Remodeled Two-Story
2407 Petsel Place, Iowa City, IA 52246
For Sale
$504,000
Residential, Duplex, Residential, Iowa City, IA
Property Size2,190 SF
Lot Size0.20 Acres
Price / SF$230.14
Days on Market139
Property Features for 2407 Petsel Place
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Patio and Porch features
Interior features
Exterior features
Fireplace
Appliances
Elementary school district
Middle school district
High school district
Directions
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Building Details
Year built
Flooring type
Building materials
Roof type
Architectural style
Listing Agency:
Realty ONE Group Impact
Listed By:
Brenda Phongsavanh
(515) 446-7524
Added: Jun 24
Changed: Oct 31
Last Checked: Nov 9 at 11:06PM
MLS# 743899
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.
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Investment Insights
Based on property information with market context.
Located at 2407 Petsel Place, this two-story duplex contains 2,190 square feet on a 0.203-acre lot. The upstairs unit is operated as a short-term rental, while the lower unit has a long-term tenant. Both residences received updates in 2025. Interior features include eat-in kitchens, laminate, tile, vinyl, and hardwood flooring, along with dishwashers, microwaves, refrigerators, and stoves. Central air, forced-air natural gas heat, a fireplace, and vinyl siding are also included.
The property is less than 2 miles from the University of Iowa, UI Hospitals & Clinics, and Kinnick Stadium. A nearby grocery store, direct access to the Iowa City bus line, public water and sewer, a garage, and deck and patio areas add to the existing configuration. The property is zoned R and includes an asphalt and shingle roof.
The property is less than 2 miles from the University of Iowa, UI Hospitals & Clinics, and Kinnick Stadium. A nearby grocery store, direct access to the Iowa City bus line, public water and sewer, a garage, and deck and patio areas add to the existing configuration. The property is zoned R and includes an asphalt and shingle roof.
Key Highlights
- 2,190 square feet on a 0.203‑acre lot
- Two‑story duplex with short‑term rental upstairs and long‑term tenant downstairs
- Both units updated in 2025
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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Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
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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
$327,100
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Johnson County, IA
Properties on Market for Duplexes in Johnson County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two updated units offer distinct rental arrangements, outdoor living areas, garage parking, and convenient access to public utilities.
Where is this duplex located?
The property is located at 2407 Petsel Place 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 feet on a 0.203‑acre lot; Two‑story duplex with short‑term rental upstairs and long‑term tenant downstairs; Both units updated in 2025
