Updated Duplex with Expansion
New
For Sale
$299,900
1018 N 3rd Avenue, Winterset, IA 50273
Residential, Condominium, Townhouse, Duplex, Winterset, IA
Property Size1,426 SF
Lot Size0.18 Acres
Price / SF$210.31
Days on Market3
Property Features for 1018 N 3rd Avenue
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Dining Room, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 2
Parking features
Garage
Patio and Porch features
Patio
Interior features
DiningArea
Exterior features
Patio
Fireplace
1
Appliances
Dryer, Dishwasher, Microwave, Refrigerator, Stove, Washer
Lot features
Cul De Sac
Elementary school district
Winterset
Middle school district
Winterset
High school district
Winterset
Directions
End of the road on N. 3rd Ave when driving North.
Subdivision
Winterset
Standard status
Active
APN
820004900231000
Size
1,426 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
LOT H OF LOT 9 CIRCLE HEIGHTS PLAT 3 PHASE 3
Tax Annual Amount
5200
Legal Description
LOT H OF LOT 9 CIRCLE HEIGHTS PLAT 3 PHASE 3
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2007
Flooring type
Carpet, Hardwood
Building materials
VinylSiding
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
HomeCoin.com
Listed By:
Amy Jones
(888) 400-2513
Added: Sep 4
Changed: Sep 5
Last Checked: Sep 6 at 7:06AM
MLS# 748684
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.
Built in 2007, this 1,426-square-foot duplex at 1018 N 3rd Avenue features an open main-level arrangement with living and dining areas, a functional kitchen, two bedrooms, and two bathrooms. Hardwood and carpet flooring, vaulted ceilings, a gas fireplace, forced-air natural gas heat, and central air are among the interior features. The primary bedroom includes a walk-in closet and private ensuite bathroom. Appliances include a stove, refrigerator, microwave, dishwasher, washer, and dryer.
The lower level is insulated and partially framed, creating additional unfinished area within the property. A patio and spacious 0.1813-acre lot provide outdoor space, while a garage offers on-site parking. Public water and public sewer serve the property, which has vinyl siding and an asphalt shingle roof.
The lower level is insulated and partially framed, creating additional unfinished area within the property. A patio and spacious 0.1813-acre lot provide outdoor space, while a garage offers on-site parking. Public water and public sewer serve the property, which has vinyl siding and an asphalt shingle roof.
Key Highlights
- 1,426 square feet on a 0.1813‑acre lot
- Built in 2007 with vinyl siding and asphalt shingle roofing
- Two bedrooms and two bathrooms, including a private primary ensuite
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
$12,880
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
4.29%
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%
$257,600
$257.6K
Cap Rate 7%
$184,000
$184.0K
Cap Rate 9%
$143,111
$143.1K
Market Conditions
NOI Build-Up for 1,426 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
$19.7K $13.80/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$18.4K $12.90/SF
− OpEx
−$5.5K −$3.87/SF
NOI
$12.9K $9.03/SF
Area
Madison 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 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%
$257,600
Cap Rate 7%
$184,000
Cap Rate 9%
$143,111
Alternative Uses
Best Use
Multifamily LT 5
$184.0K
$161.0K – $214.7K
NOI $12,880 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$171.0K
$149.6K – $199.5K
NOI $11,969 @ 7.0% cap · market cap 3.99%
Theoretical Best
Flex RnD
$1.37M
$1.20M – $1.60M
NOI $96,090 @ 7.0% cap · market cap 32.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
337
Businesses Nearby
Explore this area
Business Placement
Demographics for 50273, IA
8,570
Population
3,927
Households
2.2
Avg Household Size
41
Median Age
25%
College-Educated
96%
High-School Grad
195.2 sq mi
ZIP Area
44
Density / Sq Mi
$80,018
Median Household Income
$48,149
Median Earnings
$948
Median Rent
$216,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - End-unit residence offers an open interior, private primary suite, and an insulated lower level ready for additional finish work.
Where is this duplex located?
The property is located at 1018 N 3rd Avenue Winterset, IA.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,426 square feet on a 0.1813‑acre lot; Built in 2007 with vinyl siding and asphalt shingle roofing; Two bedrooms and two bathrooms, including a private primary ensuite
