Side-by-Side Ranch
New
For Sale
$319,000
622 Sw Maple St, Ankeny, IA 50023
Both residences have been remodeled and are occupied, with tenants paying their own utilities.
Property Size1,716 SF
Price / SF$185.90
Days on Market5
Property Features for 622 Sw Maple St
General Information
Standard status
Active
Size
1,716 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,870
Building Details
Buildings
1
Listing Agency:
RE/MAX Precision
(515) 223-9492
Listed By:
David Rodriguez
(515) 619-8150
Source:
Exprealty
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 2:56PM
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 Precision
Investment Insights
Based on property information with market context.
This side-by-side ranch duplex contains 1,716 square feet. Each residence has two bedrooms and one bathroom, and both have undergone remodeling. The property is occupied, and tenants cover their utility costs.
Exterior work includes fresh paint and updated stoops. Concrete approaches have been replaced, and the sewer line is new. The property is located at 622 SW Maple St in Ankeny.
Exterior work includes fresh paint and updated stoops. Concrete approaches have been replaced, and the sewer line is new. The property is located at 622 SW Maple St in Ankeny.
Key Highlights
- 1,716‑square‑foot side‑by‑side ranch duplex
- Two bedrooms and one bathroom in each unit
- Both units remodeled and currently occupied
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
$15,224
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
4.77%
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%
$304,480
$304.5K
Cap Rate 7%
$217,486
$217.5K
Cap Rate 9%
$169,156
$169.2K
Market Conditions
NOI Build-Up for 1,716 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
$23.1K $13.44/SF
− Vacancy
−$1.3K −$0.77/SF
EGI
$21.7K $12.67/SF
− OpEx
−$6.5K −$3.80/SF
NOI
$15.2K $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%
$304,480
Cap Rate 7%
$217,486
Cap Rate 9%
$169,156
Alternative Uses
Best Use
Multifamily LT 5
$217.5K
$190.3K – $253.7K
NOI $15,224 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$190.1K
$166.4K – $221.8K
NOI $13,308 @ 7.0% cap · market cap 4.17%
Theoretical Best
Flex RnD
$1.65M
$1.45M – $1.93M
NOI $115,631 @ 7.0% cap · market cap 36.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
730
Businesses Nearby
Explore this area
Business Placement
Demographics for 50023, IA
43,603
Population
17,822
Households
2.4
Avg Household Size
34
Median Age
55%
College-Educated
99%
High-School Grad
21.0 sq mi
ZIP Area
2,076
Density / Sq Mi
$113,914
Median Household Income
$59,891
Median Earnings
$1,191
Median Rent
$327,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences have been remodeled and are occupied, with tenants paying their own utilities.
Where is this duplex located?
The property is located at 622 Sw Maple St Ankeny, IA.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: 1,716‑square‑foot side‑by‑side ranch duplex; Two bedrooms and one bathroom in each unit; Both units remodeled and currently occupied
