12-Unit Townhome Apartment
For Sale
$1,164,000
334-358 Harmony Avenue, West Des Moines, IA 50266
Three fourplex buildings offer contemporary townhomes with finished lower levels and upgraded interior finishes.
Property Size7,372 SF
Price / SF$157.89
Days on Market620
Property Features for 334-358 Harmony Avenue
General Information
Standard status
Active
Size
7,372 SF
Property subtype
Multi Family
Building Details
Year Built
2022
Listing Agency:
Stanbrough Realty Company
(515) 402-1642
Listed By:
Andrew McCune · License #S64937000
(515) 402-1642
Source:
Exitrealty
Added: Dec 18, 2024
Changed: Aug 30
Last Checked: Aug 30 at 1:01AM
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 Stanbrough Realty Company
Investment Insights
Based on property information with market context.
Manchester Village is a 12-unit townhome apartment community arranged across three fourplex buildings. Each residence includes three bedrooms, 2.5 bathrooms, an open living area, large windows, white cabinetry, quartz countertops, stainless steel appliances, and LVP flooring on the main level. Refrigerators, full-size washers, and dryers are included.
Upper-level layouts provide a primary suite with a double-sink vanity and walk-in closet, two additional bedrooms, a full bathroom, and a laundry room. Finished lower levels add flexible space that can function as a family room or potential fourth bedroom. The community is located at 334-358 Harmony Avenue in West Des Moines, Iowa, and individual fourplex buildings or the full three-building portfolio may be acquired.
Upper-level layouts provide a primary suite with a double-sink vanity and walk-in closet, two additional bedrooms, a full bathroom, and a laundry room. Finished lower levels add flexible space that can function as a family room or potential fourth bedroom. The community is located at 334-358 Harmony Avenue in West Des Moines, Iowa, and individual fourplex buildings or the full three-building portfolio may be acquired.
Key Highlights
- 12‑unit townhome apartment community
- Three 4‑plex buildings at Manchester Village
- Each unit offers 3 bedrooms and 2.5 bathrooms
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
$65,402
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
5.62%
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%
$1,308,040
$1.3M
Cap Rate 7%
$934,314
$934.3K
Cap Rate 9%
$726,689
$726.7K
Market Conditions
NOI Build-Up for 7,372 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
$99.1K $13.44/SF
− Vacancy
−$5.6K −$0.77/SF
EGI
$93.4K $12.67/SF
− OpEx
−$28.0K −$3.80/SF
NOI
$65.4K $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%
$1,308,040
Cap Rate 7%
$934,314
Cap Rate 9%
$726,689
Alternative Uses
Best Use
Multifamily LT 5
$934.3K
$817.5K – $1.09M
NOI $65,402 @ 7.0% cap · market cap 5.62%
Second Best
Apartment 5plus
$816.7K
$714.6K – $952.8K
NOI $57,170 @ 7.0% cap · market cap 4.91%
Theoretical Best
Flex RnD
$7.10M
$6.21M – $8.28M
NOI $496,755 @ 7.0% cap · market cap 42.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
543
Businesses Nearby
Explore this area
Business Placement
Demographics for 50266, IA
36,486
Population
18,481
Households
2
Avg Household Size
34
Median Age
60%
College-Educated
97%
High-School Grad
22.3 sq mi
ZIP Area
1,636
Density / Sq Mi
$85,282
Median Household Income
$53,306
Median Earnings
$1,285
Median Rent
$325,100
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?
Apartment building - Three fourplex buildings offer contemporary townhomes with finished lower levels and upgraded interior finishes.
Where is this apartment building located?
The property is located at 334-358 Harmony Avenue West Des Moines, IA.
What is the asking price?
The asking price for this property is $1,164,000.
What are key features of this property?
This property features: 12‑unit townhome apartment community; Three 4‑plex buildings at Manchester Village; Each unit offers 3 bedrooms and 2.5 bathrooms
