Historic Multifamily
For Sale
$300,000
935 E College St, Iowa City, IA 52240
Historic residence with more than 18 rooms, residential zoning, and layouts adaptable to several rental configurations.
Property Size4,033 SF
Price / SF$74.39
Days on Market8
Property Features for 935 E College St
General Information
Standard status
Active
Size
4,033 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
RS12
Taxes and HOA fees
Annual Taxes
$9,056
Amenities
Full
Yes
Public
0.174
2
110x69
Parking Space(s)
Public Maintained Road
Building Details
Year Built
1893
Listing Agency:
Fischels Commercial Group
(319) 538-7671
Listed By:
Star Horak
(319) 538-7671
Source:
Pinnaclerealtyia
Added: Aug 1
Changed: Aug 5
Last Checked: Aug 7 at 12:55AM
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 Fischels Commercial Group
Investment Insights
Based on property information with market context.
The Lindsay House, also known as Bloom County House, is a historic multifamily property built in 1893 and listed on the National Register of Historic Places. Its interior retains architectural character, including pocket doors, and provides more than 18 rooms that have supported residential and room-rental configurations. The property has previously operated as a private residence, sorority, apartments, and a rooming house.
Located at 935 E College St in Iowa City, the property is near the University of Iowa campus, hospital facilities, downtown offices, and area amenities. RS12 residential zoning supports residential use; bed and breakfast, apartment, room-rental, private office, and commercial or retail applications are identified in the property information, with some uses subject to zoning review. Improvements include a 2021 roof, a newer boiler, updated electrical equipment and wiring, and attic insulation.
Located at 935 E College St in Iowa City, the property is near the University of Iowa campus, hospital facilities, downtown offices, and area amenities. RS12 residential zoning supports residential use; bed and breakfast, apartment, room-rental, private office, and commercial or retail applications are identified in the property information, with some uses subject to zoning review. Improvements include a 2021 roof, a newer boiler, updated electrical equipment and wiring, and attic insulation.
Key Highlights
- Listed on the National Register of Historic Places
- 1893 construction date with preserved architectural details
- More than 18 rooms, including rooms with pocket doors
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
$24,827
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
8.28%
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%
$496,540
$496.5K
Cap Rate 7%
$354,671
$354.7K
Cap Rate 9%
$275,856
$275.9K
Market Conditions
NOI Build-Up for 4,033 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
$58.1K $14.40/SF
− Vacancy
−$5.8K −$1.44/SF
EGI
$52.3K $12.96/SF
− OpEx
−$27.4K −$6.80/SF
NOI
$24.8K $6.16/SF
Area
Johnson County, IA
Vacancy
10.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
52.50%
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%
$496,540
Cap Rate 7%
$354,671
Cap Rate 9%
$275,856
Alternative Uses
Best Use
Apartment 5plus
$492.8K
$431.2K – $575.0K
NOI $34,497 @ 7.0% cap · market cap 11.50%
Second Best
Hotel Hospitality
$354.7K
$310.3K – $413.8K
NOI $24,827 @ 7.0% cap · market cap 8.28%
Theoretical Best
Office A
$876.1K
$766.6K – $1.02M
NOI $61,327 @ 7.0% cap · market cap 20.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,614
Businesses Nearby
Explore this area
Business Placement
Demographics for 52240, IA
34,224
Population
17,035
Households
2
Avg Household Size
29
Median Age
47%
College-Educated
94%
High-School Grad
142.1 sq mi
ZIP Area
241
Density / Sq Mi
$55,189
Median Household Income
$25,508
Median Earnings
$1,065
Median Rent
$241,100
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?
Multifamily property - Historic residence with more than 18 rooms, residential zoning, and layouts adaptable to several rental configurations.
Where is this multifamily property located?
The property is located at 935 E College St Iowa City, IA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Listed on the National Register of Historic Places; 1893 construction date with preserved architectural details; More than 18 rooms, including rooms with pocket doors
