Multifamily
For Sale
$1,650,000
1011 Southeast 3rd Street, Ankeny, IA 50021
Residential multifamily asset constructed in 1980.
Property Size14,386 SF
Days on Market160
Property Features for 1011 Southeast 3rd Street
General Information
Standard status
Active
Size
14,386 SF
Property subtype
MultiFamily Apartments
Building Details
Building Size
14,386 SF
Year Built
1980
Listing Agency:
NAI Iowa Realty Commercial
(319) 378-6818
Listed By:
Joanne Stevens · License #B15061
(319) 378-6818
Source:
Thebrokerlist
Added: Mar 25
Changed: Aug 30
Last Checked: Aug 30 at 10:55AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI Iowa Realty Commercial
Investment Insights
Based on property information with market context.
This multifamily property was constructed in 1980 and is located at 1011 Southeast 3rd Street in Ankeny, Iowa.
Key Highlights
- Constructed in 1980
- Located at 1011 Southeast 3rd Street, Ankeny, IA 50021
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
$111,563
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
6.76%
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%
$2,231,260
$2.2M
Cap Rate 7%
$1,593,757
$1.6M
Cap Rate 9%
$1,239,589
$1.2M
Market Conditions
NOI Build-Up for 14,386 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
$215.8K $15.00/SF
− Vacancy
−$12.9K −$0.90/SF
EGI
$202.8K $14.10/SF
− OpEx
−$91.3K −$6.35/SF
NOI
$111.6K $7.76/SF
Area
Polk County, IA
Vacancy
6.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,231,260
Cap Rate 7%
$1,593,757
Cap Rate 9%
$1,239,589
Alternative Uses
Best Use
Apartment 5plus
$1.59M
$1.39M – $1.86M
NOI $111,563 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$13.85M
$12.12M – $16.16M
NOI $969,387 @ 7.0% cap · market cap 58.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
484
Businesses Nearby
Explore this area
Business Placement
Demographics for 50021, IA
28,807
Population
12,463
Households
2.3
Avg Household Size
36
Median Age
49%
College-Educated
97%
High-School Grad
24.1 sq mi
ZIP Area
1,195
Density / Sq Mi
$98,847
Median Household Income
$55,108
Median Earnings
$1,434
Median Rent
$295,000
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?
Multifamily property - Residential multifamily asset constructed in 1980.
Where is this multifamily property located?
The property is located at 1011 Southeast 3rd Street Ankeny, IA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Constructed in 1980; Located at 1011 Southeast 3rd Street, Ankeny, IA 50021
