Two-Unit Ranch
For Sale
$350,000
18920 Wendover Avenue, Granger, IA 50109
Residential, Duplex, Residential, Granger, IA
Property Size2,028 SF
Price / SF$172.58
Days on Market49
Property Features for 18920 Wendover Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bedroom 2, Bathroom 1
Parking features
Garage
Patio and Porch features
Patio
Exterior features
Patio
Appliances
Dryer, Dishwasher, Refrigerator, Stove, Washer
Lot features
Irregular Lot
Elementary school district
Woodward-Granger
Middle school district
Woodward-Granger
High school district
Woodward-Granger
Directions
North on 141 thru Granger, go south on Wendover 1/4 mile. Properties are on the left.
Subdivision
Granger
Standard status
Active
APN
0802451016
Size
2,028 SF
Taxes and HOA fees
Tax Description
REPLAT OF GRANGER HOMESTEAD UNIT 6 LOT 2
Tax Annual Amount
3937
Legal Description
REPLAT OF GRANGER HOMESTEAD UNIT 6 LOT 2
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
1999
Floors in Building
1
Flooring type
Carpet, Vinyl, Tile
Architectural style
Modern, Ranch
Listing Agency:
RE/MAX Precision · RE/MAX International
(515) 223-9492
Listed By:
Julie Blaker · License #S67731000
(515) 480-4547
Added: Jul 6
Changed: Aug 20
Last Checked: Aug 23 at 1:06AM
MLS# 744522
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.
Investment Insights
Based on property information with market context.
Built in 1999, this ranch-style duplex contains 2028 square feet with two residences. Each unit offers two bedrooms, one full bathroom, living and dining areas, and a full kitchen equipped with a stove, refrigerator, dishwasher, washer, and dryer. Interior finishes include carpet, vinyl, and tile, while forced-air natural gas heat and central air provide building-wide climate control. Each residence also has an attached garage and an 8x10 concrete rear patio.
The property occupies nearly an acre in Granger, Iowa, with landscaping surrounding the building. Saylorville Lake is nearby, and Des Moines is located 15 minutes southeast. R zoning is identified for the property.
The property occupies nearly an acre in Granger, Iowa, with landscaping surrounding the building. Saylorville Lake is nearby, and Des Moines is located 15 minutes southeast. R zoning is identified for the property.
Key Highlights
- Duplex with two residences, each offering 2 bedrooms and 1 full bathroom
- 2028 square feet on nearly an acre
- Attached garage assigned to 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
Lease Details
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex with private patios, attached garages, and full kitchens serving both residences.
Where is this duplex located?
The property is located at 18920 Wendover Avenue 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: Duplex with two residences, each offering 2 bedrooms and 1 full bathroom; 2028 square feet on nearly an acre; Attached garage assigned to each unit
