Duplex with Individual
For Sale
$279,900
309 Tyler Street, Polk City, IA 50226
MultiFamily, Polk City, IA
Property Size1,848 SF
Lot Size0.39 Acres
Price / SF$151.46
Days on Market25
Property Features for 309 Tyler Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 1, Bathroom 1, Bedroom 3
Parking features
Garage
Appliances
Cooktop, Dishwasher, Refrigerator, Stove
Elementary school district
North Polk
Middle school district
North Polk
High school district
North Polk
Directions
Proceed west on W Broadway St. to Tyler. Proceed south to property
Subdivision
Polk City
Standard status
Active
APN
26100208217000
Size
1,848 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Description
LOT 17 FOREST HEIGHTS PLAT 5
Tax Annual Amount
4748
Legal Description
LOT 17 FOREST HEIGHTS PLAT 5
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1975
Flooring type
Carpet
Building materials
VinylSiding
Roof type
Asphalt, Shingle
Listing Agency:
LPT Realty, LLC
(515) 669-4010
Listed By:
Rob Mordini
(515) 783-7178
Added: Sep 3
Changed: Sep 25
Last Checked: Sep 27 at 11:06PM
MLS# 748694
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 1,848-square-foot duplex includes two residences, with both 309 and 311 Tyler configured as two-bedroom units. Each residence has an individual garage, and the property includes cooktops, dishwashers, refrigerators, and stoves. Vinyl siding, carpeted flooring, central air, electric heat, and heat pump systems are among the existing features. Public water and public sewer serve the property, which was built in 1975 and carries R2 zoning.
The duplex sits on a 0.394-acre parcel at 309 Tyler Street in Polk City, Iowa. The property is occupied, with tenants responsible for utilities, water, and trash. Access is available by appointment with 24 hours' notice.
The duplex sits on a 0.394-acre parcel at 309 Tyler Street in Polk City, Iowa. The property is occupied, with tenants responsible for utilities, water, and trash. Access is available by appointment with 24 hours' notice.
Key Highlights
- Two‑unit duplex with 1,848 square feet
- Both units offer 2 bedrooms and an individual garage
- 0.394‑acre parcel at 309 Tyler Street
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
$16,395
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
5.86%
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%
$327,900
$327.9K
Cap Rate 7%
$234,214
$234.2K
Cap Rate 9%
$182,167
$182.2K
Market Conditions
NOI Build-Up for 1,848 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
$24.8K $13.44/SF
− Vacancy
−$1.4K −$0.77/SF
EGI
$23.4K $12.67/SF
− OpEx
−$7.0K −$3.80/SF
NOI
$16.4K $8.87/SF
Area
Polk County, IA
Vacancy
5.70%
Lease Rate
$13.44 /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%
$327,900
Cap Rate 7%
$234,214
Cap Rate 9%
$182,167
Alternative Uses
Best Use
Multifamily LT 5
$234.2K
$204.9K – $273.3K
NOI $16,395 @ 7.0% cap · market cap 5.86%
Second Best
Apartment 5plus
$204.7K
$179.1K – $238.9K
NOI $14,331 @ 7.0% cap · market cap 5.12%
Theoretical Best
Flex RnD
$1.78M
$1.56M – $2.08M
NOI $124,526 @ 7.0% cap · market cap 44.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
232
Businesses Nearby
Explore this area
Business Placement
Demographics for 50226, IA
6,879
Population
2,517
Households
2.7
Avg Household Size
36
Median Age
48%
College-Educated
98%
High-School Grad
36.4 sq mi
ZIP Area
189
Density / Sq Mi
$161,627
Median Household Income
$76,033
Median Earnings
$746
Median Rent
$390,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Occupied two-unit property with two-bedroom layouts, private garages, and separately paid utilities.
Where is this duplex located?
The property is located at 309 Tyler Street Polk City, IA.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,848 square feet; Both units offer 2 bedrooms and an individual garage; 0.394‑acre parcel at 309 Tyler Street
