Updated Duplex with Full
New
For Sale
$350,000
410-412 SE Magazine Rd, Ankeny, IA 50021
Two residential units feature practical layouts, refreshed finishes, and additional driveway parking.
Property Size1,968 SF
Price / SF$177.85
Days on Market2
Property Features for 410-412 SE Magazine Rd
General Information
Standard status
Active
Size
1,968 SF
Elevators
No
Property subtype
Multi-Family
Site & Location
Highway Access
No
Road Access
No
Public Transit
No
Utilities to Site
No
Additional Details
Furnished
No
Opportunity Zone
No
Sprinkler System
No
Building Details
Year Built
1975
Abandoned
No
Listing Agency:
LPT Realty, LLC
(515) 491-1561
Listed By:
Tom Butler
Source:
Kwlegacyrealty
Added: Aug 7
Changed: Aug 8
Last Checked: Aug 8 at 3:28AM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1975, this duplex contains 1,968 square feet with two separate units. Each unit includes two bedrooms, 1.5 bathrooms, generous bedroom dimensions, substantial storage, and a functional floor plan. A full basement adds further storage capacity and potential future utility. Recent improvements include replacement windows, luxury vinyl plank flooring, and quartz countertops, providing updated interior finishes across the property.
An additional driveway parking pad expands off-street parking for residents or visitors. The property is situated near shopping, dining, schools, and commuter routes, providing access to everyday services and transportation connections. The two-unit configuration supports either an owner-occupant arrangement or rental use.
An additional driveway parking pad expands off-street parking for residents or visitors. The property is situated near shopping, dining, schools, and commuter routes, providing access to everyday services and transportation connections. The two-unit configuration supports either an owner-occupant arrangement or rental use.
Key Highlights
- Two‑unit duplex totaling 1,968 SF
- Each unit has 2 bedrooms and 1.5 bathrooms
- Full basement provides additional storage space
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
$17,460
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
4.99%
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%
$349,200
$349.2K
Cap Rate 7%
$249,429
$249.4K
Cap Rate 9%
$194,000
$194.0K
Market Conditions
NOI Build-Up for 1,968 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
$26.4K $13.44/SF
− Vacancy
−$1.5K −$0.77/SF
EGI
$24.9K $12.67/SF
− OpEx
−$7.5K −$3.80/SF
NOI
$17.5K $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%
$349,200
Cap Rate 7%
$249,429
Cap Rate 9%
$194,000
Alternative Uses
Best Use
Multifamily LT 5
$249.4K
$218.3K – $291.0K
NOI $17,460 @ 7.0% cap · market cap 4.99%
Second Best
Apartment 5plus
$218.0K
$190.8K – $254.4K
NOI $15,262 @ 7.0% cap · market cap 4.36%
Theoretical Best
Flex RnD
$1.89M
$1.66M – $2.21M
NOI $132,612 @ 7.0% cap · market cap 37.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
332
Businesses Nearby
Explore this area
Business Placement
Demographics for 50021, IA
28,807
Population
12,463
Households
2.3
Avg Household Size
36
Median Age
49%
College-Educated
97%
High-School Grad
24.1 sq mi
ZIP Area
1,195
Density / Sq Mi
$98,847
Median Household Income
$55,108
Median Earnings
$1,434
Median Rent
$295,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature practical layouts, refreshed finishes, and additional driveway parking.
Where is this duplex located?
The property is located at 410-412 SE Magazine Rd Ankeny, IA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,968 SF; Each unit has 2 bedrooms and 1.5 bathrooms; Full basement provides additional storage space
