Des Moines Duplex: Income
1022 Mckinley Avenue Des Moines, IA 50315
For Sale
$275,000
Pending
MULTI_FAMILY - Other - Des Moines, IA
Property Size1,944 SF
Lot Size0.24 Acres
Days on Market107
Property Features for 1022 Mckinley Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- N5
- Bedrooms
- 6
- Bathrooms
- 2
- Rooms
- Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 6, Bedroom 2, Basement, Bedroom 1, Bedroom 5, Bathroom 2
- Appliances
- Dishwasher, Microwave, Refrigerator, Stove
- Standard status
- Pending
- APN
- 12003528000000
- Size
- 1,944 SF
- Lot size
- 0.24 Acres
Taxes and HOA fees
- Tax Description
- LTS 12-13 & 14 BLK 2 PINEHURST
- Tax Annual Amount
- 4011
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air, Natural Gas
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1971
- Floors in Building
- 2
- Flooring type
- Vinyl, Carpet
- Roof type
- Shingle, Asphalt
- Architectural style
- Other
Listing Agency:
RE/MAX Precision
(515) 223-9492
Listed By:
Dustin Kupka · License #S65754000
(515) 681-7001
Added: Apr 8
Changed: Jul 20
Last Checked: Jul 23 at 8:06PM
MLS# 737820
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 duplex is located off McKinley Ave in South Des Moines. Each unit features 3 bedrooms and 1 bath. Both units are currently rented at $1,200 per month. Tenants are responsible for all utilities, including water, sewer, storm water, gas, and electric, as well as snow removal and lawn care. The property is located near shopping, dining, and everyday essentials along SE 14th St, with access to Gray's Lake Park and Water Works Park, and downtown Des Moines. Recent updates include a new roof in 2020 and water heaters replaced in 2023 and 2012. Additional features include a basement toilet in unit 1024 and a spacious backyard. The property has a functional layout and offers potential for investors looking to enhance value and maximize returns. The lot size is 0.238 acres, and the property size is 1944 square feet.
Key Highlights
- 3‑bedroom, 1‑bath walkout duplex with 6 bedrooms and 2 bathrooms (basement included)
- Both units currently rented at $1,200/month for immediate income; tenants pay all utilities (including water and sewer), plus snow removal and lawn care
- Recent updates: new roof in 2020; water heaters replaced in 2023 and 2012
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.8k | $13.80 |
| − Vacancy | −$917 | −$0.47 |
| EGI | $25.9k | $13.33 |
| − OpEx | −$7.8k | −$4.00 |
| NOI | $18.1k | $9.33 |
1,944 SF · lease $13.80/SF/yr · vacancy 3.42% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$259.1K
$226.7K – $302.3K
NOI $18,137 @ 7.0% cap · market cap 6.60%
Second Best
Apartment 5plus
$231.5K
$202.5K – $270.1K
NOI $16,203 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$478.8K
$418.9K – $558.6K
NOI $33,514 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Well-located duplex in Des Moines with immediate income potential.
Where is this duplex located?
The property is located at 1022 Mckinley Avenue Des Moines, IA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 3‑bedroom, 1‑bath walkout duplex with 6 bedrooms and 2 bathrooms (basement included) ; Both units currently rented at $1,200/month for immediate income; tenants pay all utilities (including water and sewer), plus snow removal and lawn care; Recent updates: new roof in 2020; water heaters replaced in 2023 and 2012
