Duplex With Attached
For Sale
$350,000
18900 Wendover Avenue, Granger, IA 50109
Residential, Duplex, Residential, Granger, IA
Property Size2,000 SF
Price / SF$175
Days on Market49
Property Features for 18900 Wendover Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1, Bedroom 2
Parking features
Garage
Patio and Porch features
Deck
Exterior features
Deck
Appliances
Dryer, Dishwasher, Refrigerator, Stove, Washer
Lot features
Rectangular Lot
Elementary school district
Woodward-Granger
Middle school district
Woodward-Granger
High school district
Woodward-Granger
Directions
North on 141 thru Granger, go south on Wendover 1/4 mile. Properties are on the left.
Subdivision
Granger
Standard status
Active
APN
0802451015
Size
2,000 SF
Taxes and HOA fees
Tax Description
REPLAT OF GRANGER HOMESTEAD UNIT 6 LOT 1
Tax Annual Amount
3848
Legal Description
REPLAT OF GRANGER HOMESTEAD UNIT 6 LOT 1
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
patio
attached garage
Building Details
Year built
1998
Floors in Building
1
Flooring type
Tile, Carpet
Roof type
Asphalt, Shingle
Architectural style
Modern, Ranch
Listing Agency:
RE/MAX Precision · RE/MAX International
(515) 223-9492
Listed By:
Julie Blaker · License #S68775000
(515) 480-4547
Added: Jul 6
Changed: Aug 20
Last Checked: Aug 23 at 4:06AM
MLS# 744519
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 2,000-square-foot duplex, built in 1998, offers two residential units with matching layouts. Each unit includes two bedrooms, one full bathroom, living and dining areas, and a full kitchen equipped with a stove, refrigerator, dishwasher, washer, and dryer. Tile and carpet flooring, forced-air natural gas heat, and central air support year-round use. Each residence also has an attached garage and an 8-by-10-foot concrete patio.
The property sits on nearly an acre at 18900 Wendover Avenue in Granger, Iowa, with landscaped grounds and R zoning. Saylorville Lake is nearby, while Des Moines is approximately 15 minutes southeast. The ranch-style design, separate garages, and private outdoor areas provide a straightforward duplex configuration for residential occupancy.
The property sits on nearly an acre at 18900 Wendover Avenue in Granger, Iowa, with landscaped grounds and R zoning. Saylorville Lake is nearby, while Des Moines is approximately 15 minutes southeast. The ranch-style design, separate garages, and private outdoor areas provide a straightforward duplex configuration for residential occupancy.
Key Highlights
- Two‑unit duplex totaling 2,000 square feet
- Each unit includes 2 bedrooms and 1 full bathroom
- Attached garage provided for 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
$18,064
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
5.16%
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%
$361,280
$361.3K
Cap Rate 7%
$258,057
$258.1K
Cap Rate 9%
$200,711
$200.7K
Market Conditions
NOI Build-Up for 2,000 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
$27.6K $13.80/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$25.8K $12.90/SF
− OpEx
−$7.7K −$3.87/SF
NOI
$18.1K $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%
$361,280
Cap Rate 7%
$258,057
Cap Rate 9%
$200,711
Alternative Uses
Best Use
Multifamily LT 5
$258.1K
$225.8K – $301.1K
NOI $18,064 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$239.8K
$209.8K – $279.8K
NOI $16,786 @ 7.0% cap · market cap 4.80%
Theoretical Best
Flex RnD
$1.93M
$1.68M – $2.25M
NOI $134,768 @ 7.0% cap · market cap 38.51%
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
12
Businesses Nearby
Explore this area
Business Placement
Demographics for 50109, IA
3,348
Population
1,450
Households
2.3
Avg Household Size
37
Median Age
49%
College-Educated
98%
High-School Grad
19.4 sq mi
ZIP Area
173
Density / Sq Mi
$130,263
Median Household Income
$62,188
Median Earnings
$923
Median Rent
$337,400
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-bedroom residences include full kitchens, private patios, and central air in a ranch-style layout.
Where is this duplex located?
The property is located at 18900 Wendover Avenue Granger, IA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,000 square feet; Each unit includes 2 bedrooms and 1 full bathroom; Attached garage provided for each unit
