6306 Urbandale Ave

Description:

Executive Summary

6304–6306 Urbandale Ave is a well-maintained duplex offering immediate cash flow with clear, actionable upside. The current operating model combines a high-performing furnished medium-term rental (MTR) in one unit with a stable long-term tenant in the other—creating both strong in-place income and a simple path to improve NOI by aligning below-market rent to market.

Property Overview



Asset Type: Duplex (2 units)


Unit Mix: Two (2) x 2BR / 1BA


Size: ~750 SF finished per unit + ~400 SF unfinished basement per unit


Parking: Attached 1-car garage per unit


Storage: Basement storage areas


Utilities: Separately metered (owner pays utilities on furnished unit)



Current Operations

Unit 6304 — Furnished Medium-Term Rental (MTR)



Positioning: Turnkey furnished rental commonly serving traveling nurses / medium-term demand


Platforms: Furnished Finder + Airbnb


Average Stay: 1–3 months


Historical Occupancy: Near 100% (owner-reported)


Revenue Range: ~$1,900–$2,100/month


Turnovers: Typically same-day or next-day (minimizes downtime)


Turnkey Sale: All furniture, equipment, and housewares included


Recent Refresh: FF&E replaced Fall 2025



Unit 6306 — Long-Term Tenant with Value-Add Upside



Tenant Profile: Long-term resident in place for several years


Lease Status: Month-to-month


Current Rent: $625/month (tenant pays all utilities)


Market Rent Estimate: ~$1,000/month + utilities


Condition Notes: Newer kitchen; older flooring (logical, light upgrade path if desired)



Capital Improvements & Condition

A major advantage is that multiple “big-ticket” improvements have been completed in recent years, supporting a lower-surprise CapEx profile:



Roof replaced (recent years)


Windows replaced


Doors replaced


Exterior paint completed


Furnished unit flooring + upgrades (2022)


Sewer line replaced (2025)


FF&E replaced (Fall 2025) for furnished unit



Financial Summary



Current NOI: $19,687


Projected NOI w/ 6306 rent pushed to market: ~$23,000



Selected annual operating expenses (owner-provided):



Taxes: $3,898


Insurance: $1,800


Maintenance: $1,500


Utilities: $3,400 (paid by owner for furnished unit; separately metered)



Cap Rate (based on provided NOI & asking price):



In-place cap rate: ~7.9% (19,687 / 249,000)


Pro forma cap rate: ~9.2% (23,000 / 249,000)



Income/expense figures and rental performance are provided by ownership/management and should be independently verified by buyer. Full leases, booking history, and financials to be reviewed during due diligence.

Upside & Business Plan

This is a “clean lever” value-add deal with upside created primarily through rent alignment:



6306 rent reset: $625/mo → ~ $1,000/mo (est.)


Approx. uplift: ~$375/mo or ~$4,500/yr


Target NOI: ~$23,000 (as provided)



Investors can pursue multiple strategies:



Keep the hybrid model (maximize income by retaining furnished MTR performance), or


Standardize both units into conventional long-term rentals over time for a simpler operational profile.




Location Overview

Located directly on Urbandale Ave, the property benefits from a central, highly convenient position within the Des Moines metro. This corridor supports both tenant profiles:



Long-term residents who prioritize commute simplicity and daily conveniences


Medium-term renters who value fast access, retail amenities, and predictable travel routes



Access & Connectivity

The location provides efficient access to major employment nodes and transportation routes:



~5 minutes to I-235


~10 minutes to Downtown Des Moines


~5 minutes to I-80 / I-35


~2 minutes to Merle Hay area amenities (Merle Hay Mall, Target, Starbucks, dining/services)



Demand Drivers



Central metro positioning makes the property broadly appealing across renter types


Immediate retail/services supports furnished stays (convenience is a premium feature for 1–3 month renters)


Rapid interstate access supports commuting tenants and mobile professionals


Strong functional utility of the corridor helps reduce vacancy risk and supports rent growth






Offered at $249,000 – high-performing duplex with immediate cash flow + clean upside


Hybrid income model: one furnished medium-term rental (6304) + one long-term tenant (6306)


6304 MTR performance: historically near 100% occupancy, typically $1,900–$2,100/mo, average stays 1–3 months 


True turnkey furnished sale: all furniture, equipment, and housewares included; FF&E replaced Fall 2025


Value-add upside in 6306: long-term tenant month-to-month at $625/mo (tenant pays utilities) vs. ~$1,000/mo market rent + utilities estimate


NOI: $19,687 current | ~$23,000 projected with rent push on 6306


Cap rate (based on NOI/ask): ~7.9% in-place | ~9.2% pro forma


Unit mix: 2 x 2BR/1BA; each ~750 SF finished + ~400 SF unfinished basement storage


Parking/storage: attached 1-car garage per unit + basement storage


Major updates completed: roof, windows, doors, exterior paint; sewer line replaced (2025); furnished unit flooring/upgrades (2022)


Separately metered utilities (owner pays utilities for furnished unit; tenant pays utilities for long-term unit)


Prime central metro corridor: quick access to I-235 (~5 min), Downtown DSM (~10 min), I-80/35 (~5 min); near Merle Hay area retail/dining