Fully Remodeled
For Sale
$504,000
2407 Petsel Place, Iowa City, IA 52246
MULTI_FAMILY - Other - Iowa City, IA
Property Size2,190 SF
Lot Size0.20 Acres
Price / SF$230.14
Days on Market50
Property Features for 2407 Petsel Place
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 4
Parking features
Garage
Patio and Porch features
Deck, Patio
Interior features
EatInKitchen
Exterior features
Deck, Patio
Fireplace
1
Appliances
Dishwasher, Microwave, Refrigerator, Stove
Elementary school district
Iowa City
Middle school district
Iowa City
High school district
Iowa City
Directions
From Mormon Trek Blvd, go west on Petsel Pl. House is on the south side of street.
Subdivision
Iowa City
Standard status
Active
APN
1017233007
Size
2,190 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
Hawkeye Heights W 1/2 Lot 9 Exc E 1'
Tax Annual Amount
5530
Legal Description
Hawkeye Heights W 1/2 Lot 9 Exc E 1'
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Flooring type
Tile, Vinyl, Laminate, Hardwood
Building materials
VinylSiding
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Realty ONE Group Impact
(515) 446-7524
Listed By:
Brenda Phongsavanh
(515) 446-7524
Added: Jun 24
Changed: Aug 3
Last Checked: Aug 12 at 12:06AM
MLS# 743899
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.
2407 Petsel Place is a fully remodeled two-story duplex designed for multiple income streams. The upstairs unit is marketed as a short-term rental, while the downstairs unit is set up as a long-term tenant arrangement. Both units were freshly updated in 2025 and include an eat-in kitchen. The home features central air, natural gas forced-air heat, hardwood/tile/laminate/vinyl flooring, and a fireplace. Exterior amenities include a deck and patio, and off-street parking is provided by a garage. Constructed in 1900 with vinyl siding, the duplex is served by public water and public sewer.
The property is located in Iowa City, near major campus and event demand, sitting less than 2 miles from the University of Iowa, UI Hospitals & Clinics, and Kinnick Stadium. It also references proximity to the Iowa City bus line and a nearby grocery store.
The layout supports an owner-occupy or investor model, with live-downstairs/short-term-upstairs configuration or the option to add the asset to a broader portfolio approach.
The property is located in Iowa City, near major campus and event demand, sitting less than 2 miles from the University of Iowa, UI Hospitals & Clinics, and Kinnick Stadium. It also references proximity to the Iowa City bus line and a nearby grocery store.
The layout supports an owner-occupy or investor model, with live-downstairs/short-term-upstairs configuration or the option to add the asset to a broader portfolio approach.
Key Highlights
- Fully remodeled two‑story duplex with upstairs short‑term rental and downstairs long‑term tenant
- Both units freshly updated in 2025
- 0.203‑acre lot and 2,190 SF building
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
$20,203
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
4.01%
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%
$404,060
$404.1K
Cap Rate 7%
$288,614
$288.6K
Cap Rate 9%
$224,478
$224.5K
Market Conditions
NOI Build-Up for 2,190 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
$30.2K $13.80/SF
− Vacancy
−$1.4K −$0.62/SF
EGI
$28.9K $13.18/SF
− OpEx
−$8.7K −$3.95/SF
NOI
$20.2K $9.23/SF
Area
Johnson County, IA
Vacancy
4.50%
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%
$404,060
Cap Rate 7%
$288,614
Cap Rate 9%
$224,478
Alternative Uses
Best Use
Multifamily LT 5
$288.6K
$252.5K – $336.7K
NOI $20,203 @ 7.0% cap · market cap 4.01%
Second Best
Apartment 5plus
$267.6K
$234.2K – $312.2K
NOI $18,732 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$475.7K
$416.3K – $555.0K
NOI $33,302 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
Explore this area
Business Placement
Demographics for 52246, IA
22,829
Population
10,627
Households
2.1
Avg Household Size
29
Median Age
67%
College-Educated
95%
High-School Grad
16.7 sq mi
ZIP Area
1,367
Density / Sq Mi
$55,088
Median Household Income
$28,598
Median Earnings
$1,049
Median Rent
$327,100
Median Home Value
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-story duplex with updated upstairs short-term rental and downstairs long-term tenant, plus deck and patio.
Where is this duplex located?
The property is located at 2407 Petsel Place Iowa City, IA.
What is the asking price?
The asking price for this property is $504,000.
What are key features of this property?
This property features: Fully remodeled two‑story duplex with upstairs short‑term rental and downstairs long‑term tenant; Both units freshly updated in 2025; 0.203‑acre lot and 2,190 SF building
