer roof. Sewer line installation is scheduled, and the property has passed a rental permit inspection.
The building dates to 1900 and sits on a 0.172-acre lot. Most utilities are separately metered and paid by tenants; occupants also handle lawn and snow care. The furnace is shared and controlled from the lower apartment. Zoning is Com/Res.
The building dates to 1900 and sits on a 0.172-acre lot. Most utilities are separately metered and paid by tenants; occupants also handle lawn and snow care. The furnace is shared and controlled from the lower apartment. Zoning is Com/Res.
Key Highlights
- Two apartments: lower unit has 2 bedrooms and 1 bathroom; upper unit has 1 bedroom and 1 bathroom
- 1,600 square feet on a 0.172‑acre lot
- Both apartments are occupied by month‑to‑month tenants
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,733
Cap Rate
8.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$254,660
$254.7K
Cap Rate 7%
$181,900
$181.9K
Cap Rate 9%
$141,478
$141.5K
Market Conditions
NOI Build-Up for 1,600 SF
Gross rent
$19.6K $12.24/SF
− Vacancy
−$1.4K −$0.87/SF
EGI
$18.2K $11.37/SF
− OpEx
−$5.5K −$3.41/SF
NOI
$12.7K $7.96/SF
Area
Linn County, IA
Vacancy
7.12%
Lease Rate
$12.24 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$254,660
Cap Rate 7%
$181,900
Cap Rate 9%
$141,478
Alternative Uses
Best Use
Multifamily LT 5
$181.9K
$159.2K – $212.2K
NOI $12,733 @ 7.0% cap · market cap 8.22%
Second Best
Apartment 5plus
$157.7K
$138.0K – $184.0K
NOI $11,038 @ 7.0% cap · market cap 7.13%
Theoretical Best
Self Storage
$269.3K
$235.6K – $314.2K
NOI $18,850 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
709
Businesses Nearby
Explore this area
Business Placement
Demographics for 52302, IA
43,130
Population
18,153
Households
2.4
Avg Household Size
39
Median Age
39%
College-Educated
97%
High-School Grad
74.3 sq mi
ZIP Area
580
Density / Sq Mi
$87,463
Median Household Income
$50,234
Median Earnings
$963
Median Rent
$232,900
Median Home Value
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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?
Duplex - Both apartments have month-to-month tenants, with most utilities separately metered and paid by occupants.
Where is this duplex located?
The property is located at 535 8th Avenue Marion, IA.
What is the asking price?
The asking price for this property is $154,900.
What are key features of this property?
This property features: Two apartments: lower unit has 2 bedrooms and 1 bathroom; upper unit has 1 bedroom and 1 bathroom; 1,600 square feet on a 0.172‑acre lot; Both apartments are occupied by month‑to‑month tenants
