4-Unit Property with
For Sale
$300,000
8717 Urbandale Ave, Urbandale, IA 50322
Four residential units offer varied layouts, shared laundry, substantial parking, and open outdoor space in Urbandale.
Property Size2,744 SF
Days on Market194
Property Features for 8717 Urbandale Ave
General Information
Standard status
Active
Size
2,744 SF
Property subtype
MultiFamily Apartments
Units
Unit Mix
3 x 1BR/1BA, 1 x studio
Multifamily Units
4
Additional Details
Highway Access
Yes
Amenities
coin-op laundry
Building Details
Building Size
2,744 SF
Year Built
1914
Listing Agency:
Better Commercial - Remax Concepts
(319) 231-1160
Listed By:
Chase Keller · License #S63136000
(319) 231-1160
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 6:23AM
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 Better Commercial - Remax Concepts
Investment Insights
Based on property information with market context.
This 1914-built quadplex contains three one-bedroom, one-bath apartments and one studio. Recent property updates include a newer roof, newer windows, and improved interiors. Common-area amenities include coin-operated laundry in the basement, while the site provides a five-stall garage, additional parking, and open greenspace for resident use.
The property is located in Urbandale, Iowa, near 86th St and within approximately 2 miles of Interstates 80, 35, and 235. Restaurants, retail, entertainment, and grocery options are nearby, and Downtown and Jordan Creek are each about 12 minutes away. The reported pro forma cap rate is 7.82%.
The property is located in Urbandale, Iowa, near 86th St and within approximately 2 miles of Interstates 80, 35, and 235. Restaurants, retail, entertainment, and grocery options are nearby, and Downtown and Jordan Creek are each about 12 minutes away. The reported pro forma cap rate is 7.82%.
Key Highlights
- Four‑unit mix includes three 1 Bed, 1 Bath apartments and one studio
- Five‑stall garage plus additional parking
- Newer roof and windows with updated interiors
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
$24,344
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
8.11%
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%
$486,880
$486.9K
Cap Rate 7%
$347,771
$347.8K
Cap Rate 9%
$270,489
$270.5K
Market Conditions
NOI Build-Up for 2,744 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
$36.9K $13.44/SF
− Vacancy
−$2.1K −$0.77/SF
EGI
$34.8K $12.67/SF
− OpEx
−$10.4K −$3.80/SF
NOI
$24.3K $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%
$486,880
Cap Rate 7%
$347,771
Cap Rate 9%
$270,489
Alternative Uses
Best Use
Multifamily LT 5
$347.8K
$304.3K – $405.7K
NOI $24,344 @ 7.0% cap · market cap 8.11%
Second Best
Apartment 5plus
$304.0K
$266.0K – $354.7K
NOI $21,280 @ 7.0% cap · market cap 7.09%
Theoretical Best
Flex RnD
$2.64M
$2.31M – $3.08M
NOI $184,902 @ 7.0% cap · market cap 61.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
805
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?
Quadplex - Four residential units offer varied layouts, shared laundry, substantial parking, and open outdoor space in Urbandale.
Where is this quadplex located?
The property is located at 8717 Urbandale Ave Urbandale, IA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Four‑unit mix includes three 1 Bed, 1 Bath apartments and one studio; Five‑stall garage plus additional parking; Newer roof and windows with updated interiors
