7-Unit Apartment
New
For Sale
$389,900
624 N Linn St, Iowa City, IA 52245
Six apartments have separate bedrooms, while the seventh is an efficiency; every unit includes a private bath.
Property Size3,584 SF
Price / SF$108.79
Days on Market2
Property Features for 624 N Linn St
General Information
Standard status
Active
Size
3,584 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x 1BR/1BA, 1 x efficiency/1BA
Multifamily Units
7
Amenities
washer and dryer on site
Building Details
Year Built
1890
Listing Agency:
Skogman Realty Co
(319) 363-8286
Listed By:
Matt Smith Team
(319) 431-5859
Source:
Mattsmithteam
Added: Oct 9
Changed: Oct 10
Last Checked: Oct 9 at 6:38PM
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 Co
Investment Insights
Based on property information with market context.
This 3,584-square-foot apartment property contains seven units: six with a separate bedroom and one efficiency. Each apartment has its own bathroom. On-site laundry, driveway parking, and a small garage are also part of the property. The building dates to 1890.
Located near campus at 624 N Linn Street in Iowa City, the property offers a seven-unit configuration with a mix of bedroom and efficiency layouts.
Located near campus at 624 N Linn Street in Iowa City, the property offers a seven-unit configuration with a mix of bedroom and efficiency layouts.
Key Highlights
- Seven apartments: six with a bedroom and one efficiency
- Private bathroom in every unit
- 3,584 square feet; built in 1890
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,656
Cap Rate
7.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$613,120
$613.1K
Cap Rate 7%
$437,943
$437.9K
Cap Rate 9%
$340,622
$340.6K
Market Conditions
NOI Build-Up for 3,584 SF
Gross rent
$58.1K $16.20/SF
− Vacancy
−$2.3K −$0.65/SF
EGI
$55.7K $15.55/SF
− OpEx
−$25.1K −$7.00/SF
NOI
$30.7K $8.55/SF
Area
Johnson County, IA
Vacancy
4.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$613,120
Cap Rate 7%
$437,943
Cap Rate 9%
$340,622
Alternative Uses
Best Use
Apartment 5plus
$437.9K
$383.2K – $510.9K
NOI $30,656 @ 7.0% cap · market cap 7.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$778.6K
$681.3K – $908.3K
NOI $54,500 @ 7.0% cap · market cap 13.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
1,224
Businesses Nearby
Explore this area
Business Placement
Demographics for 52245, IA
21,874
Population
10,210
Households
2.1
Avg Household Size
34
Median Age
68%
College-Educated
99%
High-School Grad
8.4 sq mi
ZIP Area
2,604
Density / Sq Mi
$75,876
Median Household Income
$30,273
Median Earnings
$1,215
Median Rent
$293,300
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?
Apartment building - Six apartments have separate bedrooms, while the seventh is an efficiency; every unit includes a private bath.
Where is this apartment building located?
The property is located at 624 N Linn St Iowa City, IA.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Seven apartments: six with a bedroom and one efficiency; Private bathroom in every unit; 3,584 square feet; built in 1890
