Updated Two-Unit
For Sale
$199,900
815 5TH Avenue, Marion, IA 52302
Two separate residences offer distinct layouts, recent improvements, and the option for owner occupancy with rental income.
Property Size1,848 SF
Price / SF$108.17
Days on Market71
Property Features for 815 5TH Avenue
General Information
Standard status
Active
Size
1,848 SF
Property subtype
Multi-family
Lease Term
[]
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1880
Year Renovated
2020
Listing Agency:
Century 21 Signature Real Estate
Listed By:
Tyra McAbee
(319) 364-8121
Source:
Cbhrealty
Added: Jun 23
Changed: Aug 30
Last Checked: Aug 31 at 7:43PM
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 Century 21 Signature Real Estate
Investment Insights
Based on property information with market context.
Built in 1880, this 1,848-square-foot duplex contains two separate residences. The main-floor apartment includes two bedrooms, a formal dining room, living room, kitchen, and full bathroom. Upstairs, the one-bedroom unit has one bathroom, an eat-in kitchen, and a living room. Natural light is noted throughout the primary residence.
Recent work includes refinished hardwood flooring in 2023, an upper-level kitchen and living room remodel completed in 2020, garage-door updates in 2024 and 2026, and replacement fascia, soffit, and gutters in 2020. New siding is dated June 2026. The property is located at 815 5th Avenue in Marion, Iowa, and is being sold as-is.
Recent work includes refinished hardwood flooring in 2023, an upper-level kitchen and living room remodel completed in 2020, garage-door updates in 2024 and 2026, and replacement fascia, soffit, and gutters in 2020. New siding is dated June 2026. The property is located at 815 5th Avenue in Marion, Iowa, and is being sold as-is.
Key Highlights
- 1,848‑square‑foot duplex with two separate residential units
- Main‑level unit offers 2 bedrooms, formal dining room, living room, kitchen, and full bathroom
- Upper‑level unit includes 1 bedroom, 1 bathroom, eat‑in kitchen, and living room
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
$14,706
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
7.36%
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%
$294,120
$294.1K
Cap Rate 7%
$210,086
$210.1K
Cap Rate 9%
$163,400
$163.4K
Market Conditions
NOI Build-Up for 1,848 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
$22.6K $12.24/SF
− Vacancy
−$1.6K −$0.87/SF
EGI
$21.0K $11.37/SF
− OpEx
−$6.3K −$3.41/SF
NOI
$14.7K $7.96/SF
Area
Linn County, IA
Vacancy
7.12%
Lease Rate
$12.24 /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%
$294,120
Cap Rate 7%
$210,086
Cap Rate 9%
$163,400
Alternative Uses
Best Use
Multifamily LT 5
$210.1K
$183.8K – $245.1K
NOI $14,706 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$182.1K
$159.4K – $212.5K
NOI $12,749 @ 7.0% cap · market cap 6.38%
Theoretical Best
Self Storage
$311.0K
$272.1K – $362.9K
NOI $21,771 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
677
Businesses Nearby
Explore this area
Business Placement
Demographics for 52302, IA
43,130
Population
18,153
Households
2.4
Avg Household Size
39
Median Age
39%
College-Educated
97%
High-School Grad
74.3 sq mi
ZIP Area
580
Density / Sq Mi
$87,463
Median Household Income
$50,234
Median Earnings
$963
Median Rent
$232,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences offer distinct layouts, recent improvements, and the option for owner occupancy with rental income.
Where is this duplex located?
The property is located at 815 5TH Avenue Marion, IA.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1,848‑square‑foot duplex with two separate residential units; Main‑level unit offers 2 bedrooms, formal dining room, living room, kitchen, and full bathroom; Upper‑level unit includes 1 bedroom, 1 bathroom, eat‑in kitchen, and living room
