Two-Unit Duplex with Detached
New
For Sale
$348,400
1201-1203 NW Linden Street, Ankeny, IA 50023
MultiFamily, Ankeny, IA
Property Size1,520 SF
Lot Size0.25 Acres
Price / SF$229.21
Days on Market6
Property Features for 1201-1203 NW Linden Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
R2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bedroom 4, Basement, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
Garage
Elementary school district
Ankeny
Middle school district
Ankeny
High school district
Ankeny
Directions
North on State street turn left onto 10th st then turn right onto Linden
Subdivision
Ankeny
Standard status
Active
APN
18100228388000
Size
1,520 SF
Lot size
0.25 Acres
Additional Details
Tenant in Place
Yes
Individually Metered Utilities
gas, electric, water
Taxes and HOA fees
Tax Year
2026
Tax Description
LOT 28 COLLEGE PARK PLAZA NORTHWEST PLAT 7
Tax Annual Amount
4545
Legal Description
LOT 28 COLLEGE PARK PLAZA NORTHWEST PLAT 7
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
in-unit laundry
private patio
storage rooms
Building Details
Year built
1976
Floors in Building
1
Number of units
2
Building materials
VinylSiding
Architectural style
Ranch
Listing Agency:
RE/MAX Concepts · RE/MAX International
(877) 407-2676
Listed By:
Stephanie Thomas
(515) 771-7788
Added: Oct 22
Changed: Oct 24
Last Checked: Oct 27 at 3:06AM
MLS# 751778
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.
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Investment Insights
Based on property information with market context.
Built in 1976, this ranch-style duplex contains two residences, each with two bedrooms, in-unit laundry, and a detached one-stall garage. Both units have unfinished lower-level areas used for furnace and storage space, and egress windows. One residence also has a private patio. The property occupies 0.252 acres and is zoned R2.
Improvements include a roof installed in 2020 and HVAC updates in 2021 and 2024. Gas, electric, and water are separately metered, with tenants paying those utility costs directly. One unit is occupied and the other is vacant; the property is currently owner-managed.
Improvements include a roof installed in 2020 and HVAC updates in 2021 and 2024. Gas, electric, and water are separately metered, with tenants paying those utility costs directly. One unit is occupied and the other is vacant; the property is currently owner-managed.
Key Highlights
- Two residences, each with two bedrooms and in‑unit laundry
- Detached one‑stall garage and paved driveway for each unit
- Roof replaced in 2020; HVAC updated in 2021 and 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,485
Cap Rate
3.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$269,700
$269.7K
Cap Rate 7%
$192,643
$192.6K
Cap Rate 9%
$149,833
$149.8K
Market Conditions
NOI Build-Up for 1,520 SF
Gross rent
$20.4K $13.44/SF
− Vacancy
−$1.2K −$0.77/SF
EGI
$19.3K $12.67/SF
− OpEx
−$5.8K −$3.80/SF
NOI
$13.5K $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 Rate 5%
$269,700
Cap Rate 7%
$192,643
Cap Rate 9%
$149,833
Alternative Uses
Best Use
Multifamily LT 5
$192.6K
$168.6K – $224.8K
NOI $13,485 @ 7.0% cap · market cap 3.87%
Second Best
Apartment 5plus
$168.4K
$147.4K – $196.5K
NOI $11,788 @ 7.0% cap · market cap 3.38%
Theoretical Best
Flex RnD
$1.46M
$1.28M – $1.71M
NOI $102,424 @ 7.0% cap · market cap 29.40%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
50%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
150
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences include two bedrooms, private laundry, and separately metered gas, electric, and water service.
Where is this duplex located?
The property is located at 1201-1203 NW Linden Street Ankeny, IA.
What is the asking price?
The asking price for this property is $348,400.
What are key features of this property?
This property features: Two residences, each with two bedrooms and in‑unit laundry; Detached one‑stall garage and paved driveway for each unit; Roof replaced in 2020; HVAC updated in 2021 and 2024
