Two-Bedroom Duplex with
New
For Sale
$299,900
309 Tyler Street, Polk City, IA 50226
MultiFamily, Polk City, IA
Property Size964 SF
Lot Size0.39 Acres
Price / SF$311.10
Days on Market3
Property Features for 309 Tyler Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 4
Parking features
Garage
Appliances
Cooktop, Dishwasher, Refrigerator, Stove
Elementary school district
North Polk
Middle school district
North Polk
High school district
North Polk
Directions
Proceed west on W Broadway St. to Tyler. Proceed south to property
Subdivision
Polk City
Standard status
Active
APN
26100208217000
Size
964 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Description
LOT 17 FOREST HEIGHTS PLAT 5
Tax Annual Amount
4748
Legal Description
LOT 17 FOREST HEIGHTS PLAT 5
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Amenities
individual garages
Building Details
Year built
1975
Flooring type
Carpet
Building materials
VinylSiding
Roof type
Asphalt, Shingle
Listing Agency:
LPT Realty, LLC
(515) 669-4010
Listed By:
Rob Mordini
(515) 783-7178
Added: Sep 3
Changed: Sep 4
Last Checked: Sep 5 at 7:06AM
MLS# 748694
Copyright © 2026 Des Moines Area Association 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.
Investment Insights
Based on property information with market context.
This R2-zoned duplex contains 964 square feet and was constructed in 1975. Each side includes two bedrooms, an individual garage, and a bathroom, creating a practical two-unit residential layout. Interior features include carpeted floors, electric heat pump systems, central air conditioning, and kitchens equipped with cooktops, dishwashers, refrigerators, and stoves.
The property occupies 0.394 acres in Polk City, Iowa, with public water and public sewer service. Vinyl siding, an asphalt shingle roof, and garage parking complete the exterior improvements. Tenants are responsible for utilities, water, and trash under the stated operating arrangement.
The property occupies 0.394 acres in Polk City, Iowa, with public water and public sewer service. Vinyl siding, an asphalt shingle roof, and garage parking complete the exterior improvements. Tenants are responsible for utilities, water, and trash under the stated operating arrangement.
Key Highlights
- Duplex with two bedrooms on each side
- Individual garage for each unit
- 964 square feet on 0.394 acres
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
NOI $8,552 @ 7.0% cap · market cap 2.85%
Second Best
Apartment 5plus
$106.8K
$93.5K – $124.6K
NOI $7,476 @ 7.0% cap · market cap 2.49%
Theoretical Best
Flex RnD
$928.0K
$812.0K – $1.08M
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
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - R2-zoned duplex with separate garages, public utilities, and central air conditioning.
Where is this duplex located?
The property is located at 309 Tyler Street 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: Duplex with two bedrooms on each side; Individual garage for each unit; 964 square feet on 0.394 acres
