Duplex with Brand New
For Sale
$229,000
Pending
1242 Mckinley Avenue, Des Moines, IA 50315
MULTI_FAMILY - Ranch - Des Moines, IA
Property Size1,513 SF
Lot Size0.20 Acres
Days on Market135
Property Features for 1242 Mckinley Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
N3A
Bedrooms
4
Bathrooms
2
Full bathrooms
1
Rooms
Bedroom 2, Bedroom 3, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bedroom 4
Parking features
Garage
Interior features
WindowTreatments
Appliances
Dryer, Dishwasher, Microwave, Refrigerator, Stove, Washer
Lot features
Corner Lot
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
University Ave to 9th Street. 9th to McKinley to home.
Subdivision
Des Moines S.West
Standard status
Pending
APN
12003493000000
Size
1,513 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
LOTS 1 & 2 BLK 1 PINEHURST
Tax Annual Amount
3186
Legal Description
LOTS 1 & 2 BLK 1 PINEHURST
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
front porch
basement
private deck
Building Details
Year built
1926
Floors in Building
1
Flooring type
Carpet, Tile
Building materials
VinylSiding
Roof type
Shingle, Asphalt
Architectural style
Ranch
Listing Agency:
LPT Realty, LLC
(515) 669-4010
Listed By:
Valerie Kenworthy
(515) 988-7469
Added: Apr 13
Changed: Aug 4
Last Checked: Aug 25 at 1:06AM
MLS# 738296
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.
Duplex property with an updated exterior and a brand new roof, built in 1926. The home is arranged as two distinct units with a total of four bedrooms. The main unit offers two bedrooms on the main level with a front porch, plus a basement providing a third bedroom, storage, and laundry space. The upper unit includes a full kitchen, bedroom, bathroom, and a private deck, with separate or joint access options.
The property can operate as a single-family home with income potential or as a multi-family investment, since the layout allows the units to be combined or separated. Utilities are public water and public sewer. The home has vinyl siding and a ranch style, with tile and carpet flooring. Heating is forced air with natural gas, and cooling is central air.
Parking includes a one-car tuck under garage and private parking space for occupants.
The property can operate as a single-family home with income potential or as a multi-family investment, since the layout allows the units to be combined or separated. Utilities are public water and public sewer. The home has vinyl siding and a ranch style, with tile and carpet flooring. Heating is forced air with natural gas, and cooling is central air.
Parking includes a one-car tuck under garage and private parking space for occupants.
Key Highlights
- Brand new roof on this updated 1926 duplex
- Two distinct units with a total of four bedrooms
- Upper unit has a private deck and full kitchen plus private access options
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
$14,116
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
6.16%
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%
$282,320
$282.3K
Cap Rate 7%
$201,657
$201.7K
Cap Rate 9%
$156,844
$156.8K
Market Conditions
NOI Build-Up for 1,513 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
$20.9K $13.80/SF
− Vacancy
−$714 −$0.47/SF
EGI
$20.2K $13.33/SF
− OpEx
−$6.0K −$4.00/SF
NOI
$14.1K $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%
$282,320
Cap Rate 7%
$201,657
Cap Rate 9%
$156,844
Alternative Uses
Best Use
Multifamily LT 5
$201.7K
$176.5K – $235.3K
NOI $14,116 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$180.1K
$157.6K – $210.2K
NOI $12,610 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$372.6K
$326.1K – $434.7K
NOI $26,084 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
451
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Duplex zoned N3A with two units totaling four bedrooms, central air, forced-air natural gas heat, and public utilities.
Where is this duplex located?
The property is located at 1242 Mckinley Avenue Des Moines, IA.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Brand new roof on this updated 1926 duplex; Two distinct units with a total of four bedrooms; Upper unit has a private deck and full kitchen plus private access options
