All-Brick Duplex with
For Sale
$280,000
1000 Hoffman Ave, Des Moines, IA 50316
Two-unit property with finished lower-level space and a detached garage.
Property Size1,404 SF
Price / SF$199.43
Days on Market14
Property Features for 1000 Hoffman Ave
General Information
Standard status
Active
Size
1,404 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1962
Construction
all-brick
Listing Agency:
EXP Realty, LLC
(515) 979-5264
Listed By:
Donna Koester
Source:
Kwlegacyrealty
Added: Aug 16
Changed: Aug 23
Last Checked: Aug 29 at 12:30PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXP Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1962, this all-brick duplex contains 1,404 square feet and includes a detached two-car garage. Each unit has approximately 500 square feet of finished lower-level space, creating additional room for recreation, sleeping, or household use. The roof was replaced in August 2025, and the central air conditioning was updated in 2017.
The property is located at 1000 Hoffman Ave in Des Moines, near Madison Elementary. Its two-unit configuration, lower-level finished areas, and separate garage provide a practical physical setup for continued rental use or owner occupancy.
The property is located at 1000 Hoffman Ave in Des Moines, near Madison Elementary. Its two-unit configuration, lower-level finished areas, and separate garage provide a practical physical setup for continued rental use or owner occupancy.
Key Highlights
- All‑brick duplex built in 1962
- 1,404 square feet across two units
- Approximately 500 square feet of finished lower‑level space per unit
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
$13,099
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
4.68%
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%
$261,980
$262.0K
Cap Rate 7%
$187,129
$187.1K
Cap Rate 9%
$145,544
$145.5K
Market Conditions
NOI Build-Up for 1,404 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
$19.4K $13.80/SF
− Vacancy
−$663 −$0.47/SF
EGI
$18.7K $13.33/SF
− OpEx
−$5.6K −$4.00/SF
NOI
$13.1K $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%
$261,980
Cap Rate 7%
$187,129
Cap Rate 9%
$145,544
Alternative Uses
Best Use
Multifamily LT 5
$187.1K
$163.7K – $218.3K
NOI $13,099 @ 7.0% cap · market cap 4.68%
Second Best
Apartment 5plus
$167.2K
$146.3K – $195.0K
NOI $11,702 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$345.8K
$302.6K – $403.4K
NOI $24,205 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
451
Businesses Nearby
Explore this area
Business Placement
Demographics for 50316, IA
16,785
Population
6,002
Households
2.8
Avg Household Size
33
Median Age
13%
College-Educated
78%
High-School Grad
3.6 sq mi
ZIP Area
4,663
Density / Sq Mi
$53,090
Median Household Income
$33,994
Median Earnings
$963
Median Rent
$137,300
Median Home Value
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-unit property with finished lower-level space and a detached garage.
Where is this duplex located?
The property is located at 1000 Hoffman Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: All‑brick duplex built in 1962; 1,404 square feet across two units; Approximately 500 square feet of finished lower‑level space per unit
