Duplex with Private Fenced
303 Valley View Drive, Grimes, IA 50111
For Sale
New
$348,400
Separate utility meters and tenant-paid services accompany updated interiors and individual laundry appliances.
Property Size1,520 SF
Price / SF$229.21
Days on Market3
Property Features for 303 Valley View Drive
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Utilities to Site
Amenities
private fenced backyard
washer and dryer
Building Details
Building Size
Year Built
Buildings
Construction
Listing Agency:
RE/MAX
Listed By:
Shane Torres · License IA #475187323
(515) 984-0222
Source:
Remaxcommercial
Added: Nov 8
Last Checked: Nov 10 at 5:03AM
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
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Investment Insights
Based on property information with market context.
Built in 1977, this 1,520-square-foot duplex contains two ranch-style residences, each with a basement, detached one-car garage, private fenced yard, and washer and dryer. The 303 residence has three bedrooms and two bathrooms, plus a finished lower level with a bedroom, half bath, and walk-in closet. The 305 residence offers two bedrooms and one bathroom; its lower level includes an egress window. Kitchens, bathrooms, and flooring have been updated, and both units have stainless steel appliances.
Gas, electric, and water are separately metered, with tenants paying those utility costs. Tenants also take care of lawn maintenance and snow removal. The property is currently owner-managed and is near shopping, dining, parks, and everyday amenities in Grimes.
Gas, electric, and water are separately metered, with tenants paying those utility costs. Tenants also take care of lawn maintenance and snow removal. The property is currently owner-managed and is near shopping, dining, parks, and everyday amenities in Grimes.
Key Highlights
- 1,520 square feet across two residences
- Unit 303: 3 bedrooms, 2 bathrooms, and a finished lower level with bedroom, half bath, and walk‑in closet
- Unit 305: 2 bedrooms, 1 bathroom, and an egress window in the lower level
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
Office A
$374.3K
$327.6K – $436.7K
NOI $26,204 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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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
$285,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Duplexes in Polk County, IA
Properties on Market for Duplexes in Polk County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Separate utility meters and tenant-paid services accompany updated interiors and individual laundry appliances.
Where is this duplex located?
The property is located at 303 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: 1,520 square feet across two residences; Unit 303: 3 bedrooms, 2 bathrooms, and a finished lower level with bedroom, half bath, and walk‑in closet; Unit 305: 2 bedrooms, 1 bathroom, and an egress window in the lower level
