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    230 S Dubuque St Solon, IA 52333

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    230 S Dubuque St Solon, IA 52333

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    • Commercial real estate
    • 6,400 SF
    • 0.22 lot acres
    For Sale
    $750,000
    View Listing →
    Solon IA Multi-Family 8-Plex For Sale
    $750,000
    6,400 SF

    Solon IA Multi-Family 8-Plex

    8-unit multi-family property in Solon, Iowa with growth potential.

    230 S Dubuque St., Solon, IA 52333
    View Listing
    Property ID
    US25-2298748
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 230 S Dubuque St

    Year built
    1908
    Lot size
    0.22 lot acres
    Property size
    6,400 SF
    Property type
    Commercial real estate

    Description

    This 8-unit apartment building in Solon, Iowa presents a compelling value-add investment opportunity. Located at 230 S Dubuque St, this two-story, 6,400 square foot building sits on a 0.22-acre lot and boasts 100% occupancy. Built in 1908, the property is classified as a Class B multifamily investment and offers eight spacious units, each with two bedrooms and one bathroom, totaling 800 square feet. The building features four units on each floor, and includes eight parking spaces. One unit has undergone a complete remodel, while the remaining units are in excellent condition. The property's strong rental history is reflected in its Net Operating Income (NOI) of $59,018, resulting in a 7.62% capitalization rate. The asking price is $775,000, or $96,875 per unit. The property is zoned RES and is not subject to a ground lease. This property offers significant potential for increased profitability through further renovations and strategic property management. The central Solon location provides convenient access to local amenities and services. This is an exceptional opportunity for investors seeking a stable, high-performing asset with significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Solon
    County
    Johnson
    State
    Iowa
    Longitude
    -91.4938536
    Latitude
    41.8056109

    Comparable in this City

    • New
      $750,000
      6,400 SF

      Solon IA Multi-Family 8-Plex

      8-unit multi-family property in Solon, Iowa with growth potential.
      230 S Dubuque St, Solon, IA 52333
      View Details
    • $210,000
      1.00 Acre

      One Acre Lot in Solon

      Build your dream home on this spacious one-acre lot.
      Spartan Holw, Solon, IA 52333
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    • $165,000
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      Solon Land: Build Your Dream

      Spacious .5 acre lot in Spartan Hollow Development, Solon, IA.
      Spartan Holw, Solon, IA 52333
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    • $250,000
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      Residential Land in Spartan Hollow

      Spacious 0.83 acre lot in Solon, Iowa.
      Spartan Holw, Solon, IA 52333
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    • $75,000

      Residential Land Near Golf Course

      Unimproved residential land located on Saddleback Ridge Golf Course.
      915 Long Dr, Solon, IA 52333
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    • $150,000
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      Residential Lot in Spartan Hollow

      Spacious .38 acre lot in Solon, ready for development.
      Spartan Holw, Solon, IA 52333
      View Details

    Similar Nearby for Sale

    • New
      $750,000
      6,400 SF

      Solon IA Multi-Family 8-Plex

      8-unit multi-family property in Solon, Iowa with growth potential.
      230 S Dubuque St, Solon, IA 52333
      View Details
    • $210,000
      1.00 Acre

      One Acre Lot in Solon

      Build your dream home on this spacious one-acre lot.
      Spartan Holw, Solon, IA 52333
      View Details
    • $165,000
      0.50 Acres

      Solon Land: Build Your Dream

      Spacious .5 acre lot in Spartan Hollow Development, Solon, IA.
      Spartan Holw, Solon, IA 52333
      View Details
    • $250,000
      0.83 Acres

      Residential Land in Spartan Hollow

      Spacious 0.83 acre lot in Solon, Iowa.
      Spartan Holw, Solon, IA 52333
      View Details
    • $75,000

      Residential Land Near Golf Course

      Unimproved residential land located on Saddleback Ridge Golf Course.
      915 Long Dr, Solon, IA 52333
      View Details
    • $150,000
      0.38 Acres

      Residential Lot in Spartan Hollow

      Spacious .38 acre lot in Solon, ready for development.
      Spartan Holw, Solon, IA 52333
      View Details
    View Listing
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    Solon, IA 52333
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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