Duplex with Two
For Sale
$725,000
619 E Burlington St, Iowa City, IA 52240
Historic duplex near the University of Iowa campus and downtown Iowa City with two residential units in one building.
Property Size2,471 SF
Lot Size0.16 Acres
Price / SF$293.40
Days on Market98
Property Features for 619 E Burlington St
General Information
Standard status
Active
Size
2,471 SF
Lot size
0.16 Acres
Property subtype
Multi-Family
Building Details
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
Urban Acres Real Estate Corridor
(800) 746-9464
Listed By:
Matt Smith Team
(319) 431-5859
Source:
Mattsmithteam
Added: Jul 28
Changed: Oct 31
Last Checked: Nov 1 at 6:01AM
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
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Investment Insights
Based on property information with market context.
619 E Burlington Street is a duplex-style multifamily property featuring two residential units within a single building. Built in 1900, the property totals 2,471 square feet and offers seven bedrooms and five bathrooms across the two units.
Set on a 0.155-acre lot, the building is located near the University of Iowa campus and downtown Iowa City, with convenient access to University of Iowa Health Care and downtown amenities. It is positioned for tenants seeking proximity to major employment centers.
The offering is presented with a 5.44% cap rate, supporting a stable income profile for buyers focused on long-term multifamily ownership in an established rental market.
Set on a 0.155-acre lot, the building is located near the University of Iowa campus and downtown Iowa City, with convenient access to University of Iowa Health Care and downtown amenities. It is positioned for tenants seeking proximity to major employment centers.
The offering is presented with a 5.44% cap rate, supporting a stable income profile for buyers focused on long-term multifamily ownership in an established rental market.
Key Highlights
- Two residential units in one building
- 2,471 SF total building area
- Seven bedrooms and five bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,796
Cap Rate
3.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$455,920
$455.9K
Cap Rate 7%
$325,657
$325.7K
Cap Rate 9%
$253,289
$253.3K
Market Conditions
NOI Build-Up for 2,471 SF
Gross rent
$34.1K $13.80/SF
− Vacancy
−$1.5K −$0.62/SF
EGI
$32.6K $13.18/SF
− OpEx
−$9.8K −$3.95/SF
NOI
$22.8K $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 Rate 5%
$455,920
Cap Rate 7%
$325,657
Cap Rate 9%
$253,289
Alternative Uses
Best Use
Multifamily LT 5
$325.7K
$285.0K – $379.9K
NOI $22,796 @ 7.0% cap · market cap 3.14%
Second Best
Apartment 5plus
$301.9K
$264.2K – $352.3K
NOI $21,136 @ 7.0% cap · market cap 2.92%
Theoretical Best
Office A
$536.8K
$469.7K – $626.3K
NOI $37,575 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,570
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Historic duplex near the University of Iowa campus and downtown Iowa City with two residential units in one building.
Where is this duplex located?
The property is located at 619 E Burlington St Iowa City, 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: Two residential units in one building; 2,471 SF total building area; Seven bedrooms and five bathrooms
