32-Unit Multifamily Community in Ankeny,
218 Northwest State Street, Ankeny, IA 50023
Well-maintained 32-unit apartment complex in Ankeny, Iowa.
Type:Multifamily
Property size:
25,600 SFPrice / SF:
$97/SF- Added:
- Mar 25, 2026
- Days on Market:
- 60
- Last Refresh:
- Mar 18 at 8:37 am
Property Features for 218 Northwest State Street
General Information
- Standard status
- Active
- Size
- 25,600 SF
- Property subtype
- Multifamily
Listing agent Ray Hamilton
Listing office
Listing date Mar 25, 2026
Source Cbre
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
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.
- Convenient access to Ankeny Centennial High School, Prairie Ridge Sports Complex, John Deere Des Moines Works, and various retail, dining, and recreational amenities.
- Four buildings with a total rentable area of 25,600 SF.
- Surface parking available.
Overview
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.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$2.21M
NOI $198,528 @ 9.00% cap · cautious / downside scenario
Moderate
$2.84M
NOI $198,528 @ 7.00% cap · market / base-case scenario
Aggressive
$3.97M
NOI $198,528 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $384.0k | $15.00 |
| − Vacancy | −$23.0k | −$0.90 |
| EGI | $361.0k | $14.10 |
| − OpEx | −$162.4k | −$6.35 |
| NOI | $198.5k | $7.76 |
25,600 SF · lease $15.00/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$2.84M
$2.48M – $3.31M
NOI $198,528 @ 7.0% cap · market cap 7.94%
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 69.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Ankeny
- County
- Polk
- State
- Iowa
- Longitude
- -93.6219377
- Latitude
- 41.7344715
Nearby Similar for Sale
FAQs
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 $2,500,000.
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.
