6306 Urbandale Ave - 6306 Urbandale Ave 2 Unit Apartment Building Offered at $249,000 at a 7.91% Cap Rate Des Moines, IA 50322

6306 Urbandale Ave is a well-maintained duplex offering a rare “hybrid income” setup that blends stable long-term tenancy with a proven furnished medium-term rental (MTR) operation. Offered at $249,000, the property provides immediate in-place cash flow with a clear path to increase income by aligning below-market rent to market.
The duplex includes two 2BR/1BA units, each roughly 750 SF finished plus ~400 SF of unfinished basement storage. Both units feature an attached 1-car garage, supporting renter demand and differentiation in the submarket. Utilities are separately metered. The owner pays utilities for the furnished unit, while the long-term tenant pays their own utilities.
Unit 6304 operates as a furnished MTR, commonly serving traveling nurses and similar renters with average stays of 1–3 months. It has historically achieved near 100% occupancy with typical monthly revenue of $1,900–$2,100. Downtime is minimized through quick turnovers. This sale is fully turnkey: all furniture, equipment, and housewares are included, and FF&E was replaced in Fall 2025, supporting continued competitive performance.
Unit 6306 provides stability now and upside later. It is occupied by a long-term tenant on a month-to-month lease at $625/month, with market rent estimated around ~$1,000/month plus utilities. The unit features a newer kitchen with older flooring, offering a practical, light upgrade path if desired.
From a condition standpoint, major reinvestment has been completed in recent years, including roof, windows, doors, exterior paint, and sewer line replacement (2025). The furnished unit received flooring/upgrades (2022) and the Fall 2025 FF&E refresh. Rental certification requirements are consistent across short- and long-term use, simplifying compliance.
Financially, the property is operating at a $19,687 NOI, with projected NOI of approximately $23,000 if 6306 is brought toward market rent. At the asking price, this equates to an approximate 7.9% in-place cap rate and 9.2% pro forma cap rate (based on provided NOI). Owner-reported annual expenses include Taxes ($3,898), Insurance ($1,800), Maintenance ($1,500), and Utilities ($3,400).
The property’s position on Urbandale Ave is a major driver of tenant demand and operational success. This central Des Moines metro corridor supports both renter profiles that power the current strategy: long-term residents who value commute efficiency and convenience, and medium-term renters who prioritize easy access to retail, services, and major routes.
Connectivity is a key advantage. The asset is approximately 5 minutes to I-235, 10 minutes to Downtown Des Moines, and 5 minutes to I-80 / I-35, allowing quick access across the metro. Daily conveniences are close as well—roughly 2 minutes to the Merle Hay area, including Merle Hay Mall, and nearby essentials like Target, Starbucks, dining, entertainment, and services.
These fundamentals help support both rent resilience and furnished-rental performance. Medium-term renters staying 1–3 months tend to pay for “frictionless living”—simple commutes, nearby shopping, and predictable travel routes—while long-term residents benefit from the same centrality and convenience that reduce vacancy risk over time.