Duplex with Attached
New
For Sale
$500,000
34215 L Avenue, Adel, IA 50003
MultiFamily, Adel, IA
Property Size1,656 SF
Lot Size2.90 Acres
Price / SF$301.93
Days on Market5
Property Features for 34215 L Avenue
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
RES
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Rooms
Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 1
Parking features
Garage
Appliances
BuiltInOven, Cooktop, Dryer, Dishwasher, Microwave, Refrigerator, Stove, Washer
Lot features
Rectangular Lot
Elementary school district
Earlham
Middle school district
Earlham
High school district
Earlham
Directions
Take I-80 West to exit #106 and go north to property which is the west side of the road, on opposite of the KOA Campgrounds.
Subdivision
Adel
Standard status
Active
APN
1421127003
Size
1,656 SF
Lot size
2.90 Acres
Taxes and HOA fees
Tax Description
MILL CREEK PLAT 2 LOT 1
Tax Annual Amount
2912
Legal Description
MILL CREEK PLAT 2 LOT 1
Utilities
Heating system
Propane (Heating)
Cooling system
Central Air, Window Unit(s)
Amenities
deck
fireplace
laundry room
breezeway
garage
Building Details
Year built
1960
Floors in Building
1
Flooring type
Laminate
Roof type
Shingle, Asphalt
Architectural style
Ranch
Listing Agency:
Iowa Realty Mills Crossing
(515) 453-4300
Listed By:
CONNIE RIDGWAY
(515) 453-5195
Added: Oct 19
Changed: Oct 20
Last Checked: Oct 23 at 8:06AM
MLS# 751544
Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 1,656-square-foot ranch, built in 1960, includes a two-bedroom, one-bathroom main residence and an attached apartment at the rear of the garage. The apartment has a bedroom, office area, three-quarter bath, laundry area, separate utilities, and its own entrance. The main residence features a kitchen, fireplace, laundry in the connecting breezeway, and a deck. A two-car garage and basement storage add functional space.
The property spans 2.9 acres, with nearly 1.5 acres remaining undeveloped. It is zoned RES and is not part of the Mill Creek HOA. Neither unit currently has a lease, and quick possession is possible.
The property spans 2.9 acres, with nearly 1.5 acres remaining undeveloped. It is zoned RES and is not part of the Mill Creek HOA. Neither unit currently has a lease, and quick possession is possible.
Key Highlights
- 2.9‑acre property with nearly 1.5 acres undeveloped
- 1,656‑square‑foot ranch built in 1960
- Main residence has 2 bedrooms and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,957
Cap Rate
2.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$299,140
$299.1K
Cap Rate 7%
$213,671
$213.7K
Cap Rate 9%
$166,189
$166.2K
Market Conditions
NOI Build-Up for 1,656 SF
Gross rent
$22.9K $13.80/SF
− Vacancy
−$1.5K −$0.90/SF
EGI
$21.4K $12.90/SF
− OpEx
−$6.4K −$3.87/SF
NOI
$15.0K $9.03/SF
Area
Dallas County, IA
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$299,140
Cap Rate 7%
$213,671
Cap Rate 9%
$166,189
Alternative Uses
Best Use
Multifamily LT 5
$213.7K
$187.0K – $249.3K
NOI $14,957 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$198.6K
$173.7K – $231.7K
NOI $13,899 @ 7.0% cap · market cap 2.78%
Theoretical Best
Flex RnD
$1.59M
$1.39M – $1.86M
NOI $111,588 @ 7.0% cap · market cap 22.32%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
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Business Placement
Demographics for 50003, IA
9,428
Population
3,680
Households
2.6
Avg Household Size
38
Median Age
45%
College-Educated
95%
High-School Grad
115.0 sq mi
ZIP Area
82
Density / Sq Mi
$104,643
Median Household Income
$54,444
Median Earnings
$858
Median Rent
$380,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - A separate-entry apartment with its own utilities complements the main residence and connects through the garage.
Where is this duplex located?
The property is located at 34215 L Avenue Adel, IA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 2.9‑acre property with nearly 1.5 acres undeveloped; 1,656‑square‑foot ranch built in 1960; Main residence has 2 bedrooms and 1 bathroom
