Building Details

Year Built 1950

Listing Agency: Hall Realty

Listed By: Tanner Braun · License #NOCNC337000087 Show Phone

Source: Janefischer

Added: Jul 11 Changed: Oct 3 Last Checked: Oct 12 at 5:07PM

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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 Hall Realty

Investment Insights

Based on property information with market context.

This duplex contains 1,243 square feet across two residential units. The upper residence includes 2 bedrooms and 1 bathroom, while the lower residence provides 1 bedroom and 1 bathroom. Both spaces have received new flooring and fresh interior paint, giving the property an updated presentation.

Two new central A/C units add modern mechanical updates for the separate residences. Built in 1950, the property is located at 308 S 12th Street in Clear Lake, Iowa, and offers a two-unit configuration suitable for rental use or owner occupancy with an additional income-producing residence.

Key Highlights

• Two‑unit duplex with 1,243 square feet
• Upper unit includes 2 bedrooms and 1 bathroom
• Lower unit includes 1 bedroom and 1 bathroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$10,610

Cap Rate

3.86%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$212,200 $212.2K

Cap Rate 7%

$151,571 $151.6K

Cap Rate 9%

$117,889 $117.9K

Market Conditions

NOI Build-Up for 1,243 SF

Gross rent

$16.0K $12.84/SF

− Vacancy

−$803 −$0.65/SF

EGI

$15.2K $12.19/SF

− OpEx

−$4.5K −$3.66/SF

NOI

$10.6K $8.54/SF

Area

Cerro Gordo County, IA

Vacancy

5.03%

Lease Rate

$12.84 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$212,200

Cap Rate 7%

$151,571

Cap Rate 9%

$117,889

Alternative Uses

Best Use

Multifamily LT 5

$151.6K

$132.6K – $176.8K (±1% cap)

NOI $10,610 @ 7.0% cap · market cap 3.86%

Second Best

Apartment 5plus

$134.3K

$117.5K – $156.7K (±1% cap)

NOI $9,400 @ 7.0% cap · market cap 3.42%

Theoretical Best

Office A

$312.0K

$273.0K – $364.0K (±1% cap)

NOI $21,842 @ 7.0% cap · market cap 7.94%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Big Box & Wholesale Store Auto Parts Store HVAC Service Daycare Center Auto Repair Shop (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

482

Businesses Nearby

Explore this area Business Placement

Demographics for 50428, IA

9,290

Population

5,630

Households

1.7

Avg Household Size

50

Median Age

32%

College-Educated

97%

High-School Grad

117.3 sq mi

ZIP Area

79

Density / Sq Mi

$72,932

Median Household Income

$42,235

Median Earnings

$769

Median Rent

$253,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Two refreshed residences offer separate layouts, updated flooring, new paint, and individual central A/C systems.

Where is this duplex located?

The property is located at 308 S 12th Street Clear Lake, IA.

What is the asking price?

The asking price for this property is $275,000.

What are key features of this property?

This property features: Two‑unit duplex with 1,243 square feet; Upper unit includes 2 bedrooms and 1 bathroom; Lower unit includes 1 bedroom and 1 bathroom