Remodeled Two-Story
For Sale
$504,000
2407 Petsel Pl, Iowa City, IA 52246
Two-story duplex with updated units supporting distinct short-term and long-term rental arrangements.
Property Size2,190 SF
Price / SF$230.14
Days on Market211
Property Features for 2407 Petsel Pl
General Information
Standard status
Active
Size
2,190 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1900
Year Renovated
2025
Buildings
1
Stories
2
Listing Agency:
Realty ONE Group Impact
Listed By:
Brenda Phongsavanh
(515) 446-7524
Source:
Centraliowahomesearch
Added: Mar 20
Changed: Oct 1
Last Checked: Oct 14 at 11:47PM
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 Realty ONE Group Impact
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Investment Insights
Based on property information with market context.
Located at 2407 Petsel Pl, this 2,190-square-foot duplex offers a two-story layout with separate residential units. Both units were remodeled in 2025, with the upper unit operating as a short-term rental and the lower unit occupied by a long-term tenant.
The property is less than 2 miles from the University of Iowa, UI Hospitals & Clinics, and Kinnick Stadium. A nearby grocery store and direct access to the Iowa City bus line add convenience for residents. The existing mix of rental arrangements provides an established operating format for the property.
The property is less than 2 miles from the University of Iowa, UI Hospitals & Clinics, and Kinnick Stadium. A nearby grocery store and direct access to the Iowa City bus line add convenience for residents. The existing mix of rental arrangements provides an established operating format for the property.
Key Highlights
- 2,190‑square‑foot duplex with a two‑story layout
- Both units remodeled in 2025
- Upper unit operates as a short‑term rental
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,203
Cap Rate
4.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$404,060
$404.1K
Cap Rate 7%
$288,614
$288.6K
Cap Rate 9%
$224,478
$224.5K
Market Conditions
NOI Build-Up for 2,190 SF
Gross rent
$30.2K $13.80/SF
− Vacancy
−$1.4K −$0.62/SF
EGI
$28.9K $13.18/SF
− OpEx
−$8.7K −$3.95/SF
NOI
$20.2K $9.23/SF
Area
Johnson County, IA
Vacancy
4.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$404,060
Cap Rate 7%
$288,614
Cap Rate 9%
$224,478
Alternative Uses
Best Use
Multifamily LT 5
$288.6K
$252.5K – $336.7K
NOI $20,203 @ 7.0% cap · market cap 4.01%
Second Best
Apartment 5plus
$267.6K
$234.2K – $312.2K
NOI $18,732 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$475.7K
$416.3K – $555.0K
NOI $33,302 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
Explore this area
Business Placement
Demographics for 52246, IA
22,829
Population
10,627
Households
2.1
Avg Household Size
29
Median Age
67%
College-Educated
95%
High-School Grad
16.7 sq mi
ZIP Area
1,367
Density / Sq Mi
$55,088
Median Household Income
$28,598
Median Earnings
$1,049
Median Rent
$327,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two-story duplex with updated units supporting distinct short-term and long-term rental arrangements.
Where is this duplex located?
The property is located at 2407 Petsel Pl Iowa City, IA.
What is the asking price?
The asking price for this property is $504,000.
What are key features of this property?
This property features: 2,190‑square‑foot duplex with a two‑story layout; Both units remodeled in 2025; Upper unit operates as a short‑term rental
