Three-Building Quadplex
302-326 Harmony Avenue, West Des Moines, IA 50266
For Sale
$1,176,000
Each residence has three bedrooms, two-and-a-half baths, and a finished lower level.
Property Size5,529 SF
Price / SF$212.70
Days on Market692
Property Features for 302-326 Harmony Avenue
General Information
Standard status
Size
Property subtype
Zoning
Units
Unit Mix
Multifamily Units
Additional Details
Asking Price
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Stanbrough Realty Company
Listed By:
Andrew McCune · License IA S64937000
(515) 334-3345
Source:
Goodallproperties
Added: Dec 18, 2024
Changed: Nov 7
Last Checked: Nov 8 at 7:53PM
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 Stanbrough Realty Company
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Investment Insights
Based on property information with market context.
The West Des Moines offering comprises three four-unit residential buildings, with the option to acquire one building or the complete portfolio. Each of the 12 townhomes contains three bedrooms and two-and-a-half bathrooms. Interior features include open-plan living areas, quartz countertops, stainless steel appliances, and LVP flooring on the main level. A finished lower floor provides additional usable space, while the upper level includes a primary suite, two further bedrooms, a full bath, and laundry facilities.
The buildings are at 302-326 Harmony Avenue, 334-358 Harmony Avenue, and 9143-9125 Calvin Drive in West Des Moines, Iowa. The property is zoned R2.
The buildings are at 302-326 Harmony Avenue, 334-358 Harmony Avenue, and 9143-9125 Calvin Drive in West Des Moines, Iowa. The property is zoned R2.
Key Highlights
- Three four‑unit buildings; available individually or as a complete 12‑unit portfolio
- Each townhome includes 3 bedrooms and 2.5 bathrooms
- Finished lower level and open‑plan living area in each residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,052
Cap Rate
4.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$981,040
$981.0K
Cap Rate 7%
$700,743
$700.7K
Cap Rate 9%
$545,022
$545.0K
Market Conditions
NOI Build-Up for 5,529 SF
Gross rent
$74.3K $13.44/SF
− Vacancy
−$4.2K −$0.77/SF
EGI
$70.1K $12.67/SF
− OpEx
−$21.0K −$3.80/SF
NOI
$49.1K $8.87/SF
Area
Polk County, IA
Vacancy
5.70%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$981,040
Cap Rate 7%
$700,743
Cap Rate 9%
$545,022
Alternative Uses
Best Use
Multifamily LT 5
$700.7K
$613.2K – $817.5K
NOI $49,052 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$612.5K
$536.0K – $714.6K
NOI $42,877 @ 7.0% cap · market cap 3.65%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,318 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
543
Businesses Nearby
Explore this area
Business Placement
Demographics for 50266, IA
36,486
Population
18,481
Households
2
Avg Household Size
34
Median Age
60%
College-Educated
97%
High-School Grad
22.3 sq mi
ZIP Area
1,636
Density / Sq Mi
$85,282
Median Household Income
$53,306
Median Earnings
$1,285
Median Rent
$325,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Each residence has three bedrooms, two-and-a-half baths, and a finished lower level.
Where is this quadplex located?
The property is located at 302-326 Harmony Avenue West Des Moines, IA.
What is the asking price?
The asking price for this property is $1,176,000.
What are key features of this property?
This property features: Three four‑unit buildings; available individually or as a complete 12‑unit portfolio; Each townhome includes 3 bedrooms and 2.5 bathrooms; Finished lower level and open‑plan living area in each residence
