Two-Unit Duplex with Detached
New
For Sale
$250,000
302 E Ashland Avenue, Indianola, IA 50125
Residential Income, Indianola, IA
Property Size2,412 SF
Lot Size0.20 Acres
Price / SF$103.65
Days on Market2
Property Features for 302 E Ashland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
C-2
Interior features
Central Vacuum
Exterior features
Vinyl Siding
Basement
Full
Directions
From 2nd Ave, go north on Jefferson Way 0.2 mile. Turn right (east) on E Ashland Ave. The property is on the left.
Subdivision
Indianola
Standard status
Active
APN
48200040090
Size
2,412 SF
Lot size
0.20 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Description
30-76-23 EAST INDIANOLA LOT 9 & E 10' LOT 8 BLK 4
Tax Annual Amount
2694
Legal Description
30-76-23 EAST INDIANOLA LOT 9 & E 10' LOT 8 BLK 4
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1920
Floors in Building
1
Number of units
2
Listing Agency:
RE/MAX REAL ESTATE CENTER · RE/MAX International
Listed By:
Betts Team · License #B67497
2324663
Added: Oct 26
Changed: Oct 27
Last Checked: Oct 27 at 4:06PM
MLS# 71669
Copyright © 2026 Central Iowa Board 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.
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Investment Insights
Based on property information with market context.
This two-unit duplex contains 2,412 square feet, with a combined four bedrooms, two full bathrooms, and one half bath. A finished attic and full basement add interior space. Central air conditioning and forced-air natural gas heat serve the property, which has vinyl siding and a brick front porch. A detached garage measuring 24 x 30 feet provides additional parking and storage.
Both units are rented on month-to-month terms. The property occupies a 0.2-acre lot and is zoned C-2. Built in 1920, it also includes central vacuum.
Both units are rented on month-to-month terms. The property occupies a 0.2-acre lot and is zoned C-2. Built in 1920, it also includes central vacuum.
Key Highlights
- Two units with a combined 4 bedrooms, 2 full baths, and 1 half bath
- 2,412 square feet, including a finished attic level
- Full basement and detached 24 x 30 garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,785
Cap Rate
8.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$435,700
$435.7K
Cap Rate 7%
$311,214
$311.2K
Cap Rate 9%
$242,056
$242.1K
Market Conditions
NOI Build-Up for 2,412 SF
Gross rent
$33.3K $13.80/SF
− Vacancy
−$2.2K −$0.90/SF
EGI
$31.1K $12.90/SF
− OpEx
−$9.3K −$3.87/SF
NOI
$21.8K $9.03/SF
Area
Warren 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 Rate 5%
$435,700
Cap Rate 7%
$311,214
Cap Rate 9%
$242,056
Alternative Uses
Best Use
Multifamily LT 5
$311.2K
$272.3K – $363.1K
NOI $21,785 @ 7.0% cap · market cap 8.71%
Second Best
Apartment 5plus
$289.2K
$253.1K – $337.4K
NOI $20,244 @ 7.0% cap · market cap 8.10%
Theoretical Best
Flex RnD
$2.32M
$2.03M – $2.71M
NOI $162,530 @ 7.0% cap · market cap 65.01%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
771
Businesses Nearby
Explore this area
Business Placement
Demographics for 50125, IA
20,906
Population
8,039
Households
2.6
Avg Household Size
39
Median Age
34%
College-Educated
97%
High-School Grad
162.4 sq mi
ZIP Area
129
Density / Sq Mi
$86,463
Median Household Income
$42,822
Median Earnings
$975
Median Rent
$248,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two month-to-month tenancies are in place in a residence with a finished attic and full basement.
Where is this duplex located?
The property is located at 302 E Ashland Avenue Indianola, IA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two units with a combined 4 bedrooms, 2 full baths, and 1 half bath; 2,412 square feet, including a finished attic level; Full basement and detached 24 x 30 garage
