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    807 3Rd St Durant, IA 52747

    View on Map
    Sponsored
    For Sale
    $600,000

    MULTI_FAMILY - Durant, IA

    Property size:
    7,644 SF
    Lot size:
    0.66 Acres
    Days on Market:
    46
    Last Refresh:
    Mar 5 at 4:06 pm

    Property Features for 807 3Rd St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    COMMR
    Rooms
    Bathroom 6, Bedroom 2, Bathroom 14, Bedroom 7, Bedroom 11, Bathroom 12, Bathroom 2, Bathroom 7, Bathroom 5, Bathroom 11, Bedroom 9, Bathroom 9, Bathroom 10, Bedroom 5, Bedroom 1, Bathroom 3, Bathroom 4, Bedroom 10, Bedroom 8, Bathroom 13, Bedroom 13, Bedroom 6, Bedroom 14, Bathroom 8, Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 12
    Bedrooms
    14
    APN
    040016364640050
    Size
    7,644 SF
    Lot size
    0.66 Acres

    Building Details

    Year built
    1982
    Floors in Building
    3
    Number of units
    14

    We can help!

    Listing Contact
    Jon Fisher
    Jon Fisher

    MR LANDMAN LLC (217) 202-0924

    Listing agent Jon Fisher (217) 202-0924

    Listing date Jan 19, 2026

    MLS# 12546817 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. 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

    Renovated Multi-Unit Residential Facility

    Located at 807 3rd Street in Durant, Iowa, Harvest Meadow Estates is a 14-unit residential facility situated on approximately 0.66 acres. Zoned commercial, the property allows for a variety of residential and institutional uses. Originally constructed in 1982, the building underwent a comprehensive renovation in 2025, resulting in a modernized asset with updated mechanical systems, common areas, and accessibility features. The building contains approximately 7,644 square feet and is currently 100% vacant. The property consists of 13 studio apartments and one two-bedroom apartment located on the lower level. The building is arranged across three levels, all served by a fully operational elevator connecting the basement through the second floor. The main level features a large community living area, open dining room, and oversized kitchen designed to accommodate shared meals or group use, along with four studio units, a community laundry facility, and a shared half bathroom. The upper level includes eight studio apartments, while the lower level contains a premier studio unit, the two-bedroom apartment, a full shared bathroom, a recreation or activity area, and an administrative office. The structure is built on a poured concrete foundation and is serviced by 400-amp electrical service (two 200-amp panels). Heating is provided by gas-fired furnaces manufactured in 2024, with cooling supplied by six separate air conditioning units, at least one of which is confirmed to be manufactured in 2024. The property is connected to city water and city sewer. Two water heaters serve the building (manufactured in 2021 and 2002). A garage area includes an AC splitter installed approximately 2024. The building is wheelchair accessible and includes safety rails throughout, smoke and carbon monoxide alarms, and building-wide Wi-Fi. Common amenities include a community dining room, large shared living room, activity and recreation space, reading area, four-season room, fitness equipment, business center access, community laundry facilities, resident refrigerator storage, landscaped grounds, garden area, and on-street parking.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Durant Iowa Food ... Food Bank Heinz Manor Senior ... Nursing Home

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Durant
    County
    Cedar
    State
    Iowa
    Longitude
    -90.908305
    Latitude
    41.59776

    FAQs

    What type of property is this?
    Senior housing / Retirement Home - 14-unit residential facility in Durant, Iowa, fully renovated in 2025.
    Where is this senior housing / retirement home located?
    The property is located at 807 3Rd St Durant, IA.
    What is the asking price?
    The asking price for this property is $600,000.
    What are key features of this property?
    This property features: - 100% Vacancy: Allows immediate implementation of operational model or conversion strategy.; - Comprehensive Renovation: Modernized in 2025 with updated mechanical systems and accessibility features.; - Seller Financing: Availability of seller financing can ease acquisition.
    (217) 202-0924
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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
    807 3Rd St Durant, IA 52747
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    We can help!
    Listing Contact
    Jon Fisher
    Jon Fisher
    Real Estate License ID: 471020503
    (217) 202-0924 (217) 351-1988
    Learn more
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