Updated Duplex with Accessible
New
For Sale
$300,000
1010 Grove Street, Adel, IA 50003
MultiFamily, Adel, IA
Property Size1,496 SF
Lot Size0.36 Acres
Price / SF$200.53
Days on Market1
Property Features for 1010 Grove Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
6
Bathrooms
3
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 6, Basement, Bedroom 3, Bedroom 2, Bedroom 4, Bathroom 1, Bedroom 5, Bathroom 3
Appliances
Dryer, Dishwasher, Microwave, Refrigerator, Stove, Washer
Elementary school district
Adel-Desoto-Minburn
Middle school district
Adel-Desoto-Minburn
High school district
Adel-Desoto-Minburn
Directions
From highway 169, west on Grove Street to home.
Subdivision
Adel
Standard status
Active
APN
1129327014
Size
1,496 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Description
LOT 1 SHIERYS ADD
Tax Annual Amount
5108
Legal Description
LOT 1 SHIERYS ADD
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2010
Flooring type
Carpet
Building materials
VinylSiding
Roof type
Shingle, Asphalt
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Adam Bugbee
(515) 443-3800
Added: Sep 22
Last Checked: Sep 22 at 5:06PM
MLS# 749691
Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex includes two residential units, each with three bedrooms, spacious closets, open-concept living areas, eat-in kitchen space, and updated finishes. Interior improvements include fresh LVP flooring and carpeting, new kitchen cabinetry, stainless appliances, updated bathroom vanities, added storage, and accessible tub and shower inserts. Each unit includes a washer, dryer, dishwasher, microwave, refrigerator, and stove. The property also has vinyl siding, shingle and asphalt roofing, forced-air and electric heat, central air, public water, and public sewer.
The property occupies 0.3595 acres at 1010 Grove Street in Adel, Iowa, within walking distance of Kinnick-Feller Riverside Park and a few blocks from Main Street. Built in 2010, the duplex provides parking and is zoned Res. Unit 1010 has two full bathrooms, while unit 1012 has one 3/4 bathroom.
The property occupies 0.3595 acres at 1010 Grove Street in Adel, Iowa, within walking distance of Kinnick-Feller Riverside Park and a few blocks from Main Street. Built in 2010, the duplex provides parking and is zoned Res. Unit 1010 has two full bathrooms, while unit 1012 has one 3/4 bathroom.
Key Highlights
- Duplex at 1010 Grove Street, Adel, IA 50003
- 0.3595‑acre lot with two residential units
- Three bedrooms in each unit with spacious closets
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
$13,512
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
4.50%
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%
$270,240
$270.2K
Cap Rate 7%
$193,029
$193.0K
Cap Rate 9%
$150,133
$150.1K
Market Conditions
NOI Build-Up for 1,496 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
$20.6K $13.80/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$19.3K $12.90/SF
− OpEx
−$5.8K −$3.87/SF
NOI
$13.5K $9.03/SF
Area
Dallas County, IA
Vacancy
6.50%
Lease Rate
$13.80 /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%
$270,240
Cap Rate 7%
$193,029
Cap Rate 9%
$150,133
Alternative Uses
Best Use
Multifamily LT 5
$193.0K
$168.9K – $225.2K
NOI $13,512 @ 7.0% cap · market cap 4.50%
Second Best
Apartment 5plus
$179.4K
$157.0K – $209.3K
NOI $12,556 @ 7.0% cap · market cap 4.19%
Theoretical Best
Flex RnD
$1.44M
$1.26M – $1.68M
NOI $100,807 @ 7.0% cap · market cap 33.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
405
Businesses Nearby
Explore this area
Business Placement
Demographics for 50003, IA
9,428
Population
3,680
Households
2.6
Avg Household Size
38
Median Age
45%
College-Educated
95%
High-School Grad
115.0 sq mi
ZIP Area
82
Density / Sq Mi
$104,643
Median Household Income
$54,444
Median Earnings
$858
Median Rent
$380,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 residential units feature refreshed interiors, open living areas, updated kitchens, and accessible bathroom improvements.
Where is this duplex located?
The property is located at 1010 Grove Street Adel, 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: Duplex at 1010 Grove Street, Adel, IA 50003; 0.3595‑acre lot with two residential units; Three bedrooms in each unit with spacious closets
