2-Unit Duplex with Attached
New
For Sale
$350,000
621 & 623 Westgate Street, Iowa City, IA 52246
Multi-Family, Iowa City, IA
Property Size1,800 SF
Lot Size0.19 Acres
Price / SF$194.44
Days on Market3
Property Features for 621 & 623 Westgate Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
4
Rooms
Bedroom 1, Bedroom 4, Bedroom 3, Bedroom 2
Parking
2
Elementary school
Horn
Middle school
Northwest
High school
West
Directions
Melrose Ave to Westgate St
Subdivision
Iowa City/Coralville
Standard status
Active
APN
1017155009
Size
1,800 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
WESTGATE SUBDIVISION LOT 76
Tax Annual Amount
4921
Legal Description
WESTGATE SUBDIVISION LOT 76
Amenities
in-unit laundry
yard
deck
patio
garage
off-street parking
Building Details
Year built
1971
Number of units
2
Building materials
Frame
Listing Agency:
RE/MAX CONCEPTS · RE/MAX International
(319) 395-0101
Listed By:
Debra Callahan · License #B43172000
(319) 431-3559
Added: Sep 25
Last Checked: Sep 27 at 12:06PM
MLS# 2606740
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 frame duplex contains two apartments across 1,800 square feet. The upper unit has three bedrooms and one bathroom; the lower unit has one bedroom and one bathroom, with a walkout basement. Both apartments have their own laundry area and included washer and dryer. Newer windows, included appliances, a private yard with deck and patio, and an attached two-stall garage with tenant storage are among the property’s features. Off-street parking is also available.
The 0.19-acre property is on a bus route near the University of Iowa campus and hospitals. Both units are leased through July 28, 2027. Tenants pay their own utilities; the owner handles lawn care and snow removal.
The 0.19-acre property is on a bus route near the University of Iowa campus and hospitals. Both units are leased through July 28, 2027. Tenants pay their own utilities; the owner handles lawn care and snow removal.
Key Highlights
- Two apartments totaling 1,800 square feet: a 3‑bedroom, 1‑bath upper unit and a 1‑bedroom, 1‑bath lower unit
- Both leases run through July 28, 2027
- 0.19‑acre parcel with attached 2‑stall garage and off‑street parking
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
$16,606
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
4.74%
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%
$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
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
$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 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%
$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
100%
Occupancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Upper- and lower-level apartments include in-unit laundry, appliances, and separate outdoor spaces.
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 apartments totaling 1,800 square feet: a 3‑bedroom, 1‑bath upper unit and a 1‑bedroom, 1‑bath lower unit; Both leases run through July 28, 2027; 0.19‑acre parcel with attached 2‑stall garage and off‑street parking
