Updated Duplex with Two-Car
For Sale
$175,000
Pending
1019/1021 Kirkwood Ave, Des Moines, IA 50315
Two residential units include appliances, storage, and access to a detached garage.
Property Size1,586 SF
Days on Market152
Property Features for 1019/1021 Kirkwood Ave
General Information
Standard status
Pending
Size
1,586 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1910
Listing Agency:
Pennie Carroll & Associates
Listed By:
Pennie Carroll (515) 490-8025 · License #F05964000
(515) 490-8025
Source:
Desmoineshomesforsale
Added: May 21
Changed: Oct 1
Last Checked: Oct 16 at 9:01AM
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 Pennie Carroll & Associates
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Investment Insights
Based on property information with market context.
This 1,586-square-foot duplex, built in 1910, combines two distinct residential units within one property. The main-level residence offers two bedrooms, one bathroom, a full kitchen, lower-level storage, and access to a detached two-car garage. The upper unit provides one bedroom and a practical layout, with appliances included in both units.
Major property improvements include low-maintenance siding, a new roof installed in 2025, and a new HVAC system installed in 2025. The property has also had long-term tenants who are currently in good standing. Its location near a bus line provides access to downtown, while MacRae Park and Lincoln High School are nearby.
Major property improvements include low-maintenance siding, a new roof installed in 2025, and a new HVAC system installed in 2025. The property has also had long-term tenants who are currently in good standing. Its location near a bus line provides access to downtown, while MacRae Park and Lincoln High School are nearby.
Key Highlights
- 1,586 SF duplex built in 1910
- Main‑level unit has 2 bedrooms, 1 bath, full kitchen, and lower‑level storage
- Upper unit includes 1 bedroom and a practical layout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,797
Cap Rate
8.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$295,940
$295.9K
Cap Rate 7%
$211,386
$211.4K
Cap Rate 9%
$164,411
$164.4K
Market Conditions
NOI Build-Up for 1,586 SF
Gross rent
$21.9K $13.80/SF
− Vacancy
−$749 −$0.47/SF
EGI
$21.1K $13.33/SF
− OpEx
−$6.3K −$4.00/SF
NOI
$14.8K $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 Rate 5%
$295,940
Cap Rate 7%
$211,386
Cap Rate 9%
$164,411
Alternative Uses
Best Use
Multifamily LT 5
$211.4K
$185.0K – $246.6K
NOI $14,797 @ 7.0% cap · market cap 8.46%
Second Best
Apartment 5plus
$188.8K
$165.2K – $220.3K
NOI $13,219 @ 7.0% cap · market cap 7.55%
Theoretical Best
Office A
$390.6K
$341.8K – $455.7K
NOI $27,342 @ 7.0% cap · market cap 15.62%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
229
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include appliances, storage, and access to a detached garage.
Where is this duplex located?
The property is located at 1019/1021 Kirkwood Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 1,586 SF duplex built in 1910; Main‑level unit has 2 bedrooms, 1 bath, full kitchen, and lower‑level storage; Upper unit includes 1 bedroom and a practical layout
