Duplex With Individual
New
For Sale
$319,000
1001 Lyndale Drive, Polk City, IA 50226
MultiFamily, Duplex, Polk City, IA
Property Size2,016 SF
Lot Size0.44 Acres
Price / SF$158.23
Days on Market2
Property Features for 1001 Lyndale Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bedroom 1, Basement, Bathroom 2, Bedroom 2, Bathroom 1
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 Lyndale Dr. Turn east and proceed to property which will be on your left.
Subdivision
Polk City
Standard status
Active
APN
26100208203000
Size
2,016 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Description
LOT 3 FOREST HEIGHTS PLAT 5
Tax Annual Amount
4825
Legal Description
LOT 3 FOREST HEIGHTS PLAT 5
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
central air
high efficiency heat pumps
Building Details
Year built
1978
Flooring type
Carpet
Building materials
VinylSiding
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
LPT Realty, LLC
(515) 669-4010
Listed By:
Rob Mordini
(515) 783-7178
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 11 at 10:06PM
MLS# 749088
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 duplex contains 2,016 square feet on a 0.443-acre lot, with two bedrooms in each residence and an individual garage for each side. The property was built in 1978 and includes central air, high-efficiency heat pumps, electric heating, carpeted interiors, and vinyl siding. Recent paint and carpet updates have been completed in one residence, while both units include a cooktop, dishwasher, refrigerator, and stove.
Tenants are responsible for utilities, water, and trash. Public water and public sewer serve the property, and the site is zoned R2. Asphalt shingle roofing and garage parking add to the existing physical improvements.
Tenants are responsible for utilities, water, and trash. Public water and public sewer serve the property, and the site is zoned R2. Asphalt shingle roofing and garage parking add to the existing physical improvements.
Key Highlights
- 2,016‑square‑foot duplex on 0.443 acres
- Two‑bedroom layout in each residence
- Individual garages for both units
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
$17,885
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
5.61%
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%
$357,700
$357.7K
Cap Rate 7%
$255,500
$255.5K
Cap Rate 9%
$198,722
$198.7K
Market Conditions
NOI Build-Up for 2,016 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
$27.1K $13.44/SF
− Vacancy
−$1.5K −$0.77/SF
EGI
$25.6K $12.67/SF
− OpEx
−$7.7K −$3.80/SF
NOI
$17.9K $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%
$357,700
Cap Rate 7%
$255,500
Cap Rate 9%
$198,722
Alternative Uses
Best Use
Multifamily LT 5
$255.5K
$223.6K – $298.1K
NOI $17,885 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$223.3K
$195.4K – $260.6K
NOI $15,634 @ 7.0% cap · market cap 4.90%
Theoretical Best
Flex RnD
$1.94M
$1.70M – $2.26M
NOI $135,846 @ 7.0% cap · market cap 42.58%
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
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
191
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 - R2-zoned duplex with central air, heat pumps, and separate garages serving both residences.
Where is this duplex located?
The property is located at 1001 Lyndale Drive Polk City, IA.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: 2,016‑square‑foot duplex on 0.443 acres; Two‑bedroom layout in each residence; Individual garages for both units
