Renovated 5-Unit Rental
For Sale
Contact for pricing
1600 Nebraska St, Sioux City, IA 51105
Fully renovated 5-unit rental property with recent upgrades.
Property Size2,680 SF
Price / SF$91.42
Days on Market1304
Property Features for 1600 Nebraska St
General Information
Standard status
Active
Size
2,680 SF
Property subtype
Multifamily
Zoning
NC.5
Occupancy
100%
Net Operating Income
$25,329
Building Details
Year Built
1910
Year Renovated
2020
Stories
2
Units
5
Listing Agency:
NAI United
Listed By:
Nathan Connelly · License #IA S62387000
(712) 224-2727
Source:
Crexi
Added: Feb 8, 2023
Changed: Aug 23
Last Checked: Sep 3 at 9:59AM
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 NAI United
Investment Insights
Based on property information with market context.
This property features a 4-plex and a stand-alone studio apartment-style home, totaling five units. All units have been fully renovated, including floors, kitchens, and bathrooms. The property benefits from new plumbing, electrical systems, water heaters, and furnaces. The roof was replaced in 2020, and all windows were replaced in 2019. Tenants are responsible for MidAmerican utilities. The landlord is responsible for water and sewer services. The property size is 2680 square feet.
Key Highlights
- Fully renovated units featuring updated floors, kitchens, and bathrooms
- Includes a 4‑plex and a separate studio apartment
- New plumbing, electrical, water heaters, and furnaces installed
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
$18,820
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
7.68%
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%
$376,400
$376.4K
Cap Rate 7%
$268,857
$268.9K
Cap Rate 9%
$209,111
$209.1K
Market Conditions
NOI Build-Up for 2,680 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
$36.0K $13.44/SF
− Vacancy
−$1.8K −$0.67/SF
EGI
$34.2K $12.77/SF
− OpEx
−$15.4K −$5.75/SF
NOI
$18.8K $7.02/SF
Area
Woodbury County, IA
Vacancy
5.00%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
45.00%
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%
$376,400
Cap Rate 7%
$268,857
Cap Rate 9%
$209,111
Alternative Uses
Best Use
Apartment 5plus
$268.9K
$235.3K – $313.7K
NOI $18,820 @ 7.0% cap · market cap 7.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$402.7K
$352.4K – $469.8K
NOI $28,190 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
828
Businesses Nearby
Explore this area
Business Placement
Demographics for 51105, IA
10,565
Population
4,197
Households
2.5
Avg Household Size
31
Median Age
7%
College-Educated
64%
High-School Grad
6.0 sq mi
ZIP Area
1,761
Density / Sq Mi
$46,940
Median Household Income
$33,152
Median Earnings
$855
Median Rent
$84,700
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?
Apartment building - Fully renovated 5-unit rental property with recent upgrades.
Where is this apartment building located?
The property is located at 1600 Nebraska St Sioux City, IA.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Fully renovated units featuring updated floors, kitchens, and bathrooms; Includes a 4‑plex and a separate studio apartment; New plumbing, electrical, water heaters, and furnaces installed
