All-Brick Duplex with Detached 2-Car
For Sale
$280,000
1000 Hoffman Avenue, Des Moines, IA 50316
MULTI_FAMILY - Other - Des Moines, IA
Property Size1,404 SF
Lot Size0.21 Acres
Price / SF$199.43
Days on Market54
Property Features for 1000 Hoffman Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
res
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 6, Basement, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Parking features
Garage
Interior features
CentralVacuum, CableTv
Appliances
Refrigerator, Stove
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
From I35 take exit 123 for US 69, turn onto us 69 toward E14th st Turn right onto E Madison AVe Turn left onto 10th ST. Turn Left onto HOffman AVe.
Subdivision
Des Moines N.East
Standard status
Active
APN
11002085003000
Size
1,404 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
LOT 3 DIAL PLACE
Tax Annual Amount
4310
Legal Description
LOT 3 DIAL PLACE
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1962
Number of units
2
Flooring type
Laminate, Carpet, Hardwood, Vinyl
Building materials
Brick
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
EXP Realty, LLC
(833) 835-5566
Listed By:
Donna Koester
(833) 835-5566
Added: Jul 8
Changed: Aug 12
Last Checked: Aug 30 at 1:06AM
MLS# 743789
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 well-maintained all-brick duplex includes a detached two-car garage and finished lower-level space in each unit. The interior features central vacuum and cable TV, with a mix of hardwood, vinyl, carpet, and laminate flooring. Heating is provided by forced air natural gas, and cooling is via central air.
Major updates include a new roof installed in August 2025 and central air conditioning replaced in 2017. The property is supported by public water and public sewer services. Built in 1962, the duplex sits on a 0.213-acre lot.
The layout provides approximately 500 square feet of finished lower-level space per unit, offering additional flexible recreation or family space and extra sleeping room. Appliances include a refrigerator and stove. This property is located near Madison Elementary in Des Moines, IA 50316.
Major updates include a new roof installed in August 2025 and central air conditioning replaced in 2017. The property is supported by public water and public sewer services. Built in 1962, the duplex sits on a 0.213-acre lot.
The layout provides approximately 500 square feet of finished lower-level space per unit, offering additional flexible recreation or family space and extra sleeping room. Appliances include a refrigerator and stove. This property is located near Madison Elementary in Des Moines, IA 50316.
Key Highlights
- All‑brick duplex with detached 2‑car garage
- New roof installed August 2025
- Central air conditioning replaced in 2017
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
$13,099
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
4.68%
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%
$261,980
$262.0K
Cap Rate 7%
$187,129
$187.1K
Cap Rate 9%
$145,544
$145.5K
Market Conditions
NOI Build-Up for 1,404 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
$19.4K $13.80/SF
− Vacancy
−$663 −$0.47/SF
EGI
$18.7K $13.33/SF
− OpEx
−$5.6K −$4.00/SF
NOI
$13.1K $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%
$261,980
Cap Rate 7%
$187,129
Cap Rate 9%
$145,544
Alternative Uses
Best Use
Multifamily LT 5
$187.1K
$163.7K – $218.3K
NOI $13,099 @ 7.0% cap · market cap 4.68%
Second Best
Apartment 5plus
$167.2K
$146.3K – $195.0K
NOI $11,702 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$345.8K
$302.6K – $403.4K
NOI $24,205 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
451
Businesses Nearby
Explore this area
Business Placement
Demographics for 50316, IA
16,785
Population
6,002
Households
2.8
Avg Household Size
33
Median Age
13%
College-Educated
78%
High-School Grad
3.6 sq mi
ZIP Area
4,663
Density / Sq Mi
$53,090
Median Household Income
$33,994
Median Earnings
$963
Median Rent
$137,300
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 all-brick duplex with central air, central vacuum, and a detached two-car garage.
Where is this duplex located?
The property is located at 1000 Hoffman Avenue Des Moines, IA.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: All‑brick duplex with detached 2‑car garage; New roof installed August 2025; Central air conditioning replaced in 2017
