Building Details

Year Built 1975

Tenancy Multi

Listing Agency: RE/MAX Concepts Show Phone

Listed By: Home Sweet Des Moines Show Phone

Source: Homesweetdesmoines

Added: Sep 6 Changed: Sep 7 Last Checked: Sep 7 at 7:02AM

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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 Concepts

Investment Insights

Based on property information with market context.

This duplex includes two units at 309 and 311 Tyler St, with each residence offering 2 bedrooms and an individual garage. The property was built in 1975 and has a reported property size of 964.

Tenants are responsible for utilities, water, and trash, supporting a straightforward operating structure. The property is located in Polk City, Iowa, and is described as having no current vacancies.

Key Highlights

• Two‑unit duplex at 309 and 311 Tyler St
• Each unit includes 2 bedrooms and an individual garage
• Tenants pay utilities, water, and trash

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

$8,552

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

2.85%

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%

$171,040 $171.0K

Cap Rate 7%

$122,171 $122.2K

Cap Rate 9%

$95,022 $95.0K

Market Conditions

NOI Build-Up for 964 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

$13.0K $13.44/SF

− Vacancy

−$739 −$0.77/SF

EGI

$12.2K $12.67/SF

− OpEx

−$3.7K −$3.80/SF

NOI

$8.6K $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 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%

$171,040

Cap Rate 7%

$122,171

Cap Rate 9%

$95,022

Alternative Uses

Best Use

Multifamily LT 5

$122.2K

$106.9K – $142.5K (±1% cap)

NOI $8,552 @ 7.0% cap · market cap 2.85%

Second Best

Apartment 5plus

$106.8K

$93.5K – $124.6K (±1% cap)

NOI $7,476 @ 7.0% cap · market cap 2.49%

Theoretical Best

Flex RnD

$928.0K

$812.0K – $1.08M (±1% cap)

NOI $64,958 @ 7.0% cap · market cap 21.66%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Auto Repair Shop Law Firm Hair Salon Auto Parts Store Grocery & Convenience Store (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

232

Businesses Nearby

Explore this area Business Placement

Demographics for 50226, IA

6,879

Population

2,517

Households

2.7

Avg Household Size

36

Median Age

48%

College-Educated

98%

High-School Grad

36.4 sq mi

ZIP Area

189

Density / Sq Mi

$161,627

Median Household Income

$76,033

Median Earnings

$746

Median Rent

$390,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Two-unit residential income property with separate garages and tenant-paid utilities, water, and trash service.

Where is this duplex located?

The property is located at 309 Tyler St Polk City, IA.

What is the asking price?

The asking price for this property is $299,900.

What are key features of this property?

This property features: Two‑unit duplex at 309 and 311 Tyler St; Each unit includes 2 bedrooms and an individual garage; Tenants pay utilities, water, and trash