Two-Unit Duplex with Attached
For Sale
$350,000
18920 Wendover Ave, Granger, IA 50109
Each residence includes two bedrooms, one full bathroom, and a full kitchen.
Property Size2,028 SF
Price / SF$172.58
Days on Market67
Property Features for 18920 Wendover Ave
General Information
Standard status
Active
Size
2,028 SF
Property subtype
Multi-Family
Building Details
Year Built
1999
Listing Agency:
RE/MAX Precision
(515) 480-4547
Listed By:
Julie Blaker (515) 480-4547 · License #S68775000
Source:
Centraliowahomesearch
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 25 at 6:00AM
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.
Built in 1999, this 2,028-square-foot duplex offers two separate residences, each with two bedrooms, one full bathroom, a living area, dining space, and a full kitchen. Both units include an attached garage and an 8x10 concrete rear patio, creating defined outdoor space for each residence.
The property occupies nearly an acre with landscaped grounds at 18920 Wendover Ave in Granger, Iowa. Saylorville Lake is nearby, while Des Moines is approximately 15 minutes southeast. The combination of individual garages, private patios, and two-bedroom layouts provides a clearly configured residential income property.
The property occupies nearly an acre with landscaped grounds at 18920 Wendover Ave in Granger, Iowa. Saylorville Lake is nearby, while Des Moines is approximately 15 minutes southeast. The combination of individual garages, private patios, and two-bedroom layouts provides a clearly configured residential income property.
Key Highlights
- Two‑unit duplex built in 1999 with 2,028 square feet
- Each unit includes 2 bedrooms, 1 full bathroom, living and dining areas, and a full kitchen
- Attached garage provided 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
$18,317
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
5.23%
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%
$366,340
$366.3K
Cap Rate 7%
$261,671
$261.7K
Cap Rate 9%
$203,522
$203.5K
Market Conditions
NOI Build-Up for 2,028 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 $13.80/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$26.2K $12.90/SF
− OpEx
−$7.9K −$3.87/SF
NOI
$18.3K $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%
$366,340
Cap Rate 7%
$261,671
Cap Rate 9%
$203,522
Alternative Uses
Best Use
Multifamily LT 5
$261.7K
$229.0K – $305.3K
NOI $18,317 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$243.2K
$212.8K – $283.7K
NOI $17,021 @ 7.0% cap · market cap 4.86%
Theoretical Best
Flex RnD
$1.95M
$1.71M – $2.28M
NOI $136,655 @ 7.0% cap · market cap 39.04%
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 - Each residence includes two bedrooms, one full bathroom, and a full kitchen.
Where is this duplex located?
The property is located at 18920 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 built in 1999 with 2,028 square feet; Each unit includes 2 bedrooms, 1 full bathroom, living and dining areas, and a full kitchen; Attached garage provided for each unit
