Updated Nine-Bedroom
For Sale
$425,000
2525 51st Street, Des Moines, IA 50310
MultiFamily, Duplex, Des Moines, IA
Property Size4,135 SF
Lot Size0.49 Acres
Price / SF$102.78
Days on Market93
Property Features for 2525 51st Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
N3B
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Basement, Bedroom 1, Bedroom 4, Bedroom 5, Bathroom 4, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 2
Parking features
Garage
Appliances
Dryer, Dishwasher, Microwave, Refrigerator, Stove, Washer
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 63rd St. North on 63rd. east on Hickman. North on 51st St. Duplex is on the right.
Subdivision
Des Moines N.West
Standard status
Active
APN
10042430378051
Size
4,135 SF
Lot size
0.49 Acres
Taxes and HOA fees
Tax Description
S 10F LOT 91 & ALL LOT 90 DEERFOOT ACRES PLAT 2
Tax Annual Amount
8266
Legal Description
S 10F LOT 91 & ALL LOT 90 DEERFOOT ACRES PLAT 2
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1950
Floors in Building
2
Number of units
2
Flooring type
Carpet, Tile, Hardwood
Building materials
VinylSiding
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
RE/MAX Precision · RE/MAX International
(515) 223-9492
Listed By:
Amy Dempsey
(323) 204-1936
Added: Jun 11
Changed: Sep 10
Last Checked: Sep 11 at 11:06PM
MLS# 742879
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 contains 4,135 square feet across two residential units with a combined nine bedrooms and four bathrooms. The 2525 unit has four bedrooms, two bathrooms, and an upper-level bonus area with hardwood flooring. The 2527 unit provides five bedrooms, two bathrooms, and a recently modernized kitchen. Interior improvements include luxury vinyl plank flooring, carpeting, fresh paint, and updated bathroom vanities. Each side also has dedicated entry storage.
Set on 0.487 acres in northwest Des Moines, the property includes separate driveways and a detached two-vehicle garage. Exterior improvements include vinyl siding and foundation work. Built in 1950, the duplex has natural-gas forced-air heat, central air conditioning, public water and sewer, and N3B zoning.
Set on 0.487 acres in northwest Des Moines, the property includes separate driveways and a detached two-vehicle garage. Exterior improvements include vinyl siding and foundation work. Built in 1950, the duplex has natural-gas forced-air heat, central air conditioning, public water and sewer, and N3B zoning.
Key Highlights
- 4,135‑square‑foot duplex with 9 bedrooms and 4 bathrooms
- Two units configured as 4 bedrooms/2 bathrooms and 5 bedrooms/2 bathrooms
- 0.487‑acre lot in northwest Des Moines
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
$38,578
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
9.08%
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%
$771,560
$771.6K
Cap Rate 7%
$551,114
$551.1K
Cap Rate 9%
$428,644
$428.6K
Market Conditions
NOI Build-Up for 4,135 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
$57.1K $13.80/SF
− Vacancy
−$2.0K −$0.47/SF
EGI
$55.1K $13.33/SF
− OpEx
−$16.5K −$4.00/SF
NOI
$38.6K $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%
$771,560
Cap Rate 7%
$551,114
Cap Rate 9%
$428,644
Alternative Uses
Best Use
Multifamily LT 5
$551.1K
$482.2K – $643.0K
NOI $38,578 @ 7.0% cap · market cap 9.08%
Second Best
Apartment 5plus
$492.3K
$430.8K – $574.4K
NOI $34,464 @ 7.0% cap · market cap 8.11%
Theoretical Best
Office A
$1.02M
$891.1K – $1.19M
NOI $71,286 @ 7.0% cap · market cap 16.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
535
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 residential units offer refreshed interiors, separate driveways, and access to a detached garage.
Where is this duplex located?
The property is located at 2525 51st Street Des Moines, IA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 4,135‑square‑foot duplex with 9 bedrooms and 4 bathrooms; Two units configured as 4 bedrooms/2 bathrooms and 5 bedrooms/2 bathrooms; 0.487‑acre lot in northwest Des Moines
