Two-Story Duplex with Separate
For Sale
$154,000
Pending
412 S 2nd Avenue E, Newton, IA 50208
MultiFamily, Newton, IA
Property Size1,908 SF
Lot Size0.20 Acres
Days on Market150
Property Features for 412 S 2nd Avenue E
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3
Bedrooms
4
Bathrooms
4
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 3, Basement, Bathroom 4, Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3
Elementary school district
Newton
Middle school district
Newton
High school district
Newton
Subdivision
Newton
Standard status
Pending
APN
0834179005
Size
1,908 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
ORIGINAL PLAT E 1/2 LOT 2 & W 1/2 LOT 3 OUTLOT 23
Tax Annual Amount
1409
Legal Description
ORIGINAL PLAT E 1/2 LOT 2 & W 1/2 LOT 3 OUTLOT 23
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1930
Floors in Building
2
Number of units
2
Building materials
VinylSiding
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
RE/MAX Concepts · RE/MAX International
(641) 791-2800
Listed By:
Jake Jenkins · License #S69857000
(515) 276-2872
Added: Apr 17
Changed: Sep 12
Last Checked: Sep 13 at 9:06PM
MLS# 738691
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 two-story duplex contains 1,908 square feet and is configured for either separate up-and-down living spaces or single-family use with four bedrooms. Each level has a private entrance, kitchen access, and laundry hookups. The upper unit has been remodeled with updated finishes, black appliances, and vinyl plank flooring, while the main level includes a newer Lennox furnace. Separate gas and water meters support independent unit operations.
Exterior work includes a roof installed in 2023 and siding completed in 2024. The property sits on 0.2 acres at 412 S 2nd Avenue E in Newton, with rear alley access and proximity to downtown. Public water and public sewer serve the property. R-3 zoning, forced-air natural-gas heating, an asphalt shingle roof, and a 10.6% cap rate are also reported.
Exterior work includes a roof installed in 2023 and siding completed in 2024. The property sits on 0.2 acres at 412 S 2nd Avenue E in Newton, with rear alley access and proximity to downtown. Public water and public sewer serve the property. R-3 zoning, forced-air natural-gas heating, an asphalt shingle roof, and a 10.6% cap rate are also reported.
Key Highlights
- 1,908‑square‑foot two‑story duplex on a 0.2‑acre lot
- Two private entrances with up‑and‑down unit configuration
- 10.6% cap rate
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
$12,498
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
8.12%
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%
$249,960
$250.0K
Cap Rate 7%
$178,543
$178.5K
Cap Rate 9%
$138,867
$138.9K
Market Conditions
NOI Build-Up for 1,908 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
$19.5K $10.20/SF
− Vacancy
−$1.6K −$0.84/SF
EGI
$17.9K $9.36/SF
− OpEx
−$5.4K −$2.81/SF
NOI
$12.5K $6.55/SF
Area
Jasper County, IA
Vacancy
8.26%
Lease Rate
$10.20 /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%
$249,960
Cap Rate 7%
$178,543
Cap Rate 9%
$138,867
Alternative Uses
Best Use
Multifamily LT 5
$178.5K
$156.2K – $208.3K
NOI $12,498 @ 7.0% cap · market cap 8.12%
Second Best
Apartment 5plus
$164.2K
$143.7K – $191.6K
NOI $11,497 @ 7.0% cap · market cap 7.47%
Theoretical Best
Flex RnD
$1.84M
$1.61M – $2.14M
NOI $128,569 @ 7.0% cap · market cap 83.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
868
Businesses Nearby
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Business Placement
Demographics for 50208, IA
20,918
Population
8,919
Households
2.3
Avg Household Size
42
Median Age
17%
College-Educated
91%
High-School Grad
158.5 sq mi
ZIP Area
132
Density / Sq Mi
$61,064
Median Household Income
$37,490
Median Earnings
$830
Median Rent
$161,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Flexible two-level layout supports duplex occupancy or conversion to a single-family residence with updated exterior components.
Where is this duplex located?
The property is located at 412 S 2nd Avenue E Newton, IA.
What is the asking price?
The asking price for this property is $154,000.
What are key features of this property?
This property features: 1,908‑square‑foot two‑story duplex on a 0.2‑acre lot; Two private entrances with up‑and‑down unit configuration; 10.6% cap rate
