Two-Unit Duplex with Attached
For Sale
$350,000
18900 Wendover Ave, Granger, IA 50109
Two residential units offer full kitchens, private patios, and attached garage access near Saylorville Lake.
Property Size2,000 SF
Price / SF$175
Days on Market102
Property Features for 18900 Wendover Ave
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi-Family
Building Details
Year Built
1998
Listing Agency:
RE/MAX Precision
(515) 480-4547
Listed By:
Julie Blaker (515) 480-4547 · License #S68775000
Source:
Desmoineshomesforsale
Added: May 21
Changed: Aug 28
Last Checked: Aug 29 at 10:29AM
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 RE/MAX Precision
Investment Insights
Based on property information with market context.
This 2,000-square-foot duplex, built in 1998, contains two residential units with matching layouts. Each unit includes two bedrooms, one full bathroom, living and dining areas, and a full kitchen. Attached garages provide dedicated parking, while each residence also has an 8x10 concrete rear patio.
The property occupies nearly an acre with landscaping and is located near Saylorville Lake. Des Moines is approximately 15 minutes southeast, providing access to the city while retaining a setting outside the metro area. The configuration combines separate living spaces with practical outdoor and garage amenities.
The property occupies nearly an acre with landscaping and is located near Saylorville Lake. Des Moines is approximately 15 minutes southeast, providing access to the city while retaining a setting outside the metro area. The configuration combines separate living spaces with practical outdoor and garage amenities.
Key Highlights
- Two‑unit duplex with 2,000 square feet of property size
- Each unit includes 2 bedrooms, 1 full bathroom, living and dining areas, and a full kitchen
- Attached garage for each unit
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
$18,064
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
5.16%
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%
$361,280
$361.3K
Cap Rate 7%
$258,057
$258.1K
Cap Rate 9%
$200,711
$200.7K
Market Conditions
NOI Build-Up for 2,000 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
$27.6K $13.80/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$25.8K $12.90/SF
− OpEx
−$7.7K −$3.87/SF
NOI
$18.1K $9.03/SF
Area
Dallas County, IA
Vacancy
6.50%
Lease Rate
$13.80 /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%
$361,280
Cap Rate 7%
$258,057
Cap Rate 9%
$200,711
Alternative Uses
Best Use
Multifamily LT 5
$258.1K
$225.8K – $301.1K
NOI $18,064 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$239.8K
$209.8K – $279.8K
NOI $16,786 @ 7.0% cap · market cap 4.80%
Theoretical Best
Flex RnD
$1.93M
$1.68M – $2.25M
NOI $134,768 @ 7.0% cap · market cap 38.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Explore this area
Business Placement
Demographics for 50109, IA
3,348
Population
1,450
Households
2.3
Avg Household Size
37
Median Age
49%
College-Educated
98%
High-School Grad
19.4 sq mi
ZIP Area
173
Density / Sq Mi
$130,263
Median Household Income
$62,188
Median Earnings
$923
Median Rent
$337,400
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 - Two residential units offer full kitchens, private patios, and attached garage access near Saylorville Lake.
Where is this duplex located?
The property is located at 18900 Wendover Ave Granger, IA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,000 square feet of property size; Each unit includes 2 bedrooms, 1 full bathroom, living and dining areas, and a full kitchen; Attached garage for each unit
