32-Unit Multifamily Community in Ankeny,
For Sale
$2,395,000
218 Northwest State Street, Ankeny, IA 50023
Well-maintained 32-unit apartment complex in Ankeny, Iowa.
Property Size25,600 SF
Price / SF$93.55
Days on Market152
Property Features for 218 Northwest State Street
General Information
Standard status
Active
Size
25,600 SF
Property subtype
Multifamily
Listing Agency:
(515) 415-6111
Listed By:
Ray Hamilton
(515) 415-6111
Source:
Cbre
Added: Mar 25
Changed: Aug 13
Last Checked: Aug 22 at 10:55AM
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 Ray Hamilton
Investment Insights
Based on property information with market context.
The Village on State Apartments is a 32-unit multifamily community located in Ankeny, Iowa. Constructed between 1971 and 1972, the property consists of four buildings. The unit mix features all 2-bedroom, 1-bath floor plans. The total rentable area is 25,600 square feet. The property is located off State Street, providing access to Ankeny Centennial High School, Prairie Ridge Sports Complex, John Deere Des Moines Works, and various retail, dining, and recreational amenities. Each building has its own boiler for heating and a common water heater. Cooling is provided by sleeve A/C units. Appliances include a fridge and stove. Laundry facilities consist of one set of washer and dryer per building, totaling four sets. Parking is surface level.
Key Highlights
- Located in Ankeny, Iowa, a rapidly growing suburb of Des Moines.
- Well‑maintained 32‑unit multifamily community.
- All units are 2‑bedroom, 1‑bath floor plans.
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
$198,528
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
8.29%
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%
$3,970,560
$4.0M
Cap Rate 7%
$2,836,114
$2.8M
Cap Rate 9%
$2,205,867
$2.2M
Market Conditions
NOI Build-Up for 25,600 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
$384.0K $15.00/SF
− Vacancy
−$23.0K −$0.90/SF
EGI
$361.0K $14.10/SF
− OpEx
−$162.4K −$6.35/SF
NOI
$198.5K $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 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%
$3,970,560
Cap Rate 7%
$2,836,114
Cap Rate 9%
$2,205,867
Alternative Uses
Best Use
Apartment 5plus
$2.84M
$2.48M – $3.31M
NOI $198,528 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$24.64M
$21.56M – $28.75M
NOI $1,725,032 @ 7.0% cap · market cap 72.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
297
Businesses Nearby
Explore this area
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
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?
Apartment building - Well-maintained 32-unit apartment complex in Ankeny, Iowa.
Where is this apartment building located?
The property is located at 218 Northwest State Street Ankeny, IA.
What is the asking price?
The asking price for this property is $2,395,000.
What are key features of this property?
This property features: Located in Ankeny, Iowa, a rapidly growing suburb of Des Moines.; Well‑maintained 32‑unit multifamily community.; All units are 2‑bedroom, 1‑bath floor plans.
