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Michael Street Apartments 732 Michael St 42 Unit Apartment Building $3,750,000 ($89,286/Unit) 5.49% Cap Rate Iowa City, IA 52246
Executive Summary
42 multifamily units are available, comprising 3 buildings with 14 units each. There are 36 one-bedroom, one-bath units and 6 studio units. The roofs were replaced in 2018, and various improvements have been made to the units, including new carpet, updated kitchens, and new tubs in many of the units. The property is conveniently located near UIHC and the West University of Iowa campus, within walking distance of Kinnick Stadium. Rents have steadily increased. Tenants are transitioning to RUBS for utility payments as they move into their new lease terms.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,750,000 | Apartment Style | Low-Rise |
| Price Per Unit | $89,286 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.05 AC |
| Cap Rate | 5.49% | Building Size | 55,000 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 42 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | Parking Ratio | 0.45/1,000 SF |
| Zoning | Commercial | ||
| Price | $3,750,000 |
| Price Per Unit | $89,286 |
| Sale Type | Investment |
| Cap Rate | 5.49% |
| Sale Condition | 1031 Exchange |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.05 AC |
| Building Size | 55,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 0.45/1,000 SF |
| Zoning | Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Disposal
- Storage Space
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Walking/Biking Trails
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | $700.00 | 450 |
| 1+1 | 36 | $700.00 | 700 |
1 1
Bike Score®
Very Bikeable (85)
Property Taxes
| Parcel Number | 1016184003 | Improvements Assessment | $2,513,820 |
| Land Assessment | $369,250 | Total Assessment | $2,883,070 |
Property Taxes
Parcel Number
1016184003
Land Assessment
$369,250
Improvements Assessment
$2,513,820
Total Assessment
$2,883,070
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Michael Street Apartments | 732 Michael St
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