Two-Unit Duplex with Shared
For Sale
$210,000
1175 21st Street, Des Moines, IA 50311
Residential, Duplex, Residential, Des Moines, IA
Property Size1,568 SF
Lot Size0.21 Acres
Price / SF$133.93
Days on Market290
Property Features for 1175 21st Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
N5-4
Bedrooms
6
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
Garage
Appliances
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
I-235 to ML King Jr. Pkwy. continue to School St. to 19th St (Left) to University (Left) to 21st St. (Left).
Subdivision
Des Moines N.West
Standard status
Active
APN
03005120001000
Size
1,568 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT 9 & S 20F LOT 10 T M WALKERS ELM GROVE ADD
Tax Annual Amount
2182
Legal Description
LOT 9 & S 20F LOT 10 T M WALKERS ELM GROVE ADD
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
laundry hookups
storage space
Building Details
Year built
1909
Flooring type
Carpet, Vinyl, Laminate
Building materials
VinylSiding
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
RE/MAX Concepts · RE/MAX International
(515) 276-2872
Listed By:
Ayeesha Ali · License #S66701000
(515) 984-0222
Added: Nov 6, 2025
Changed: Aug 19
Last Checked: Aug 23 at 6:06PM
MLS# 729944
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.
Located at 1175 21st Street in Des Moines, this 1,568-square-foot duplex was built in 1909 and contains two residential units. The first unit has 2 bedrooms and 1 bathroom, while the second provides 4 bedrooms and 2 bathrooms. Both units connect to a shared basement with laundry hookups and storage space.
The 0.209-acre property is near the Drake University campus and is zoned N5-4. Improvements include vinyl siding, asphalt shingle roofing, central air, and forced-air natural gas heat. Public water and public sewer serve the property, and a garage provides on-site parking. Appliances include a refrigerator and stove, while flooring consists of carpet, vinyl, and laminate. A current rental certificate is in place.
The 0.209-acre property is near the Drake University campus and is zoned N5-4. Improvements include vinyl siding, asphalt shingle roofing, central air, and forced-air natural gas heat. Public water and public sewer serve the property, and a garage provides on-site parking. Appliances include a refrigerator and stove, while flooring consists of carpet, vinyl, and laminate. A current rental certificate is in place.
Key Highlights
- Two residential units with 2 bedrooms/1 bathroom and 4 bedrooms/2 bathrooms
- 1,568 square feet on a 0.209‑acre lot
- Shared basement with laundry hookups and storage
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
$14,629
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
6.97%
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%
$292,580
$292.6K
Cap Rate 7%
$208,986
$209.0K
Cap Rate 9%
$162,544
$162.5K
Market Conditions
NOI Build-Up for 1,568 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
$21.6K $13.80/SF
− Vacancy
−$740 −$0.47/SF
EGI
$20.9K $13.33/SF
− OpEx
−$6.3K −$4.00/SF
NOI
$14.6K $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%
$292,580
Cap Rate 7%
$208,986
Cap Rate 9%
$162,544
Alternative Uses
Best Use
Multifamily LT 5
$209.0K
$182.9K – $243.8K
NOI $14,629 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$186.7K
$163.4K – $217.8K
NOI $13,069 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$386.2K
$337.9K – $450.5K
NOI $27,032 @ 7.0% cap · market cap 12.87%
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
613
Businesses Nearby
Explore this area
Business Placement
Demographics for 50311, IA
14,782
Population
7,180
Households
2.1
Avg Household Size
30
Median Age
41%
College-Educated
94%
High-School Grad
2.6 sq mi
ZIP Area
5,685
Density / Sq Mi
$63,233
Median Household Income
$35,086
Median Earnings
$1,019
Median Rent
$228,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - The property includes laundry hookups, storage, and a current rental certificate.
Where is this duplex located?
The property is located at 1175 21st Street Des Moines, IA.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Two residential units with 2 bedrooms/1 bathroom and 4 bedrooms/2 bathrooms; 1,568 square feet on a 0.209‑acre lot; Shared basement with laundry hookups and storage
