Up-and-Down Duplex with Private
For Sale
$154,000
Pending
412 S 2nd Avenue E, Newton, IA 50208
MultiFamily, Newton, IA
Property Size1,908 SF
Lot Size0.20 Acres
Days on Market126
Property Features for 412 S 2nd Avenue E
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3
Bedrooms
4
Bathrooms
4
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bathroom 2
Elementary school district
Newton
Middle school district
Newton
High school district
Newton
Subdivision
Newton
Standard status
Pending
APN
0834179005
Size
1,908 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
ORIGINAL PLAT E 1/2 LOT 2 & W 1/2 LOT 3 OUTLOT 23
Tax Annual Amount
1409
Legal Description
ORIGINAL PLAT E 1/2 LOT 2 & W 1/2 LOT 3 OUTLOT 23
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1930
Floors in Building
2
Number of units
2
Building materials
VinylSiding
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
RE/MAX Concepts · RE/MAX International
(641) 791-2800
Listed By:
Jake Jenkins · License #S69857000
(515) 276-2872
Added: Apr 17
Changed: Aug 19
Last Checked: Aug 20 at 10:06AM
MLS# 738691
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.
Investment Insights
Based on property information with market context.
This two-story duplex is set up for flexible living and leasing, currently configured as an up-and-down arrangement with separate private entrances. The property can also be used as a single-family home with four total bedrooms. At 1,908 SF, it includes separate kitchen spaces and laundry hookups on both floors.
Exterior updates include a new roof installed in 2023 and new siding completed in 2024. The upper unit is fully remodeled with modern finishes, new black appliances, and new vinyl plank flooring throughout. The main level includes its own kitchen, a newer Lennox furnace, and its own laundry hookups.
Separate gas and water meters support independent operations, and the property has rear alley access. Built in 1930, the home uses natural gas forced-air heating and is served by public water and public sewer.
Exterior updates include a new roof installed in 2023 and new siding completed in 2024. The upper unit is fully remodeled with modern finishes, new black appliances, and new vinyl plank flooring throughout. The main level includes its own kitchen, a newer Lennox furnace, and its own laundry hookups.
Separate gas and water meters support independent operations, and the property has rear alley access. Built in 1930, the home uses natural gas forced-air heating and is served by public water and public sewer.
Key Highlights
- Up‑and‑down duplex with separate private entrances and separate kitchens
- 10.6% cap rate per public remarks
- New roof installed in 2023 and new siding completed in 2024
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
$12,498
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
8.12%
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%
$249,960
$250.0K
Cap Rate 7%
$178,543
$178.5K
Cap Rate 9%
$138,867
$138.9K
Market Conditions
NOI Build-Up for 1,908 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
$19.5K $10.20/SF
− Vacancy
−$1.6K −$0.84/SF
EGI
$17.9K $9.36/SF
− OpEx
−$5.4K −$2.81/SF
NOI
$12.5K $6.55/SF
Area
Jasper County, IA
Vacancy
8.26%
Lease Rate
$10.20 /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%
$249,960
Cap Rate 7%
$178,543
Cap Rate 9%
$138,867
Alternative Uses
Best Use
Multifamily LT 5
$178.5K
$156.2K – $208.3K
NOI $12,498 @ 7.0% cap · market cap 8.12%
Second Best
Apartment 5plus
$164.2K
$143.7K – $191.6K
NOI $11,497 @ 7.0% cap · market cap 7.47%
Theoretical Best
Flex RnD
$1.84M
$1.61M – $2.14M
NOI $128,569 @ 7.0% cap · market cap 83.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
868
Businesses Nearby
Explore this area
Business Placement
Demographics for 50208, IA
20,918
Population
8,919
Households
2.3
Avg Household Size
42
Median Age
17%
College-Educated
91%
High-School Grad
158.5 sq mi
ZIP Area
132
Density / Sq Mi
$61,064
Median Household Income
$37,490
Median Earnings
$830
Median Rent
$161,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-story duplex in R-3 zoning with separate private entrances, remodeled upper unit, and separate gas and water meters.
Where is this duplex located?
The property is located at 412 S 2nd Avenue E Newton, IA.
What is the asking price?
The asking price for this property is $154,000.
What are key features of this property?
This property features: Up‑and‑down duplex with separate private entrances and separate kitchens; 10.6% cap rate per public remarks; New roof installed in 2023 and new siding completed in 2024
