12-Unit Apartment
For Sale
$990,000
2017 NW Hickory Lane, Ankeny, IA 50023
Apartments include private outdoor space, separate utility meters, and dedicated storage inside and outside each unit.
Property Size11,700 SF
Price / SF$84.62
Days on Market26
Property Features for 2017 NW Hickory Lane
General Information
Standard status
Active
Size
11,700 SF
Property subtype
Multi Family Home
Zoning
R-3A
Taxes and HOA fees
Annual Taxes
$15,500
Amenities
private balcony or patio
additional storage closet
Cable TV
Building Details
Building Size
11,700 SF
Year Built
1977
Buildings
1
Stories
3
Units
12
Tenancy
Multi
Listing Agency:
RE/MAX Revolution
Listed By:
Kyle Hawthorne · License #B58486000
(515) 265-7200
Source:
Goodallproperties
Added: Oct 2
Changed: Oct 26
Last Checked: Oct 26 at 4:00AM
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 Revolution
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Investment Insights
Based on property information with market context.
This 12-unit apartment property contains 11,700 square feet and was built in 1977. Each apartment has two bedrooms, more than 850 square feet, a private balcony or patio, and separate utility meters. Interior storage is supplemented by an individual locking closet in the hallway for each apartment. The property is zoned R-3A.
At 2017 NW Hickory Lane in Ankeny, the building sits across from Greentree Park, which has tennis courts, a ball diamond, and bike path access. A cooperative association with neighboring apartment communities coordinates lawn care and snow removal.
At 2017 NW Hickory Lane in Ankeny, the building sits across from Greentree Park, which has tennis courts, a ball diamond, and bike path access. A cooperative association with neighboring apartment communities coordinates lawn care and snow removal.
Key Highlights
- 12 apartments, each with two bedrooms and more than 850 SF
- 11,700‑square‑foot building constructed in 1977
- Private balcony or patio and separate utility meters for every apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$90,734
Cap Rate
9.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,814,680
$1.8M
Cap Rate 7%
$1,296,200
$1.3M
Cap Rate 9%
$1,008,156
$1.0M
Market Conditions
NOI Build-Up for 11,700 SF
Gross rent
$175.5K $15.00/SF
− Vacancy
−$10.5K −$0.90/SF
EGI
$165.0K $14.10/SF
− OpEx
−$74.2K −$6.35/SF
NOI
$90.7K $7.76/SF
Area
Polk County, IA
Vacancy
6.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,814,680
Cap Rate 7%
$1,296,200
Cap Rate 9%
$1,008,156
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.13M – $1.51M
NOI $90,734 @ 7.0% cap · market cap 9.17%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$11.26M
$9.85M – $13.14M
NOI $788,393 @ 7.0% cap · market cap 79.64%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
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Business Placement
Demographics for 50023, IA
43,603
Population
17,822
Households
2.4
Avg Household Size
34
Median Age
55%
College-Educated
99%
High-School Grad
21.0 sq mi
ZIP Area
2,076
Density / Sq Mi
$113,914
Median Household Income
$59,891
Median Earnings
$1,191
Median Rent
$327,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Apartments include private outdoor space, separate utility meters, and dedicated storage inside and outside each unit.
Where is this apartment building located?
The property is located at 2017 NW Hickory Lane Ankeny, IA.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: 12 apartments, each with two bedrooms and more than 850 SF; 11,700‑square‑foot building constructed in 1977; Private balcony or patio and separate utility meters for every apartment
