Des Moines Duplex: Hybrid
For Sale
Contact for pricing
6306 Urbandale Ave, Des Moines, IA 50322
Well-maintained duplex with long-term and medium-term rental income potential.
Property Size2,260 SF
Price / SF$110.18
Days on Market176
Property Features for 6306 Urbandale Ave
General Information
Standard status
Active
Size
2,260 SF
Class
B
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
N3B
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$19,687
Building Details
Year Built
1952
Year Renovated
2022
Buildings
1
Stories
1
Units
2
Listing Agency:
CHASE. Collective
Listed By:
Chase Keller, CCIM · License #B63136000
Source:
Crexi
Added: Feb 16
Changed: Aug 8
Last Checked: Aug 11 at 8:13PM
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 CHASE. Collective
Investment Insights
Based on property information with market context.
The property at 6306 Urbandale Ave is a duplex featuring a hybrid income setup, combining stable long-term tenancy with a furnished medium-term rental operation. The duplex consists of two units, each with 2 bedrooms and 1 bathroom, and approximately 750 square feet of finished space, plus around 400 square feet of unfinished basement storage. Each unit includes an attached 1-car garage. Utilities are separately metered. One unit operates as a furnished medium-term rental, catering to traveling nurses and similar renters with average stays of 1–3 months. It has historically maintained near 100% occupancy, generating typical monthly revenue of $1,900–$2,100. The sale is turnkey, including all furniture, equipment, and housewares, which were replaced in Fall 2025. The other unit is occupied by a long-term tenant on a month-to-month lease. The unit features a newer kitchen with older flooring. Major reinvestment has been completed in recent years, including roof, windows, doors, exterior paint, and sewer line replacement in 2025. The furnished unit received flooring upgrades in 2022 and a Fall 2025 FF&E refresh. The property's location on Urbandale Ave supports both renter profiles, offering commute efficiency and convenient access to retail, services, and major routes. It is approximately 5 minutes from I-235, 10 minutes from Downtown Des Moines, and 5 minutes from I-80 / I-35. The Merle Hay area, including Merle Hay Mall, and essentials like Target and Starbucks are roughly 2 minutes away. The property size is 2260 square feet.
Key Highlights
- Hybrid income property with stable long‑term tenant and high‑occupancy furnished medium‑term rental (MTR) unit, providing immediate cash flow.
- Turnkey MTR operation with all furniture, equipment, and housewares included; FF&E replaced in Fall 2025.
- Significant recent capital improvements including roof, windows, doors, exterior paint, and sewer line replacement (2025).
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
$21,085
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
8.47%
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%
$421,700
$421.7K
Cap Rate 7%
$301,214
$301.2K
Cap Rate 9%
$234,278
$234.3K
Market Conditions
NOI Build-Up for 2,260 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
$31.2K $13.80/SF
− Vacancy
−$1.1K −$0.47/SF
EGI
$30.1K $13.33/SF
− OpEx
−$9.0K −$4.00/SF
NOI
$21.1K $9.33/SF
Area
Des Moines, IA
Vacancy
3.42%
Lease Rate
$13.80 /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%
$421,700
Cap Rate 7%
$301,214
Cap Rate 9%
$234,278
Alternative Uses
Best Use
Multifamily LT 5
$301.2K
$263.6K – $351.4K
NOI $21,085 @ 7.0% cap · market cap 8.47%
Second Best
Apartment 5plus
$269.1K
$235.5K – $314.0K
NOI $18,837 @ 7.0% cap · market cap 7.57%
Theoretical Best
Office A
$556.6K
$487.0K – $649.4K
NOI $38,962 @ 7.0% cap · market cap 15.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
975
Businesses Nearby
Explore this area
Business Placement
Demographics for 50322, IA
31,652
Population
13,293
Households
2.4
Avg Household Size
40
Median Age
42%
College-Educated
93%
High-School Grad
10.8 sq mi
ZIP Area
2,931
Density / Sq Mi
$89,323
Median Household Income
$48,016
Median Earnings
$1,151
Median Rent
$263,900
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 - Well-maintained duplex with long-term and medium-term rental income potential.
Where is this duplex located?
The property is located at 6306 Urbandale Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Hybrid income property with stable long‑term tenant and high‑occupancy furnished medium‑term rental (MTR) unit, providing immediate cash flow.; Turnkey MTR operation with all furniture, equipment, and housewares included; FF&E replaced in Fall 2025.; Significant recent capital improvements including roof, windows, doors, exterior paint, and sewer line replacement (2025).
