308 S 12th Street Clear Lake, IA 50428
MULTI_FAMILY - Clear Lake, IA
Property Features for 308 S 12th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Basement
- Full
- 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
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 agent Tanner Braun (641) 512-0633
Listing office Hall Realty 203 Main Avenue, Clear Lake, IA (641) 357-7373
Listing date Jul 9, 2026
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.
The property is located in Clear Lake, IA, just moments from Main, placing it within convenient reach of local activity. The overall site is listed at 0.16 acres, with a total property size of 1,243 square feet.
From a practical perspective, the configuration supports flexible living and leasing options. An owner can occupy one unit while renting the other, or lease both for rental income. The addition of two brand-new central A/C units is also notable, as it helps improve comfort and reduce near-term major maintenance concerns for whichever unit(s) are occupied. Overall, it presents a straightforward duplex setup with recent interior updates and updated mechanical comfort.
Key Highlights
- Well‑maintained duplex built in 1950 with vinyl siding and forced‑air heating
- Upper unit: 2 bed, 1 bath layout with new flooring and fresh paint
- Lower unit: 1 bed, 1 bath layout with new flooring and fresh paint
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $16.0k | $12.84 |
| − Vacancy | −$803 | −$0.65 |
| EGI | $15.2k | $12.19 |
| − OpEx | −$4.5k | −$3.66 |
| NOI | $10.6k | $8.54 |
