Duplex with Attached
For Sale
$299,000
Pending
815 817 W 10 Avenue N, Clear Lake, IA 50428
Residential Income, Clear Lake, IA
Property Size2,580 SF
Lot Size0.22 Acres
Days on Market48
Property Features for 815 817 W 10 Avenue N
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Basement
Partially Finished, Full
Directions
Google Maps
Standard status
Pending
APN
051147700100
Size
2,580 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
L 1 MAPLEWOOD ADD EXC COM AT SW COR L 1 TH N 00000'00" W 54.16' TO POB TH CONT N 00000'00" W 31.46' TO NW COR L 1 TH S 83032'53" E 115.32' TH N 88059'30" W 71.65' TO POB 54.50' RAD TANG CURVE CONCAV
Tax Annual Amount
3454
Legal Description
L 1 MAPLEWOOD ADD EXC COM AT SW COR L 1 TH N 00000'00" W 54.16' TO POB TH CONT N 00000'00" W 31.46' TO NW COR L 1 TH S 83032'53" E 115.32' TH N 88059'30" W 71.65' TO POB 54.50' RAD TANG CURVE CONCAV
Utilities
Heating system
Forced Air
Water source
Public
Amenities
attached garage
full unfinished basement
Building Details
Year built
1978
Floors in Building
2
Number of units
2
Building materials
Wood Siding
Listing Agency:
Hall Realty
(641) 357-7373
Listed By:
Carrie Shannon · License #IAB61075000
(641) 583-1649
Added: Jul 20
Changed: Sep 4
Last Checked: Sep 5 at 11:06AM
MLS# 6340554
Copyright © 2026 NoCoast MLS. 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 2,580-square-foot duplex contains two residential units, each with approximately 1,040 square feet of finished living space. Both units include an attached garage and a full unfinished basement, providing additional storage and potential for future finishing. The property has wood siding, forced-air heating, public water, and a 1978 construction date.
Set on a 0.22-acre lot at 815 817 W 10 Avenue N in Clear Lake, the duplex is near a grocery store and walking trails. Its two-unit configuration supports either owner occupancy with a separate rental unit or continued use as a residential income property.
Set on a 0.22-acre lot at 815 817 W 10 Avenue N in Clear Lake, the duplex is near a grocery store and walking trails. Its two-unit configuration supports either owner occupancy with a separate rental unit or continued use as a residential income property.
Key Highlights
- Two‑unit duplex with 2,580 square feet of property size
- Each unit has approximately 1,040 square feet of finished living space
- Attached garage included with each unit
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
$22,023
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
7.37%
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%
$440,460
$440.5K
Cap Rate 7%
$314,614
$314.6K
Cap Rate 9%
$244,700
$244.7K
Market Conditions
NOI Build-Up for 2,580 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
$33.1K $12.84/SF
− Vacancy
−$1.7K −$0.65/SF
EGI
$31.5K $12.19/SF
− OpEx
−$9.4K −$3.66/SF
NOI
$22.0K $8.54/SF
Area
Cerro Gordo County, IA
Vacancy
5.03%
Lease Rate
$12.84 /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%
$440,460
Cap Rate 7%
$314,614
Cap Rate 9%
$244,700
Alternative Uses
Best Use
Multifamily LT 5
$314.6K
$275.3K – $367.1K
NOI $22,023 @ 7.0% cap · market cap 7.37%
Second Best
Apartment 5plus
$278.7K
$243.9K – $325.2K
NOI $19,512 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$647.6K
$566.7K – $755.6K
NOI $45,335 @ 7.0% cap · market cap 15.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
161
Businesses Nearby
Explore this area
Business Placement
Demographics for 50428, IA
9,290
Population
5,630
Households
1.7
Avg Household Size
50
Median Age
32%
College-Educated
97%
High-School Grad
117.3 sq mi
ZIP Area
79
Density / Sq Mi
$72,932
Median Household Income
$42,235
Median Earnings
$769
Median Rent
$253,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer separate living spaces, garages, and unfinished basements for storage or future improvements.
Where is this duplex located?
The property is located at 815 817 W 10 Avenue N Clear Lake, IA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,580 square feet of property size; Each unit has approximately 1,040 square feet of finished living space; Attached garage included with each unit
