Duplex with Updated
For Sale
$300,000
1012 Grove Street, Adel, IA 50003
MultiFamily, Adel, IA
Property Size1,496 SF
Lot Size0.36 Acres
Price / SF$200.53
Days on Market16
Property Features for 1012 Grove Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
6
Bathrooms
3
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 2, Bedroom 6, Bedroom 1
Appliances
Dryer, Dishwasher, Microwave, Refrigerator, Stove, Washer
Elementary school district
Adel-Desoto-Minburn
Middle school district
Adel-Desoto-Minburn
High school district
Adel-Desoto-Minburn
Directions
From highway 169, west on Grove Street to home.
Subdivision
Adel
Standard status
Active
APN
1129327014
Size
1,496 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Description
LOT 1 SHIERYS ADD
Tax Annual Amount
5108
Legal Description
LOT 1 SHIERYS ADD
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2010
Flooring type
Carpet
Building materials
VinylSiding
Roof type
Asphalt, Shingle
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Adam Bugbee
(515) 443-3800
Added: Sep 22
Changed: Oct 6
Last Checked: Oct 7 at 8:06PM
MLS# 749691
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-unit residential property has updated exterior finishes, LVP flooring and carpeting, and open-concept living areas. Each unit includes three bedrooms with spacious closets, an updated kitchen with cabinetry and stainless appliances, and room for dining. Bathroom configurations differ: 1010 has two full bathrooms, while 1012 has one three-quarter bathroom. Updated vanities, storage, and tub/shower inserts are present, along with accessibility features. Appliances include a washer, dryer, dishwasher, microwave, refrigerator, and stove.
The property is within walking distance of Kinnick-Feller Riverside Park and a few blocks from Main Street in Adel. Public water and sewer serve the property.
The property is within walking distance of Kinnick-Feller Riverside Park and a few blocks from Main Street in Adel. Public water and sewer serve the property.
Key Highlights
- Two‑unit duplex with three bedrooms in each unit
- 1010 has two full bathrooms; 1012 has one three‑quarter bathroom
- Updated kitchens feature cabinetry and stainless 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
NOI $13,512 @ 7.0% cap · market cap 4.50%
Second Best
Apartment 5plus
$179.4K
$157.0K – $209.3K
NOI $12,556 @ 7.0% cap · market cap 4.19%
Theoretical Best
Flex RnD
$1.44M
$1.26M – $1.68M
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
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
Check the figures for this property
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 - Two residential units offer three bedrooms apiece and accessibility features.
Where is this duplex located?
The property is located at 1012 Grove Street 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‑unit duplex with three bedrooms in each unit; 1010 has two full bathrooms; 1012 has one three‑quarter bathroom; Updated kitchens feature cabinetry and stainless appliances
