Two-Unit Duplex with Attached
For Sale
$350,000
621 & 623 Westgate Street, Iowa City, IA 52246
Both residences have in-unit laundry, and their leases run through July 28, 2027.
Property Size1,800 SF
Price / SF$194.44
Days on Market9
Property Features for 621 & 623 Westgate Street
General Information
Standard status
Active
Size
1,800 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
Res
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,921
Amenities
private yard
deck
patio
in-unit laundry
Full,Walk-Out Access
Yes
In Unit
Storage
Public
0.19
2
75x110
Parking Space(s)
Building Details
Year Built
1971
Buildings
1
Tenancy
Multi
Listing Agency:
SKOGMAN REALTY COMMERCIAL
(319) 393-0900
Listed By:
Ryan Eighme
(319) 721-6099
Source:
Pinnaclerealtyia
Added: Sep 28
Changed: Oct 3
Last Checked: Oct 5 at 3:41PM
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 SKOGMAN REALTY COMMERCIAL
Investment Insights
Based on property information with market context.
This duplex contains an upper residence with three bedrooms and one bathroom, plus a lower-level home with one bedroom and one bathroom. The lower unit opens to the exterior at basement level. Each residence has its own laundry area, with washers and dryers included, and the appliances remain with the property. Newer windows, a private yard with a deck and patio, and an attached two-stall garage with tenant storage round out the improvements. Off-street parking is also available.
The property is served by a bus route and is near the University of Iowa campus, hospitals, Kinnick Stadium, shopping, and restaurants. Both units are leased through July 28, 2027. Residents pay their own utilities; lawn care and snow removal are handled by the owner.
The property is served by a bus route and is near the University of Iowa campus, hospitals, Kinnick Stadium, shopping, and restaurants. Both units are leased through July 28, 2027. Residents pay their own utilities; lawn care and snow removal are handled by the owner.
Key Highlights
- Two residences: an upper 3‑bedroom, 1‑bath unit and a lower‑level 1‑bedroom, 1‑bath unit
- Both leases run through July 28, 2027
- Attached 2‑stall garage with tenant storage, plus off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,606
Cap Rate
4.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$332,120
$332.1K
Cap Rate 7%
$237,229
$237.2K
Cap Rate 9%
$184,511
$184.5K
Market Conditions
NOI Build-Up for 1,800 SF
Gross rent
$24.8K $13.80/SF
− Vacancy
−$1.1K −$0.62/SF
EGI
$23.7K $13.18/SF
− OpEx
−$7.1K −$3.95/SF
NOI
$16.6K $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%
$332,120
Cap Rate 7%
$237,229
Cap Rate 9%
$184,511
Alternative Uses
Best Use
Multifamily LT 5
$237.2K
$207.6K – $276.8K
NOI $16,606 @ 7.0% cap · market cap 4.74%
Second Best
Apartment 5plus
$219.9K
$192.5K – $256.6K
NOI $15,396 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$391.0K
$342.2K – $456.2K
NOI $27,372 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
337
Businesses Nearby
Explore this area
Business Placement
Demographics for 52246, IA
22,829
Population
10,627
Households
2.1
Avg Household Size
29
Median Age
67%
College-Educated
95%
High-School Grad
16.7 sq mi
ZIP Area
1,367
Density / Sq Mi
$55,088
Median Household Income
$28,598
Median Earnings
$1,049
Median Rent
$327,100
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
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences have in-unit laundry, and their leases run through July 28, 2027.
Where is this duplex located?
The property is located at 621 & 623 Westgate Street Iowa City, IA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two residences: an upper 3‑bedroom, 1‑bath unit and a lower‑level 1‑bedroom, 1‑bath unit; Both leases run through July 28, 2027; Attached 2‑stall garage with tenant storage, plus off‑street parking
