Renovated Duplex with Private
New
For Sale
$315,000
102 NW Sharmin Drive, Ankeny, IA 50023
MULTI_FAMILY - Other - Ankeny, IA
Property Size2,080 SF
Lot Size0.22 Acres
Price / SF$151.44
Days on Market2
Property Features for 102 NW Sharmin Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
C1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 2, Basement
Lot features
Corner Lot
Elementary school district
Ankeny
Middle school district
Ankeny
High school district
Ankeny
Directions
West on E 1st St. Turn Right onto NW Sharmin Dr. Duplex will be on left.
Subdivision
Ankeny
Standard status
Active
APN
18100392095001
Size
2,080 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
S 80F LOT 1 FRONTIER VILLAGE PLAT 6
Tax Annual Amount
4235
Legal Description
S 80F LOT 1 FRONTIER VILLAGE PLAT 6
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Water source
Public
Amenities
in-unit laundry
additional storage
Building Details
Year built
1968
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Century 21 Signature · Century 21 Real Estate
(515) 963-1040
Listed By:
Emma Jordison
(515) 224-4002
Added: Aug 13
Last Checked: Aug 14 at 3:06PM
MLS# 747234
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 C1-zoned duplex contains 2,080 square feet across upper and lower residences, each configured with 2 bedrooms and 1 bathroom. Interior updates include fresh paint, LVP flooring, new light fixtures, remodeled bathrooms, and updated appliances. Both units have private basement space with in-unit laundry and additional storage. Separate gas, water, and electric meters support independent utility management.
Built in 1968, the property sits on a 0.22-acre lot in Ankeny and is served by public water and public sewer. The exterior includes a shingle asphalt roof installed in 2021. Heating is provided by natural gas forced air, with window unit cooling. The property is located at 102 NW Sharmin Drive, Ankeny, IA 50023.
Built in 1968, the property sits on a 0.22-acre lot in Ankeny and is served by public water and public sewer. The exterior includes a shingle asphalt roof installed in 2021. Heating is provided by natural gas forced air, with window unit cooling. The property is located at 102 NW Sharmin Drive, Ankeny, IA 50023.
Key Highlights
- 2,080 square feet on a 0.22‑acre lot
- Two units, each with 2 bedrooms and 1 bathroom
- Private basement areas with in‑unit laundry and storage
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
177
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units include updated finishes, private basement areas, and separate utility meters.
Where is this duplex located?
The property is located at 102 NW Sharmin Drive 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 feet on a 0.22‑acre lot; Two units, each with 2 bedrooms and 1 bathroom; Private basement areas with in‑unit laundry and storage
