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    Reinbeck Duplex: Investment Opportunity Title is generated by Realmo AI

    704 3rd Street, Reinbeck, IA 50669

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    Claim this Listing
    Pending
    $224,500

    MULTI_FAMILY - Reinbeck, IA

    Property size:
    3,700 SF
    Lot size:
    0.17 Acres
    Added:
    Mar 16, 2026
    Days on Market:
    65
    Last Refresh:
    May 19 at 3:06 am

    Property Features for 704 3rd Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-1
    Bedrooms
    4
    Rooms
    Bedroom 2, Bedroom 1, Bedroom 3, Bedroom 4
    Parking features
    Carport, Garage
    Basement
    Concrete
    Standard status
    Pending
    APN
    871528138006
    Size
    3,700 SF
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Description
    REINBECK, PETERSENS PLAT OF REINBECK, BLK C E 120' OF LOT 1
    Tax Annual Amount
    2903

    Utilities

    Sewer type
    Public Sewer
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1969
    Number of units
    2
    Building materials
    Vinyl Siding
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Josh Hansen
    Josh Hansen

    Listing agent Josh Hansen

    Listing office Structure Real Estate 201 Washington Street, Cedar Falls, IA

    Listing date Mar 16, 2026

    MLS# 20261032 Listing URL

    Copyright © 2026 Northeast Iowa Regional Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Large duplex (nearly 3,700 sq. ft.) in the desirable Reinbeck market, offering significant investment or house‑hacking potential.
    • Two units, each with 2 bedrooms and 1 full bath on the main level; one unit is currently vacant and move‑in ready.
    • Untapped potential in the expansive concrete basement, with space designated for an additional bedroom in each unit to increase equity and rental value.
    • Ample parking with a 2‑stall detached garage and 2 carport spaces.
    • Low‑maintenance exterior with vinyl siding and central air.
    • Conveniently located near Gladbrook‑Reinbeck schools, Elmwood Park sports complexes, Reinbeck aquatic center, and Strohbehn Park.

    Overview

    Located in Reinbeck, Iowa, this duplex at 704 3rd St offers a blend of small-town charm and financial opportunity. The property features nearly 3,700 sq. ft. of total structure space. Each unit includes 2 bedrooms and 1 full bath on the main level. The west unit is currently occupied by a long-term tenant, while the east unit is vacant and move-in ready. The expansive concrete basement offers space designated for 1 additional bedroom in each unit, presenting an opportunity to increase equity and rental value. The property includes 4 parking spaces, featuring a 2-stall detached garage and 2 carport spaces. The exterior features durable vinyl siding, and central air conditioning is installed. The property is located near Gladbrook-Reinbeck schools, Elmwood Park sports complexes, Reinbeck aquatic center, and Strohbehn Park.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Reinbeck
    County
    Grundy
    State
    Iowa
    Longitude
    -92.602295
    Latitude
    42.323807

    FAQs

    What type of property is this?
    Duplex - Well-maintained duplex in Reinbeck, Iowa with investment potential.
    Where is this duplex located?
    The property is located at 704 3rd Street Reinbeck, IA.
    What is the asking price?
    The asking price for this property is $224,500.
    What are key features of this property?
    This property features: Large duplex (nearly 3,700 sq. ft.) in the desirable Reinbeck market, offering significant investment or house‑hacking potential.; Two units, each with 2 bedrooms and 1 full bath on the main level; one unit is currently vacant and move‑in ready.; Untapped potential in the expansive concrete basement, with space designated for an additional bedroom in each unit to increase equity and rental value.
    (319) 404-7430
    We can help!
    Listing Contact
    Josh Hansen
    Josh Hansen
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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