Duplex Investment
3509/3511 Keyes Drive Des Moines, IA 50315
For Sale
$279,000
Pending
MULTI_FAMILY - Ranch - Des Moines, IA
Property Size1,600 SF
Lot Size0.19 Acres
Days on Market105
Property Features for 3509/3511 Keyes Drive
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
R
Bedrooms
4
Bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Basement, Bedroom 1, Bedroom 2, Bedroom 4, Bedroom 3
Parking features
Garage
Appliances
Dryer, Microwave, Refrigerator, Stove, Washer
Standard status
Pending
APN
01005876001000
Size
1,600 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LOT 323 & W 20F LOT 333 WATROUS PARK PLAT 2
Tax Annual Amount
5585
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Number of units
2
Flooring type
Laminate, Tile
Building materials
Brick
Architectural style
Ranch
Listing Agency:
RE/MAX Concepts-Ames
(515) 276-2872
Listed By:
Kyle Van Winkle · License #64228000
(515) 276-2872
Added: Apr 16
Changed: Jul 28
Last Checked: Jul 29 at 1:06PM
MLS# 738592
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 property is a duplex consisting of two separate units at 3509 and 3511 Keyes Drive in Des Moines, Iowa. The listing describes each unit as having a functional layout, and the asset is positioned for an investor value-add approach, including opportunities for renovation, repositioning, or other improvements. With separate units under one ownership, the configuration provides flexibility for landlords managing multiple tenants or workflows.
The duplex sits on a 0.19-acre lot in Polk County and totals 1,600 square feet, per the listing. It is presented as an investor special in the Des Moines rental market, with convenient access described to major employers, shopping, and transportation.
For buyers and investors, the duplex format supports a strategy that includes updating and improving the units to better fit current tenant preferences. Prospective operators should evaluate the property’s condition and the specific work required to execute the desired renovation or repositioning plan. With two separate units, the property may also appeal to those seeking multiple income streams within a single asset while retaining the ability to manage each unit individually.
The duplex sits on a 0.19-acre lot in Polk County and totals 1,600 square feet, per the listing. It is presented as an investor special in the Des Moines rental market, with convenient access described to major employers, shopping, and transportation.
For buyers and investors, the duplex format supports a strategy that includes updating and improving the units to better fit current tenant preferences. Prospective operators should evaluate the property’s condition and the specific work required to execute the desired renovation or repositioning plan. With two separate units, the property may also appeal to those seeking multiple income streams within a single asset while retaining the ability to manage each unit individually.
Key Highlights
- Duplex opportunity at 3509 & 3511 in Des Moines, offered as an investor special for value‑add strategy
- Ranch‑style construction with brick exterior; built in 1960
- Each unit includes a functional layout with multiple bedrooms and bathrooms (rooms listed: four bedrooms and two bathrooms)
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $22.1k | $13.80 |
| − Vacancy | −$755 | −$0.47 |
| EGI | $21.3k | $13.33 |
| − OpEx | −$6.4k | −$4.00 |
| NOI | $14.9k | $9.33 |
1,600 SF · lease $13.80/SF/yr · vacancy 3.42% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$213.2K
$186.6K – $248.8K
NOI $14,927 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$190.5K
$166.7K – $222.3K
NOI $13,336 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$394.0K
$344.8K – $459.7K
NOI $27,583 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residential units offer an investor-ready structure for renovation, repositioning, or portfolio expansion.
Where is this duplex located?
The property is located at 3509/3511 Keyes Drive Des Moines, IA.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Duplex opportunity at 3509 & 3511 in Des Moines, offered as an investor special for value‑add strategy; Ranch‑style construction with brick exterior; built in 1960; Each unit includes a functional layout with multiple bedrooms and bathrooms (rooms listed: four bedrooms and two bathrooms)
