Newly Built Duplex with Heated
For Sale
$499,000
Pending
605 202nd St, Milford, IA 51351
Four-bedroom, four-bath layout includes three-zone HVAC and EV charging readiness.
Property Size2,283 SF
Days on Market614
Property Features for 605 202nd St
General Information
Standard status
Pending
Size
2,283 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$220
Amenities
association pool
heated garage
EV charging ready
Building Details
Year Built
2025
Buildings
1
Listing Agency:
RE/MAX Lakes Realty
Listed By:
Aaron Jones · License #B61252
(712) 320-9442
Source:
Exitrealty
Added: Feb 9, 2025
Changed: Sep 30
Last Checked: Sep 30 at 10:25AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Lakes Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Completed in 2025, this 2,283-square-foot duplex combines a four-bedroom, four-bath layout with distinctive interior and mechanical features. Vaulted wood ceilings add volume to the living areas, while the main level includes a primary suite and the second floor offers an additional ensuite bedroom. Unfinished basement or crawlspace space provides substantial storage.
The property includes HVAC with three separately controlled zones, an air exchanger, and a water heater fitted with a recirculation pump. A heated garage is prepared for electric vehicle charging. The duplex is positioned within the Nature Trails community near an association pool and walking trail, with a state park along one side and a pond along the other. Arnolds Park Amusement Park is accessible beyond Emerald Hills Golf Course.
The property includes HVAC with three separately controlled zones, an air exchanger, and a water heater fitted with a recirculation pump. A heated garage is prepared for electric vehicle charging. The duplex is positioned within the Nature Trails community near an association pool and walking trail, with a state park along one side and a pond along the other. Arnolds Park Amusement Park is accessible beyond Emerald Hills Golf Course.
Key Highlights
- 2025 construction with 2,283 square feet of living area
- Four bedrooms and four bathrooms, including a main‑level primary suite
- Three independently controlled HVAC zones with air exchanger
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,023
Cap Rate
4.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$400,460
$400.5K
Cap Rate 7%
$286,043
$286.0K
Cap Rate 9%
$222,478
$222.5K
Market Conditions
NOI Build-Up for 2,283 SF
Gross rent
$31.0K $13.56/SF
− Vacancy
−$2.4K −$1.03/SF
EGI
$28.6K $12.53/SF
− OpEx
−$8.6K −$3.76/SF
NOI
$20.0K $8.77/SF
Area
Dickinson County, IA
Vacancy
7.60%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$400,460
Cap Rate 7%
$286,043
Cap Rate 9%
$222,478
Alternative Uses
Best Use
Multifamily LT 5
$286.0K
$250.3K – $333.7K
NOI $20,023 @ 7.0% cap · market cap 4.01%
Second Best
Apartment 5plus
$263.4K
$230.5K – $307.3K
NOI $18,437 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$499.4K
$437.0K – $582.6K
NOI $34,957 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
Explore this area
Business Placement
Demographics for 51351, IA
4,844
Population
3,104
Households
1.6
Avg Household Size
45
Median Age
31%
College-Educated
97%
High-School Grad
108.0 sq mi
ZIP Area
45
Density / Sq Mi
$67,628
Median Household Income
$39,913
Median Earnings
$904
Median Rent
$256,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Four-bedroom, four-bath layout includes three-zone HVAC and EV charging readiness.
Where is this duplex located?
The property is located at 605 202nd St Milford, IA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2025 construction with 2,283 square feet of living area; Four bedrooms and four bathrooms, including a main‑level primary suite; Three independently controlled HVAC zones with air exchanger
