Ranch Duplex Investment
For Sale
$315,000
1327 W 3rd Street, Nevada, IA 50201
MultiFamily, Nevada, IA
Property Size2,208 SF
Price / SF$142.66
Days on Market55
Property Features for 1327 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
Elementary school district
Nevada
Middle school district
Nevada
High school district
Nevada
Directions
Take 30E- Turn left onton W 18th St, Turn right onto Co Rd E41, Turn left onto W 3rd St / 620th Ave.
Subdivision
Nevada
Standard status
Active
APN
1106360240
Size
2,208 SF
Taxes and HOA fees
Tax Description
WEST PARK ADD PARCEL C LOTS 53 54 55 SLIDE 401 PG 1
Tax Annual Amount
3892
Legal Description
WEST PARK ADD PARCEL C LOTS 53 54 55 SLIDE 401 PG 1
Building Details
Year built
2011
Floors in Building
1
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# 744178
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 investor package includes duplex properties totaling 18 units across 9 buildings. The ranch-style units provide spacious living areas and practical everyday layouts, with each unit offering variations in interior design. Inside photos are similar across units, and each unit is a little different. The properties are being offered with proof of funds required prior to showing.
The package is located at 1327 W 3rd Street in Nevada, Iowa (Story County) and includes a total property size of 2,208 square feet. The properties are zoned R.
Built in 2011, the duplex buildings are suited for residential rental use and flexible owner-occupancy concepts, depending on unit selection within the package.
The package is located at 1327 W 3rd Street in Nevada, Iowa (Story County) and includes a total property size of 2,208 square feet. The properties are zoned R.
Built in 2011, the duplex buildings are suited for residential rental use and flexible owner-occupancy concepts, depending on unit selection within the package.
Key Highlights
- Investor package: 18 units across 9 buildings
- Duplex properties with ranch‑style architecture
- Built in 2011
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
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
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 - Ranch duplex with a total of 18 units across 9 buildings, built in 2011 and zoned R in Nevada, IA.
Where is this duplex located?
The property is located at 1327 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: Investor package: 18 units across 9 buildings; Duplex properties with ranch‑style architecture; Built in 2011
