Updated Duplex With Expansion
451 N 10th Street, Adel, IA 50003
For Sale
$330,000
MultiFamily, Duplex, Adel, IA
Property Size2,904 SF
Lot Size0.28 Acres
Price / SF$113.64
Days on Market47
Property Features for 451 N 10th Street
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Rooms
Interior features
Appliances
Elementary school district
Middle school district
High school district
Directions
Subdivision
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
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Building Details
Year built
Flooring type
Building materials
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Architectural style
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Adam Bugbee
(515) 443-3800
Added: Sep 22
Changed: Oct 31
Last Checked: Nov 7 at 5:06PM
MLS# 749688
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 2,904-square-foot duplex, built in 2009, contains two residential units of more than 1,400 square feet each. Both units provide three bedrooms, spacious closets, open living areas, updated kitchens with cabinetry and appliances, refreshed bathrooms, and laundry rooms equipped with washers, dryers, and utility sinks. Vinyl siding, central air, forced-air and electric heat, public water, and public sewer support the property’s operating setup. Accessibility features include handicap-accessible showers and other modifications that may support eligibility for government-assisted rent programs.
The property includes an adjoining 0.5-acre parcel to the south, with City of Adel preapproval for construction of two additional duplex units. The duplex is located at 451 N 10th Street in Adel, within walking distance of Kinnick-Feller Riverside Park and a few blocks from Main Street. The property also includes parking, and the tractor, trailer, and equipment shown in the photos may be purchased separately.
The property includes an adjoining 0.5-acre parcel to the south, with City of Adel preapproval for construction of two additional duplex units. The duplex is located at 451 N 10th Street in Adel, within walking distance of Kinnick-Feller Riverside Park and a few blocks from Main Street. The property also includes parking, and the tractor, trailer, and equipment shown in the photos may be purchased separately.
Key Highlights
- Duplex totals 2,904 square feet with two units exceeding 1,400 square feet each
- Each unit includes three bedrooms, spacious closets, and an open living area
- Updated kitchens and bathrooms, plus in‑unit laundry rooms with appliances and utility sinks
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,229
Cap Rate
7.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$524,580
$524.6K
Cap Rate 7%
$374,700
$374.7K
Cap Rate 9%
$291,433
$291.4K
Market Conditions
NOI Build-Up for 2,904 SF
Gross rent
$40.1K $13.80/SF
− Vacancy
−$2.6K −$0.90/SF
EGI
$37.5K $12.90/SF
− OpEx
−$11.2K −$3.87/SF
NOI
$26.2K $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%
$524,580
Cap Rate 7%
$374,700
Cap Rate 9%
$291,433
Alternative Uses
Best Use
Multifamily LT 5
$374.7K
$327.9K – $437.2K
NOI $26,229 @ 7.0% cap · market cap 7.95%
Second Best
Apartment 5plus
$348.2K
$304.7K – $406.2K
NOI $24,374 @ 7.0% cap · market cap 7.39%
Theoretical Best
Flex RnD
$2.80M
$2.45M – $3.26M
NOI $195,683 @ 7.0% cap · market cap 59.30%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
405
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 - Two updated residential units offer spacious layouts, accessible bathrooms, on-site laundry, and a separate adjoining parcel with development preapproval.
Where is this duplex located?
The property is located at 451 N 10th Street Adel, IA.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Duplex totals 2,904 square feet with two units exceeding 1,400 square feet each; Each unit includes three bedrooms, spacious closets, and an open living area; Updated kitchens and bathrooms, plus in‑unit laundry rooms with appliances and utility sinks
