Updated Two-Unit
For Sale
$287,500
308 S 12th Street, Clear Lake, IA 50428
Two refreshed residences offer separate layouts, updated flooring, new paint, and individual central A/C systems.
Property Size1,243 SF
Price / SF$231.30
Days on Market50
Property Features for 308 S 12th Street
General Information
Standard status
Active
Size
1,243 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
central air conditioning
Building Details
Year Built
1950
Listing Agency:
Hall Realty
(641) 512-0633
Listed By:
Tanner Braun · License #NOCNC337000087
Source:
Janefischer
Added: Jul 11
Changed: Aug 29
Last Checked: Aug 29 at 9:07AM
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.
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 = 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
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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 $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
