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    Up-Down Duplex with Private Entrances Title is generated by Realmo AI

    1202 Main Street, Grinnell, IA 50112

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    For Sale
    $172,000

    MULTI_FAMILY - Grinnell, IA

    Property size:
    2,019 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $85/SF
    Added:
    Jul 20, 2025
    Days on Market:
    322
    Last Refresh:
    Jun 6 at 3:06 am

    Property Features for 1202 Main Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Basement
    Full
    Standard status
    Active
    APN
    1800528200
    Size
    2,019 SF
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    NORTH GRINNELL W 100' LOT 1 BLOCK 5
    Tax Annual Amount
    2094

    Utilities

    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    2
    Building materials
    Wood Siding

    We can help!

    Listing Contact
    Bennett Wiltfang

    Listing agent Bennett Wiltfang License #S68474000

    Listing office RE/MAX Partners Realty, Grinnell 932 Main St, Marshalltown, IA

    Listing date Jul 20, 2025

    MLS# 6329936 Listing URL

    Copyright © 2026 NoCoast MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Up and down duplex in Grinnell, built in 1900
    • Two units: each has 2 bedrooms and 1 bathroom with a private exterior entrance
    • Kitchens and bathrooms in both units have undergone some remodeling
    • Upstairs unit has fresh interior paint; laundry is located in the bathroom
    • Original hardwood flooring in both units has been refinished
    • New roof; exterior was painted in July 2025; public water; forced‑air heat and hot water heaters are located in the basement for both units

    Overview

    This up-and-down duplex offers two separate 2-bedroom, 1-bath units. Each unit features a private exterior entrance, a sized kitchen and living room, and has seen some remodeling in the kitchen and bathroom areas. The upstairs unit includes fresh interior paint, and laundry is located in the bathroom. Original hardwood flooring has been refinished in both units. HVAC systems and hot water heaters for both units are located in the basement, providing centralized service space.

    The property is located in Grinnell, Iowa, within one block of Grinnell College and downtown Grinnell. The home is situated on a 0.17-acre lot, and it benefits from a new roof along with exterior painting completed in July 2025.

    For owner-occupants or investors seeking a straightforward duplex configuration, the layout supports separate tenancy while keeping core systems housed together in the basement. With updates including roof replacement, exterior painting, and unit-level kitchen and bathroom improvements, this property presents a practical option to consider in Grinnell. A 24-hour notice is required for all showings.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Grinnell
    County
    Poweshiek
    State
    Iowa
    Longitude
    -92.725523
    Latitude
    41.747824

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    FAQs

    What type of property is this?
    Duplex - Two 2-bedroom units each with private exterior entrances, kitchen and living space, plus recent exterior and roof updates.
    Where is this duplex located?
    The property is located at 1202 Main Street Grinnell, IA.
    What is the asking price?
    The asking price for this property is $172,000.
    What are key features of this property?
    This property features: Up and down duplex in Grinnell, built in 1900; Two units: each has 2 bedrooms and 1 bathroom with a private exterior entrance; Kitchens and bathrooms in both units have undergone some remodeling
    (641) 519-0200
    We can help!
    Listing Contact
    Bennett Wiltfang
    Real Estate License ID: S68474000
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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.

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