Ranch-Style Duplex with
New
For Sale
$269,900
2410-2412 Evelyn St, Perry, IA 50220
Two residential units offer distinct layouts, full basements, and one vacant side for flexible occupancy or leasing.
Property Size2,140 SF
Price / SF$126.12
Days on Market3
Property Features for 2410-2412 Evelyn St
General Information
Standard status
Active
Size
2,140 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1967
Buildings
1
Construction
ranch-style
Listing Agency:
Bh Real Estate, LLC
(641) 757-2858
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 10 at 5:27AM
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 Bh Real Estate, LLC
Investment Insights
Based on property information with market context.
Built in 1967, this ranch-style duplex contains two residential units with separate layouts and full basements. One unit has two bedrooms and one-and-a-half baths, along with nearly 1,300 square feet of living space. It is currently vacant. The second unit includes two bedrooms and one bath, with an open floor plan and an existing tenant in place.
The property occupies a corner lot at 2410-2412 Evelyn St in Perry, Iowa. The combination of an available unit and an occupied unit supports either owner occupancy with rental income or continued use as a two-unit residential property. Basement areas add storage capacity to both sides.
The property occupies a corner lot at 2410-2412 Evelyn St in Perry, Iowa. The combination of an available unit and an occupied unit supports either owner occupancy with rental income or continued use as a two-unit residential property. Basement areas add storage capacity to both sides.
Key Highlights
- Two‑unit duplex at 2410‑2412 Evelyn St, Perry, IA 50220
- One side is vacant and offers nearly 1,300 square feet of living space
- Vacant unit includes 2 bed and 1.5 bath
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
$19,329
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
7.16%
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%
$386,580
$386.6K
Cap Rate 7%
$276,129
$276.1K
Cap Rate 9%
$214,767
$214.8K
Market Conditions
NOI Build-Up for 2,140 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
$29.5K $13.80/SF
− Vacancy
−$1.9K −$0.90/SF
EGI
$27.6K $12.90/SF
− OpEx
−$8.3K −$3.87/SF
NOI
$19.3K $9.03/SF
Area
Dallas County, IA
Vacancy
6.50%
Lease Rate
$13.80 /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%
$386,580
Cap Rate 7%
$276,129
Cap Rate 9%
$214,767
Alternative Uses
Best Use
Multifamily LT 5
$276.1K
$241.6K – $322.2K
NOI $19,329 @ 7.0% cap · market cap 7.16%
Second Best
Apartment 5plus
$256.6K
$224.5K – $299.4K
NOI $17,961 @ 7.0% cap · market cap 6.65%
Theoretical Best
Flex RnD
$2.06M
$1.80M – $2.40M
NOI $144,202 @ 7.0% cap · market cap 53.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
167
Businesses Nearby
Explore this area
Business Placement
Demographics for 50220, IA
9,045
Population
3,925
Households
2.3
Avg Household Size
37
Median Age
17%
College-Educated
87%
High-School Grad
100.5 sq mi
ZIP Area
90
Density / Sq Mi
$68,750
Median Household Income
$38,195
Median Earnings
$883
Median Rent
$146,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer distinct layouts, full basements, and one vacant side for flexible occupancy or leasing.
Where is this duplex located?
The property is located at 2410-2412 Evelyn St Perry, IA.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Two‑unit duplex at 2410‑2412 Evelyn St, Perry, IA 50220; One side is vacant and offers nearly 1,300 square feet of living space; Vacant unit includes 2 bed and 1.5 bath
