18-Unit Duplex Property with Central
For Sale
$315,000
1319 W 3rd Street, Nevada, IA 50201
MultiFamily, Nevada, IA
Property Size2,208 SF
Price / SF$142.66
Days on Market55
Property Features for 1319 W 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
R
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 6, Bedroom 2
Parking features
Garage
Elementary school district
Nevada
Middle school district
Nevada
High school district
Nevada
Directions
US 30 East-turn left on W18th St- Turn right onto Co Rd E41- Turn left onto W 3rd St /620 Ave.
Subdivision
Nevada
Standard status
Active
APN
1106360250
Size
2,208 SF
Taxes and HOA fees
Tax Description
WEST PARK ADD PARCEL E LOTS 53 54 55 SLIDE 401 PG 1
Tax Annual Amount
3790
Legal Description
WEST PARK ADD PARCEL E LOTS 53 54 55 SLIDE 401 PG 1
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2011
Floors in Building
1
Number of units
2
Roof type
Shingle, Asphalt
Architectural style
Ranch
Listing Agency:
RE/MAX Precision · RE/MAX International
(515) 223-9492
Listed By:
Heather Schmidt
(515) 729-4735
Added: Jun 30
Changed: Aug 19
Last Checked: Aug 23 at 2:06PM
MLS# 744185
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 duplex property consists of 18 units across 9 buildings. Built in 2011 with a ranch architectural style, the units are served by central air cooling and forced-air heating. Heating sources include electric and natural gas, providing multiple options for year-round comfort.
The property is located at 1319 W 3rd Street in Nevada, Iowa. Utilities include public water and public sewer, with an asphalt shingle roof. Each unit includes a garage parking feature, supporting convenient on-site access for residents.
The property is located at 1319 W 3rd Street in Nevada, Iowa. Utilities include public water and public sewer, with an asphalt shingle roof. Each unit includes a garage parking feature, supporting convenient on-site access for residents.
Key Highlights
- 18 units across 9 buildings
- Built in 2011 with ranch architectural style
- Central air cooling
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
$16,910
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
5.37%
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%
$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
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
$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 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%
$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
NOI $16,910 @ 7.0% cap · market cap 5.37%
Second Best
Apartment 5plus
$210.9K
$184.6K – $246.1K
NOI $14,766 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$516.0K
$451.5K – $602.0K
NOI $36,119 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Ranch duplex investment with central air, forced-air heating, and public water and sewer services.
Where is this duplex located?
The property is located at 1319 W 3rd Street 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 buildings; Built in 2011 with ranch architectural style; Central air cooling
