Clear Lake Duplex For
For Sale
Under Contract
$259,900
207 8Th Avenue S, Clear Lake, IA 50428
MULTI_FAMILY - Clear Lake, IA
Property Size1,292 SF
Lot Size0.16 Acres
Price / SF$201.16
Days on Market99
Property Features for 207 8Th Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Subdivision
KNOLL ADD
Directions
Turn east off of South Shore Drive on 8th Ave S - One way
Standard status
Active Under Contract
APN
051347700100
Size
1,292 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
L 1 S KNOLL ADD TO CLEAR LAKE
Tax Annual Amount
2942
Legal Description
L 1 S KNOLL ADD TO CLEAR LAKE
Utilities
Heating system
Baseboard
Water source
Public
Building Details
Year built
1977
Floors in Building
1
Number of units
2
Building materials
Vinyl Siding
Listing Agency:
Lake-Iowa Realty
(641) 357-6123
Listed By:
Danielle Goeman
(641) 430-7440
Added: May 23
Changed: Jul 18
Last Checked: Aug 29 at 7:06PM
MLS# 6338648
Copyright © 2026 NoCoast MLS. 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 side-by-side duplex is located just blocks from the heart of downtown Clear Lake and within walking distance of public lake access. Each unit features two bedrooms and one bathroom. Outdoor amenities include a patio area, storage shed, and ample parking. The property is situated on a quiet one-way street with minimal traffic, offering a peaceful setting close to downtown, the beach, and lake activities. The property is suitable as a vacation getaway, investment property, or income-producing opportunity. The property size is 1292 square feet and the lot size is 0.16 acres.
Key Highlights
- Income‑producing duplex with two separate units.
- Each unit has two bedrooms and one bathroom.
- Walking distance to public lake access and close to downtown Clear Lake.
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
$11,028
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
4.24%
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%
$220,560
$220.6K
Cap Rate 7%
$157,543
$157.5K
Cap Rate 9%
$122,533
$122.5K
Market Conditions
NOI Build-Up for 1,292 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
$16.6K $12.84/SF
− Vacancy
−$834 −$0.65/SF
EGI
$15.8K $12.19/SF
− OpEx
−$4.7K −$3.66/SF
NOI
$11.0K $8.54/SF
Area
Cerro Gordo County, IA
Vacancy
5.03%
Lease Rate
$12.84 /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%
$220,560
Cap Rate 7%
$157,543
Cap Rate 9%
$122,533
Alternative Uses
Best Use
Multifamily LT 5
$157.5K
$137.9K – $183.8K
NOI $11,028 @ 7.0% cap · market cap 4.24%
Second Best
Apartment 5plus
$139.6K
$122.1K – $162.9K
NOI $9,771 @ 7.0% cap · market cap 3.76%
Theoretical Best
Office A
$324.3K
$283.8K – $378.4K
NOI $22,703 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
325
Businesses Nearby
Explore this area
Business Placement
Demographics for 50428, IA
9,290
Population
5,630
Households
1.7
Avg Household Size
50
Median Age
32%
College-Educated
97%
High-School Grad
117.3 sq mi
ZIP Area
79
Density / Sq Mi
$72,932
Median Household Income
$42,235
Median Earnings
$769
Median Rent
$253,900
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 - Side-by-side duplex near downtown and lake access in Clear Lake.
Where is this duplex located?
The property is located at 207 8Th Avenue S Clear Lake, IA.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Income‑producing duplex with two separate units.; Each unit has two bedrooms and one bathroom.; Walking distance to public lake access and close to downtown Clear Lake.
