18-Unit Ranch Duplex
For Sale
$325,000
204 N Main Street, Baxter, IA 50028
MultiFamily, Baxter, IA
Property Size2,616 SF
Lot Size0.21 Acres
Price / SF$124.24
Days on Market56
Property Features for 204 N Main Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
R
Bedrooms
6
Bathrooms
4
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 4, Bathroom 3, Bedroom 2
Parking features
Garage
Appliances
Dishwasher, Microwave, Refrigerator, Stove
Elementary school district
Baxter
Middle school district
Baxter
High school district
Baxter
Directions
W. Station Street to N. Main Street. North on N. Main Street to the property
Subdivision
Baxter
Standard status
Active
APN
0214153033
Size
2,616 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
ORIGINAL PLAT PARCEL D WITHIN LOTS 15, 16, 17 & 18 BLK 4
Tax Annual Amount
5800
Legal Description
ORIGINAL PLAT PARCEL D WITHIN LOTS 15, 16, 17 & 18 BLK 4
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
2018
Floors in Building
1
Building materials
VinylSiding
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 24 at 8:06AM
MLS# 743566
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.
An investor package offering 18 duplex units across 9 buildings, presented as a single portfolio opportunity. The properties are described as having spacious living areas and practical layouts, with similar interior finish and appliances across units. The package includes appliances such as dishwasher, microwave, refrigerator, and stove.
The duplexes are located at 204 N Main Street in Baxter, Iowa (Jasper County). The site is listed at 0.21 acres with a total property size of 2,616 square feet. Construction materials include vinyl siding, with asphalt shingle roofing.
Each unit is served by public water and public sewer and is heated with forced air natural gas. Cooling is provided by central air, and parking is available via garages. The architectural style is ranch, with a year built of 2018 and a zoning designation of R.
The duplexes are located at 204 N Main Street in Baxter, Iowa (Jasper County). The site is listed at 0.21 acres with a total property size of 2,616 square feet. Construction materials include vinyl siding, with asphalt shingle roofing.
Each unit is served by public water and public sewer and is heated with forced air natural gas. Cooling is provided by central air, and parking is available via garages. The architectural style is ranch, with a year built of 2018 and a zoning designation of R.
Key Highlights
- Investor package: 18 duplex units in 9 buildings
- Ranch style duplex portfolio with central air
- 0.21‑acre site listed with total property size of 2,616 SF
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
$17,135
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
5.27%
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%
$342,700
$342.7K
Cap Rate 7%
$244,786
$244.8K
Cap Rate 9%
$190,389
$190.4K
Market Conditions
NOI Build-Up for 2,616 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
$26.7K $10.20/SF
− Vacancy
−$2.2K −$0.84/SF
EGI
$24.5K $9.36/SF
− OpEx
−$7.3K −$2.81/SF
NOI
$17.1K $6.55/SF
Area
Jasper County, IA
Vacancy
8.26%
Lease Rate
$10.20 /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%
$342,700
Cap Rate 7%
$244,786
Cap Rate 9%
$190,389
Alternative Uses
Best Use
Multifamily LT 5
$244.8K
$214.2K – $285.6K
NOI $17,135 @ 7.0% cap · market cap 5.27%
Second Best
Apartment 5plus
$225.2K
$197.0K – $262.7K
NOI $15,763 @ 7.0% cap · market cap 4.85%
Theoretical Best
Flex RnD
$2.52M
$2.20M – $2.94M
NOI $176,277 @ 7.0% cap · market cap 54.24%
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
113
Businesses Nearby
Explore this area
Business Placement
Demographics for 50028, IA
1,608
Population
776
Households
2.1
Avg Household Size
40
Median Age
21%
College-Educated
93%
High-School Grad
45.3 sq mi
ZIP Area
35
Density / Sq Mi
$70,982
Median Household Income
$50,156
Median Earnings
$697
Median Rent
$197,400
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 - 18-unit duplex portfolio in a ranch style with central air, natural gas forced-air heat, and public water and sewer.
Where is this duplex located?
The property is located at 204 N Main Street Baxter, IA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Investor package: 18 duplex units in 9 buildings; Ranch style duplex portfolio with central air; 0.21‑acre site listed with total property size of 2,616 SF
