Updated Two-Unit
For Sale
$287,500
308 S 12th Street, Clear Lake, IA 50428
Residential Income, Clear Lake, IA
Property Size1,243 SF
Lot Size0.16 Acres
Price / SF$231.30
Days on Market81
Property Features for 308 S 12th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Basement
Full
Directions
Google maps
Standard status
Active
APN
061818200800
Size
1,243 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
BEG 118' S NW COR L 3 SUB SW SE NW 18-96-21 E 132' S 52' W 132' N 52' TO POB
Tax Annual Amount
2232
Legal Description
BEG 118' S NW COR L 3 SUB SW SE NW 18-96-21 E 132' S 52' W 132' N 52' TO POB
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1950
Floors in Building
2
Number of units
2
Building materials
Vinyl Siding
Listing Agency:
Hall Realty
(641) 357-7373
Listed By:
Tanner Braun · License #NOCNC337000087
(641) 512-0633
Added: Jul 9
Changed: Sep 4
Last Checked: Sep 27 at 7:06PM
MLS# 6340186
Copyright © 2026 NoCoast MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1950 duplex contains 1,243 square feet across two residences. The upper unit offers 2 bedrooms and 1 bathroom, while the lower unit includes 1 bedroom and 1 bathroom. Both interiors have new flooring and fresh paint, and each unit is served by a brand-new central A/C system.
The property sits on a 0.16-acre lot at 308 S 12th Street in Clear Lake, Iowa. Exterior construction includes vinyl siding, with forced-air heating and public water service. Its two-unit layout supports a range of owner-occupant and rental arrangements.
The property sits on a 0.16-acre lot at 308 S 12th Street in Clear Lake, Iowa. Exterior construction includes vinyl siding, with forced-air heating and public water service. Its two-unit layout supports a range of owner-occupant and rental arrangements.
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$10,610
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.69%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
NOI $10,610 @ 7.0% cap · market cap 3.69%
Second Best
Apartment 5plus
$134.3K
$117.5K – $156.7K
NOI $9,400 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$312.0K
$273.0K – $364.0K
NOI $21,842 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences support owner occupancy in one unit while the other is used for rental income.
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 $287,500.
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
