Renovated Duplex With Private
For Sale
$315,000
102 NW Sharmin Dr, Ankeny, IA 50023
Updated interiors, private basement areas, and separate utility metering support practical unit-level management.
Property Size2,080 SF
Price / SF$151.44
Days on Market17
Property Features for 102 NW Sharmin Dr
General Information
Standard status
Active
Size
2,080 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
basement storage
Building Details
Year Built
1968
Buildings
1
Listing Agency:
Keller Williams Ankeny Metro
(515) 783-9815
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Aug 15
Changed: Aug 29
Last Checked: Aug 30 at 4:17PM
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 Keller Williams Ankeny Metro
Investment Insights
Based on property information with market context.
This up-and-down duplex contains 2,080 square feet with two residential units, each offering two bedrooms and one bathroom. Interior updates include fresh paint, LVP flooring, new light fixtures, remodeled bathrooms, and updated appliances. Each unit also has private basement space with in-unit laundry and additional storage.
Separate gas, water, and electric meters provide distinct utility service for the units. Exterior improvements include a roof replacement completed in 2021. Built in 1968, the property is located at 102 NW Sharmin Dr in Ankeny, Iowa.
Separate gas, water, and electric meters provide distinct utility service for the units. Exterior improvements include a roof replacement completed in 2021. Built in 1968, the property is located at 102 NW Sharmin Dr in Ankeny, Iowa.
Key Highlights
- 2,080‑square‑foot up‑and‑down duplex
- Two units, each with 2 bedrooms and 1 bathroom
- Private basement space with in‑unit laundry and storage 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
$18,453
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%
$369,060
$369.1K
Cap Rate 7%
$263,614
$263.6K
Cap Rate 9%
$205,033
$205.0K
Market Conditions
NOI Build-Up for 2,080 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
$28.0K $13.44/SF
− Vacancy
−$1.6K −$0.77/SF
EGI
$26.4K $12.67/SF
− OpEx
−$7.9K −$3.80/SF
NOI
$18.5K $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%
$369,060
Cap Rate 7%
$263,614
Cap Rate 9%
$205,033
Alternative Uses
Best Use
Multifamily LT 5
$263.6K
$230.7K – $307.6K
NOI $18,453 @ 7.0% cap · market cap 5.86%
Second Best
Apartment 5plus
$230.4K
$201.6K – $268.8K
NOI $16,130 @ 7.0% cap · market cap 5.12%
Theoretical Best
Flex RnD
$2.00M
$1.75M – $2.34M
NOI $140,159 @ 7.0% cap · market cap 44.49%
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
274
Businesses Nearby
Explore this area
Business Placement
Demographics for 50023, IA
43,603
Population
17,822
Households
2.4
Avg Household Size
34
Median Age
55%
College-Educated
99%
High-School Grad
21.0 sq mi
ZIP Area
2,076
Density / Sq Mi
$113,914
Median Household Income
$59,891
Median Earnings
$1,191
Median Rent
$327,200
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 - Updated interiors, private basement areas, and separate utility metering support practical unit-level management.
Where is this duplex located?
The property is located at 102 NW Sharmin Dr Ankeny, IA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 2,080‑square‑foot up‑and‑down duplex; Two units, each with 2 bedrooms and 1 bathroom; Private basement space with in‑unit laundry and storage for both units
