Updated Ranch-Style
New
For Sale
$348,400
303-305 NW Valley View Dr, Grimes, IA 50111
Separate utility meters, private outdoor space, and detached garages serve both residences.
Property Size1,520 SF
Price / SF$229.21
Days on Market4
Property Features for 303-305 NW Valley View Dr
General Information
Standard status
Active
Size
1,520 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Individually Metered Utilities
gas, electric, water
Additional Details
Utilities to Site
Yes
Amenities
private fenced backyard
basement
washer and dryer
Building Details
Year Built
1977
Buildings
1
Construction
ranch-style
Listing Agency:
RE/MAX Concepts
(515) 971-1670
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Oct 24
Changed: Oct 27
Last Checked: Oct 26 at 3:15PM
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 RE/MAX Concepts
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Investment Insights
Based on property information with market context.
Built in 1977, this 1,520-square-foot ranch-style duplex contains two residences, each with a basement, a fenced backyard, and a detached one-car garage. Kitchen, bathroom, and flooring updates have been completed in both units, which also include stainless steel appliances and their own washer and dryer.
Unit 303 has three bedrooms and two bathrooms, with a finished lower level that adds a bedroom, half bath, and walk-in closet. Unit 305 offers two bedrooms and one bathroom; its lower level has an egress window. Gas, electric, and water are separately metered and paid directly by tenants. Tenants also take care of lawn maintenance and snow removal, and the property is currently owner-managed. Located in Grimes, the duplex is near shopping, dining, parks, and everyday amenities.
Unit 303 has three bedrooms and two bathrooms, with a finished lower level that adds a bedroom, half bath, and walk-in closet. Unit 305 offers two bedrooms and one bathroom; its lower level has an egress window. Gas, electric, and water are separately metered and paid directly by tenants. Tenants also take care of lawn maintenance and snow removal, and the property is currently owner-managed. Located in Grimes, the duplex is near shopping, dining, parks, and everyday amenities.
Key Highlights
- 1,520‑square‑foot duplex built in 1977
- Unit 303: 3 bedrooms, 2 bathrooms, and finished lower level with bedroom, half bath, and walk‑in closet
- Unit 305: 2 bedrooms, 1 bathroom, and lower level with egress window
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,485
Cap Rate
3.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$269,700
$269.7K
Cap Rate 7%
$192,643
$192.6K
Cap Rate 9%
$149,833
$149.8K
Market Conditions
NOI Build-Up for 1,520 SF
Gross rent
$20.4K $13.44/SF
− Vacancy
−$1.2K −$0.77/SF
EGI
$19.3K $12.67/SF
− OpEx
−$5.8K −$3.80/SF
NOI
$13.5K $8.87/SF
Area
Polk County, IA
Vacancy
5.70%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$269,700
Cap Rate 7%
$192,643
Cap Rate 9%
$149,833
Alternative Uses
Best Use
Multifamily LT 5
$192.6K
$168.6K – $224.8K
NOI $13,485 @ 7.0% cap · market cap 3.87%
Second Best
Apartment 5plus
$168.4K
$147.4K – $196.5K
NOI $11,788 @ 7.0% cap · market cap 3.38%
Theoretical Best
Flex RnD
$1.46M
$1.28M – $1.71M
NOI $102,424 @ 7.0% cap · market cap 29.40%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
290
Businesses Nearby
Explore this area
Business Placement
Demographics for 50111, IA
16,025
Population
6,345
Households
2.5
Avg Household Size
33
Median Age
48%
College-Educated
99%
High-School Grad
25.1 sq mi
ZIP Area
638
Density / Sq Mi
$108,352
Median Household Income
$59,868
Median Earnings
$1,156
Median Rent
$285,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Separate utility meters, private outdoor space, and detached garages serve both residences.
Where is this duplex located?
The property is located at 303-305 NW Valley View Dr Grimes, IA.
What is the asking price?
The asking price for this property is $348,400.
What are key features of this property?
This property features: 1,520‑square‑foot duplex built in 1977; Unit 303: 3 bedrooms, 2 bathrooms, and finished lower level with bedroom, half bath, and walk‑in closet; Unit 305: 2 bedrooms, 1 bathroom, and lower level with egress window
