Building Details

Year Built 1999

Listing Agency: RE/MAX Precision

Listed By: Julie Blaker (515) 480-4547 · License #S68775000 Show Phone

Source: Centraliowahomesearch

Added: Jul 2 Changed: Oct 1 Last Checked: Oct 14 at 11:08PM

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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.

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 / Yr

$18,317

Cap Rate

5.55%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$366,340 $366.3K

Cap Rate 7%

$261,671 $261.7K

Cap Rate 9%

$203,522 $203.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,028 SF

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 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 (±1% cap)

NOI $18,317 @ 7.0% cap · market cap 5.55%

Second Best

Apartment 5plus

$243.2K

$212.8K – $283.7K (±1% cap)

NOI $17,021 @ 7.0% cap · market cap 5.16%

Theoretical Best

Flex RnD

$1.95M

$1.71M – $2.28M (±1% cap)

NOI $136,655 @ 7.0% cap · market cap 41.41%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Building Supply Plumbing Service Storage Facility Big Box & Wholesale Store Home Appliance Store Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Duplex With Attached Garages

18900 Wendover Avenue, Granger, IA 50109

$320,000

2,000 SF

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18983 Wendover Ave, Granger, IA 50109

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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 $330,000.

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