Walkout Duplex with Updated
For Sale
$275,000
1022 Mckinley Avenue, Des Moines, IA 50315
MultiFamily, Des Moines, IA
Property Size1,944 SF
Lot Size0.24 Acres
Price / SF$141.46
Days on Market154
Property Features for 1022 Mckinley Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
N5
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Basement, Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 6, Bedroom 5
Appliances
Dishwasher, Microwave, Refrigerator, Stove
Lot features
Rectangular Lot
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
SW 9th to McKinley Avenue. West on McKinley to the property.
Subdivision
Des Moines S.West
Standard status
Active
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
Legal Description
LTS 12-13 & 14 BLK 2 PINEHURST
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1971
Floors in Building
2
Flooring type
Carpet, Vinyl
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
RE/MAX Precision · RE/MAX International
(515) 223-9492
Listed By:
Dustin Kupka · License #S65754000
(515) 681-7001
Added: Apr 8
Changed: Sep 5
Last Checked: Sep 8 at 12:06PM
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 1,944-square-foot walkout duplex, built in 1971, includes a 3-bedroom, 1-bath configuration, a basement, and a spacious backyard on 0.238 acres. Interior features include vinyl and carpet flooring, forced-air natural gas heating, central air, and appliances including dishwashers, microwaves, refrigerators, and stoves. Unit 1024 also includes a basement toilet. The roof was replaced in 2020, with water heater replacements noted in 2023 and 2012.
Both units are currently leased, and tenants are responsible for water, sewer, storm water, gas, electric, snow removal, and lawn care. The property is located at 1022 McKinley Avenue in Des Moines, near shopping, dining, and everyday services along SE 14th Street, with access to Gray's Lake Park, Water Works Park, and downtown Des Moines. Public water and public sewer serve the property, which is zoned N5.
Both units are currently leased, and tenants are responsible for water, sewer, storm water, gas, electric, snow removal, and lawn care. The property is located at 1022 McKinley Avenue in Des Moines, near shopping, dining, and everyday services along SE 14th Street, with access to Gray's Lake Park, Water Works Park, and downtown Des Moines. Public water and public sewer serve the property, which is zoned N5.
Key Highlights
- 1,944‑square‑foot walkout duplex on 0.238 acres
- Both units are currently leased
- 3‑bedroom, 1‑bath configuration with basement
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
$18,137
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
6.60%
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%
$362,740
$362.7K
Cap Rate 7%
$259,100
$259.1K
Cap Rate 9%
$201,522
$201.5K
Market Conditions
NOI Build-Up for 1,944 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
$26.8K $13.80/SF
− Vacancy
−$917 −$0.47/SF
EGI
$25.9K $13.33/SF
− OpEx
−$7.8K −$4.00/SF
NOI
$18.1K $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%
$362,740
Cap Rate 7%
$259,100
Cap Rate 9%
$201,522
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
318
Businesses Nearby
Explore this area
Business Placement
Demographics for 50315, IA
36,693
Population
16,579
Households
2.2
Avg Household Size
36
Median Age
18%
College-Educated
87%
High-School Grad
10.3 sq mi
ZIP Area
3,562
Density / Sq Mi
$62,036
Median Household Income
$41,311
Median Earnings
$977
Median Rent
$164,000
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 - Two leased units feature central air, public utilities, and tenant-paid lawn care, snow removal, and utility service.
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: 1,944‑square‑foot walkout duplex on 0.238 acres; Both units are currently leased; 3‑bedroom, 1‑bath configuration with basement
