Duplex with Private
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 Market6
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
Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 3, Bathroom 2, Basement, Bedroom 2
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
gas, electric, water
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
private fenced backyard
washer and 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
Changed: Oct 27
Last Checked: Oct 28 at 5:06AM
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 ranch duplex sits on a 0.257-acre parcel in Grimes. Unit 303 has three bedrooms and two bathrooms, plus a finished lower level with a bedroom, half bath, and walk-in closet. Unit 305 has two bedrooms and one bathroom; its basement includes an egress window, with any additional finishing subject to applicable requirements.
Both residences feature updated kitchens, bathrooms, and flooring, along with stainless steel appliances and individual washers and dryers. Each unit also has a fenced backyard and a detached one-car garage. Gas, electric, and water are separately metered, and tenants pay those utility costs. The property is zoned R4.
Both residences feature updated kitchens, bathrooms, and flooring, along with stainless steel appliances and individual washers and dryers. Each unit also has a fenced backyard and a detached one-car garage. Gas, electric, and water are separately metered, and tenants pay those utility costs. The property is zoned R4.
Key Highlights
- Two‑unit ranch property with 1,520 square feet on a 0.257‑acre parcel
- Unit 303: 3 bedrooms, 2 bathrooms, and a finished lower level with a bedroom, half bath, and walk‑in closet
- Unit 305: 2 bedrooms and 1 bathroom; basement has an 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.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
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
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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 - Separate gas, electric, and water meters serve the two residences.
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‑unit ranch property with 1,520 square feet on a 0.257‑acre parcel; Unit 303: 3 bedrooms, 2 bathrooms, and a finished lower level with a bedroom, half bath, and walk‑in closet; Unit 305: 2 bedrooms and 1 bathroom; basement has an egress window
