Remodeled Side-by-Side
New
For Sale
$319,000
622 SW Maple Street, Ankeny, IA 50023
MultiFamily, Duplex, Ankeny, IA
Property Size1,716 SF
Lot Size0.23 Acres
Price / SF$185.90
Days on Market4
Property Features for 622 SW Maple Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 1
Appliances
Dishwasher, Microwave, Refrigerator, Stove
Lot features
Rectangular Lot
Elementary school district
Ankeny
Middle school district
Ankeny
High school district
Ankeny
Directions
SW Ordinance Road to SW Maple Street. North to the Duplex
Subdivision
Ankeny
Standard status
Active
APN
18100209004000
Size
1,716 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
LOT 4 ANKENY VILLAGE PLAT 2
Tax Annual Amount
3870
Legal Description
LOT 4 ANKENY VILLAGE PLAT 2
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1957
Building materials
Brick
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
RE/MAX Precision · RE/MAX International
(515) 223-9492
Listed By:
David Rodriguez
(515) 619-8150
Added: Sep 23
Changed: Sep 25
Last Checked: Sep 26 at 12:06AM
MLS# 749787
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 side-by-side ranch duplex contains 1,716 square feet with two bedrooms and one bathroom in each unit. Both residences have been remodeled and are currently occupied. Recent property improvements include exterior painting, updated stoops, newer concrete approaches, and a replacement sewer line. Brick construction, shingle asphalt roofing, natural-gas forced-air heat, and central air conditioning serve the property. Each unit also includes a dishwasher, microwave, refrigerator, and stove.
The property is located at 622 SW Maple Street in Ankeny, Iowa, within the 50023 ZIP code. Public water and public sewer are in place, and the lot measures 0.231 acres. Tenants pay all utilities. Built in 1957, the duplex is zoned R and includes four bedrooms and two bathrooms in total.
The property is located at 622 SW Maple Street in Ankeny, Iowa, within the 50023 ZIP code. Public water and public sewer are in place, and the lot measures 0.231 acres. Tenants pay all utilities. Built in 1957, the duplex is zoned R and includes four bedrooms and two bathrooms in total.
Key Highlights
- Side‑by‑side ranch duplex with 1,716 square feet
- Two bedrooms and one bathroom per unit
- Both units recently 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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Open Analytics
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
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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 - Occupied two-unit property with updated interiors, private utility responsibility, and public water and sewer service.
Where is this duplex located?
The property is located at 622 SW Maple Street 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: Side‑by‑side ranch duplex with 1,716 square feet; Two bedrooms and one bathroom per unit; Both units recently remodeled and currently occupied
