Ranch Duplex Conversion
For Sale
$200,000
Pending
1829 47th Street, Des Moines, IA 50310
Residential, Duplex, Residential, Des Moines, IA
Property Size2,136 SF
Lot Size0.18 Acres
Days on Market89
Property Features for 1829 47th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
N3B
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 5, Basement, Bedroom 2, Bathroom 2, Dining Room, Bedroom 3, Bathroom 3
Parking features
Garage
Interior features
DiningArea
Appliances
Cooktop, Dryer, Dishwasher, Microwave, Refrigerator, Stove, Washer
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
Take I-35 S and I-235 W to 31st St in Des Moines. Take exit 6. Turn right on 31st St. Left on University and right onto 34th St. Turn left onto Forest ave and right on Beaver Ave. Turn left onto Franklin Ave.
Subdivision
Des Moines N.West
Standard status
Pending
APN
10011717000000
Size
2,136 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
LOT 18 TURNER PLACE PLAT NO 2
Tax Annual Amount
4901
Legal Description
LOT 18 TURNER PLACE PLAT NO 2
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1924
Floors in Building
1
Building materials
Brick
Roof type
Shingle, Asphalt
Architectural style
Ranch
Listing Agency:
LPT Realty, LLC
(515) 669-4010
Listed By:
Kyle Clarkson
(515) 554-2249
Added: May 29
Changed: Aug 24
Last Checked: Aug 25 at 1:06AM
MLS# 741625
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 1924 brick ranch contains 2,136 square feet on a 0.18-acre lot. The home includes multiple living areas, three bathrooms, five bedrooms, a dining area, and additional finished basement space. Separate entrances and the existing arrangement create flexibility for multigenerational occupancy, extended-family use, or evaluation as a future duplex conversion. The property is being sold as-is and requires updates and improvements.
The residence has forced-air natural-gas heat, central air, public water, and public sewer. A garage provides on-site parking, while the shingle and asphalt roof, ranch-style design, and established residential construction define the physical profile. Appliances include a cooktop, stove, refrigerator, dishwasher, microwave, washer, and dryer.
The residence has forced-air natural-gas heat, central air, public water, and public sewer. A garage provides on-site parking, while the shingle and asphalt roof, ranch-style design, and established residential construction define the physical profile. Appliances include a cooktop, stove, refrigerator, dishwasher, microwave, washer, and dryer.
Key Highlights
- 2,136‑square‑foot ranch residence built in 1924
- 0.18‑acre lot with brick construction
- Five bedrooms and three bathrooms
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
$17,803
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
8.90%
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%
$356,060
$356.1K
Cap Rate 7%
$254,329
$254.3K
Cap Rate 9%
$197,811
$197.8K
Market Conditions
NOI Build-Up for 2,136 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
$33.6K $15.72/SF
− Vacancy
−$1.2K −$0.57/SF
EGI
$32.4K $15.15/SF
− OpEx
−$14.6K −$6.82/SF
NOI
$17.8K $8.33/SF
Area
Des Moines, IA
Vacancy
3.60%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$356,060
Cap Rate 7%
$254,329
Cap Rate 9%
$197,811
Alternative Uses
Best Use
Multifamily LT 5
$284.7K
$249.1K – $332.1K
NOI $19,928 @ 7.0% cap · market cap 9.96%
Second Best
Apartment 5plus
$254.3K
$222.5K – $296.7K
NOI $17,803 @ 7.0% cap · market cap 8.90%
Theoretical Best
Office A
$526.1K
$460.3K – $613.7K
NOI $36,824 @ 7.0% cap · market cap 18.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
Explore this area
Business Placement
Demographics for 50310, IA
30,754
Population
14,162
Households
2.2
Avg Household Size
37
Median Age
36%
College-Educated
86%
High-School Grad
8.0 sq mi
ZIP Area
3,844
Density / Sq Mi
$74,473
Median Household Income
$46,091
Median Earnings
$1,043
Median Rent
$213,800
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 - Brick ranch with separate entrances, finished lower-level space, and a layout adaptable to multiple living arrangements.
Where is this duplex located?
The property is located at 1829 47th Street Des Moines, IA.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: 2,136‑square‑foot ranch residence built in 1924; 0.18‑acre lot with brick construction; Five bedrooms and three bathrooms
