Brick Duplex with
New
For Sale
$250,000
3509/3511 Keyes Drive, Des Moines, IA 50315
MultiFamily, Des Moines, IA
Property Size1,600 SF
Lot Size0.19 Acres
Price / SF$156.25
Days on Market1
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
Full bathrooms
2
Rooms
Bedroom 2, Basement, Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 2
Parking features
Garage
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Subdivision
Des Moines S.West
Standard status
Active
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
Legal Description
LOT 323 & W 20F LOT 333 WATROUS PARK PLAT 2
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Number of units
2
Flooring type
Tile, Laminate
Building materials
Brick
Architectural style
Ranch
Listing Agency:
RE/MAX Concepts-Ames · RE/MAX International
(515) 276-2872
Listed By:
Kyle Van Winkle · License #64228000
(515) 450-6324
Added: Sep 22
Last Checked: Sep 22 at 5:06PM
MLS# 749741
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 1960 ranch-style duplex contains 1,600 square feet on a 0.19-acre lot. The property is constructed with brick and includes separate residential units, bedrooms, bathrooms, basement space, tile and laminate flooring, natural-gas forced-air heat, and central air conditioning. A garage provides on-site parking. Foundation and plumbing repairs have been completed, and the property is served by public water and public sewer.
Located in Des Moines, the property carries R zoning and is identified by the address 3509/3511 Keyes Drive. Its two-unit configuration supports separate residential accommodations within one building, while the existing layout includes four bedrooms and two bathrooms overall.
Located in Des Moines, the property carries R zoning and is identified by the address 3509/3511 Keyes Drive. Its two-unit configuration supports separate residential accommodations within one building, while the existing layout includes four bedrooms and two bathrooms overall.
Key Highlights
- Two‑unit duplex with 1,600 square feet of building area
- 0.19‑acre lot with garage parking
- 1960 ranch‑style construction with brick exterior
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
$14,927
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
5.97%
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%
$298,540
$298.5K
Cap Rate 7%
$213,243
$213.2K
Cap Rate 9%
$165,856
$165.9K
Market Conditions
NOI Build-Up for 1,600 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
$22.1K $13.80/SF
− Vacancy
−$755 −$0.47/SF
EGI
$21.3K $13.33/SF
− OpEx
−$6.4K −$4.00/SF
NOI
$14.9K $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%
$298,540
Cap Rate 7%
$213,243
Cap Rate 9%
$165,856
Alternative Uses
Best Use
Multifamily LT 5
$213.2K
$186.6K – $248.8K
NOI $14,927 @ 7.0% cap · market cap 5.97%
Second Best
Apartment 5plus
$190.5K
$166.7K – $222.3K
NOI $13,336 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$394.0K
$344.8K – $459.7K
NOI $27,583 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
299
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
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 - Ranch-style duplex with separate units, public utilities, and central air conditioning.
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 $250,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,600 square feet of building area; 0.19‑acre lot with garage parking; 1960 ranch‑style construction with brick exterior
