Duplex with Two
For Sale
Contact for pricing
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 Market22
Property Features for 619 E BURLINGTON ST
General Information
Standard status
Active
Size
2,471 SF
Lot size
0.16 Acres
Property subtype
Multifamily
Building Details
Year Built
1900
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
WSG CRE
(319) 343-5542
Listed By:
Tiffany Earl Williams · License #IA s41864000
Source:
Crexi
Added: Jul 22
Changed: Aug 8
Last Checked: Aug 9 at 1:47PM
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 WSG CRE
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 = 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
$22,796
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
3.14%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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?
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
