Building Details

Year Built 2011

Buildings 9

Listing Agency: RE/MAX Precision

Listed By: Heather Schmidt (515) 729-4735 Show Phone

Source: Centraliowahomesearch

Added: Apr 22 Changed: Oct 1 Last Checked: Oct 12 at 8:17PM

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Investment Insights

Based on property information with market context.

This duplex portfolio comprises 18 units distributed among 9 buildings, with properties located in Nevada, Roland, and Baxter, Iowa. The residential units offer spacious living areas and practical bedroom layouts, with each unit varying somewhat in configuration and finish. The recorded property size is 2,208 square feet, and the buildings date to 2011.

The package is positioned across established community settings with access to nearby amenities. Its scale and distributed building configuration provide a residential income asset spanning multiple local markets, while the duplex format supports both rental use and owner-occupancy scenarios described in the property information.

Key Highlights

• 18 units across 9 duplex buildings
• Properties located in Nevada, Roland, and Baxter, Iowa
• 2,208 square feet of recorded property size

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,910

Cap Rate

5.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$338,200 $338.2K

Cap Rate 7%

$241,571 $241.6K

Cap Rate 9%

$187,889 $187.9K

Market Conditions

NOI Build-Up for 2,208 SF

Gross rent

$25.4K $11.52/SF

− Vacancy

−$1.3K −$0.58/SF

EGI

$24.2K $10.94/SF

− OpEx

−$7.2K −$3.28/SF

NOI

$16.9K $7.66/SF

Area

Story County, IA

Vacancy

5.03%

Lease Rate

$11.52 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$338,200

Cap Rate 7%

$241,571

Cap Rate 9%

$187,889

Alternative Uses

Best Use

Multifamily LT 5

$241.6K

$211.4K – $281.8K (±1% cap)

NOI $16,910 @ 7.0% cap · market cap 5.37%

Second Best

Apartment 5plus

$210.9K

$184.6K – $246.1K (±1% cap)

NOI $14,766 @ 7.0% cap · market cap 4.69%

Theoretical Best

Office A

$516.0K

$451.5K – $602.0K (±1% cap)

NOI $36,119 @ 7.0% cap · market cap 11.47%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Building Supply Big Box & Wholesale Store Dental Office Auto Parts Store Restaurant

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

18

Residential units

Location Intelligence

Trade Area within ½ mile

337

Businesses Nearby

Explore this area Business Placement

Demographics for 50201, IA

8,427

Population

3,806

Households

2.2

Avg Household Size

41

Median Age

32%

College-Educated

94%

High-School Grad

117.3 sq mi

ZIP Area

72

Density / Sq Mi

$81,989

Median Household Income

$45,960

Median Earnings

$908

Median Rent

$186,500

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?

Similar For Sale Nearby

18-Unit Duplex Package

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2,208 SF

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Apartment Building with Renovated Kitchens

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$2,100,000

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Flex Space with Individual Units

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Frequently Asked Questions

What type of property is this?

Duplex - Multi-building residential income package with 18 units across three Iowa communities.

Where is this duplex located?

The property is located at 1319 W 3rd St Nevada, IA.

What is the asking price?

The asking price for this property is $315,000.

What are key features of this property?

This property features: 18 units across 9 duplex buildings; Properties located in Nevada, Roland, and Baxter, Iowa; 2,208 square feet of recorded property size