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    2121 Greene St Adel, IA 50003

    Sponsored
    For Sale
    Pending
    $2,200,000

    MULTI_FAMILY - Adel, IA

    Type:Apartment
    Days on Market:
    14
    Last Refresh:
    Jan 20 at 8:06 am

    Property Features for 2121 Greene St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Standard status
    Pending
    Zoning
    Multi
    Rooms
    Bathroom 9, Bedroom 28, Bedroom 17, Bedroom 26, Bathroom 3, Bedroom 14, Bedroom 6, Bedroom 23, Bathroom 6, Bedroom 21, Bedroom 18, Bedroom 20, Bathroom 23, Bedroom 11, Bathroom 14, Bedroom 25, Bathroom 11, Bathroom 13, Bathroom 22, Bathroom 18, Bedroom 16, Bedroom 22, Bedroom 13, Bathroom 24, Bedroom 2, Bedroom 19, Bedroom 24, Bedroom 8, Bathroom 8, Bathroom 7, Bedroom 27, Bedroom 5, Bathroom 10, Bathroom 19, Bathroom 15, Bathroom 21, Bedroom 33, Bathroom 2, Bedroom 15, Bathroom 1, Bedroom 4, Bathroom 4, Bedroom 32, Bathroom 12, Bathroom 20, Bedroom 7, Bedroom 3, Bedroom 1, Bedroom 9, Bathroom 5, Bedroom 30, Bathroom 17, Bedroom 29, Bedroom 10, Bathroom 16, Bedroom 31, Bedroom 12
    Bedrooms
    33
    Bathrooms
    24

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1984
    Number of units
    24
    Flooring type
    Carpet
    Building materials
    Brick, VinylSiding
    Roof type
    Asphalt, Shingle

    We can help!

    Listing Contact
    Timothy Schutte
    Timothy Schutte

    Exit Realty Capital City (515) 991-4204 [email protected]

    Listing agent Timothy Schutte (515) 253-3948

    Listing date Jan 7, 2026

    MLS# 726452 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Multifamily Investment Opportunity in Adel

    This 24-unit multifamily property in Adel, IA, presents an investment opportunity. The property features a mix of 12 two-bedroom units, 9 one-bedroom units, and 3 studio apartments. Each residence includes a full bathroom and essential appliances such as a stove, refrigerator, and microwave. Dishwashers are included in all units except the studios. Approximately 50% of the units have been fully renovated with modern upgrades, including new flooring, fresh paint, updated trim, enhanced lighting, stylish kitchen cabinetry, and updated appliances. On-site coined laundry adds convenience for residents. The property's location and rental mix offer investors immediate income and long-term growth potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Adel Village Apartments Apartment Building Beal Development Corporation Contractor

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Clothing Store Building Supply Gym & Fitness Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Adel
    County
    Dallas
    State
    Iowa
    Longitude
    -94.035259
    Latitude
    41.612112

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    FAQs

    What type of property is this?
    Apartment building - 24-unit multifamily property with strong rental mix in Adel, IA.
    Where is this apartment building located?
    The property is located at 2121 Greene St Adel, IA.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: - 24-unit multifamily property offering immediate income and long-term growth potential.; - Balanced unit mix featuring 12 two-bedroom, 9 one-bedroom, and 3 studio apartments.; - Approximately 50% of units are fully renovated with modern upgrades.
    (515) 681-5677
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    2121 Greene St Adel, IA 50003
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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
    2121 Greene St Adel, IA 50003
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    We can help!
    Listing Contact
    Timothy Schutte
    Timothy Schutte
    (515) 681-5677
    Learn more
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