Ranch Duplex with
New
For Sale
$348,400
303-305 NW Valley View Drive, Grimes, IA 50111
MultiFamily, Grimes, IA
Property Size1,520 SF
Lot Size0.26 Acres
Price / SF$229.21
Days on Market2
Property Features for 303-305 NW Valley View Drive
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
R4
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 4
Parking features
Garage
Elementary school district
Dallas Center-Grimes
Middle school district
Dallas Center-Grimes
High school district
Dallas Center-Grimes
Directions
NORTH OF HWY 44 ON JAMES TO NW 3RD TO NW VALLEY VIEW NORTH TO HOME
Subdivision
Grimes
Standard status
Active
APN
31100346013000
Size
1,520 SF
Lot size
0.26 Acres
Additional Details
Tenant in Place
Yes
Individually Metered Utilities
water, gas, electricity
Taxes and HOA fees
Tax Description
LOT 13 PARKVIEW PLAZA PLAT 3
Tax Annual Amount
5135
Legal Description
LOT 13 PARKVIEW PLAZA PLAT 3
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
fenced yard
washer/dryer
Building Details
Year built
1977
Floors in Building
1
Number of units
2
Architectural style
Ranch
Buildings
1
Listing Agency:
RE/MAX Concepts · RE/MAX International
(877) 407-2676
Listed By:
Stephanie Thomas
(515) 771-7788
Added: Oct 23
Last Checked: Oct 24 at 10:06AM
MLS# 751798
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.
This 1,520-square-foot duplex contains two ranch-style residences, each with a basement and a fenced yard. Both basements have egress windows; one is finished with a bedroom, half bath, and walk-in closet. Laundry equipment is included in each unit. The property has forced-air natural gas heating, central air conditioning, and a garage.
Separate water, gas, and electric meters serve the residences. Tenants pay their utilities and handle lawn care and snow removal. The property is zoned R4 and occupies a 0.257-acre lot at 303-305 NW Valley View Drive in Grimes. Built in 1977, it is currently owner managed.
Separate water, gas, and electric meters serve the residences. Tenants pay their utilities and handle lawn care and snow removal. The property is zoned R4 and occupies a 0.257-acre lot at 303-305 NW Valley View Drive in Grimes. Built in 1977, it is currently owner managed.
Key Highlights
- Two ranch‑style residences totaling 1,520 square feet
- Basement in each unit; both have egress windows
- One finished basement includes a bedroom, half bath, and walk‑in closet
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.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
290
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Separate fenced outdoor space accompanies each residence, with laundry equipment provided in both units.
Where is this duplex located?
The property is located at 303-305 NW Valley View Drive 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: Two ranch‑style residences totaling 1,520 square feet; Basement in each unit; both have egress windows; One finished basement includes a bedroom, half bath, and walk‑in closet
