Updated Duplex With Expansion
New
For Sale
$330,000
451 N 10th Street, Adel, IA 50003
MultiFamily, Duplex, Adel, IA
Property Size2,904 SF
Lot Size0.28 Acres
Price / SF$113.64
Days on Market1
Property Features for 451 N 10th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Res
Bedrooms
6
Bathrooms
2
Rooms
Bedroom 6, Bedroom 5, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 2
Interior features
CableTv
Appliances
Dryer, Dishwasher, Microwave, Refrigerator, Stove, Washer
Elementary school district
Adel-Desoto-Minburn
Middle school district
Adel-Desoto-Minburn
High school district
Adel-Desoto-Minburn
Directions
From Grove Street, pull into the drive for 1010 Grove Street, then follow drive North to 451.
Subdivision
Adel
Standard status
Active
APN
1129327009
Size
2,904 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
LOT 5 SHIERYS ADD
Tax Annual Amount
5029
Legal Description
LOT 5 SHIERYS ADD
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Forced Air
Cooling system
Central Air
Water source
Public
Amenities
laundry room
handicap accessible showers
Building Details
Year built
2009
Flooring type
Carpet
Building materials
VinylSiding
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Adam Bugbee
(515) 443-3800
Added: Sep 22
Last Checked: Sep 22 at 3:06PM
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.
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 = 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
$26,229
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
7.95%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
405
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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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
