Building Details

Year Built 2010

Buildings 1

Listing Agency: Pennie Carroll & Associates Show Phone

Listed By: Home Sweet Des Moines Show Phone

Source: Homesweetdesmoines

Added: Sep 24 Changed: Oct 7 Last Checked: Oct 7 at 12:01PM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Pennie Carroll & Associates

Investment Insights

Based on property information with market context.

This two-unit property at 1010 Grove St includes three bedrooms in each residence, with distinct bathroom layouts: two full baths in 1010 and one three-quarter bath in 1012. Both interiors have updated kitchens with new cabinetry and stainless steel appliances, along with LVP flooring and carpeting. Open living areas and eat-in kitchen space provide room for daily use, while bathroom updates include new vanities, storage, and tub/shower inserts. Handicap features are present in both units.

The property is within walking distance of Kinnick-Feller Riverside Park and a few blocks from Main Street in Adel. On-site parking is also available.

Key Highlights

• Two residences, each with three bedrooms
• 1010 includes two full bathrooms; 1012 has one three‑quarter bathroom
• Updated kitchens include new cabinetry and stainless steel appliances

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$13,512

Cap Rate

4.50%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$270,240 $270.2K

Cap Rate 7%

$193,029 $193.0K

Cap Rate 9%

$150,133 $150.1K

Market Conditions

NOI Build-Up for 1,496 SF

Gross rent

$20.6K $13.80/SF

− Vacancy

−$1.3K −$0.90/SF

EGI

$19.3K $12.90/SF

− OpEx

−$5.8K −$3.87/SF

NOI

$13.5K $9.03/SF

Area

Dallas County, IA

Vacancy

6.50%

Lease Rate

$13.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$270,240

Cap Rate 7%

$193,029

Cap Rate 9%

$150,133

Alternative Uses

Best Use

Multifamily LT 5

$193.0K

$168.9K – $225.2K (±1% cap)

NOI $13,512 @ 7.0% cap · market cap 4.50%

Second Best

Apartment 5plus

$179.4K

$157.0K – $209.3K (±1% cap)

NOI $12,556 @ 7.0% cap · market cap 4.19%

Theoretical Best

Flex RnD

$1.44M

$1.26M – $1.68M (±1% cap)

NOI $100,807 @ 7.0% cap · market cap 33.60%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick HVAC Service Bakery Plumbing Service Garden Center (Bike/Boat/Book/etc) Store Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

405

Businesses Nearby

Explore this area Business Placement

Demographics for 50003, IA

9,428

Population

3,680

Households

2.6

Avg Household Size

38

Median Age

45%

College-Educated

95%

High-School Grad

115.0 sq mi

ZIP Area

82

Density / Sq Mi

$104,643

Median Household Income

$54,444

Median Earnings

$858

Median Rent

$380,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Two three-bedroom residences feature refreshed kitchens, updated flooring, and accessible bathroom features.

Where is this duplex located?

The property is located at 1012 Grove St Adel, IA.

What is the asking price?

The asking price for this property is $300,000.

What are key features of this property?

This property features: Two residences, each with three bedrooms; 1010 includes two full bathrooms; 1012 has one three‑quarter bathroom; Updated kitchens include new cabinetry and stainless steel appliances