Updated Duplex with Two-Car
For Sale
$175,000
1019/1021 Kirkwood Ave, Des Moines, IA 50315
Two residential units include appliances, storage, and access to a detached garage.
Property Size1,586 SF
Price / SF$110.34
Days on Market86
Property Features for 1019/1021 Kirkwood Ave
General Information
Standard status
Active
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
(515) 490-8025
Listed By:
Pennie Carroll (515) 490-8025 · License #F05964000
Source:
Desmoineshomesforsale
Added: Jun 8
Changed: Aug 31
Last Checked: Aug 31 at 5:40PM
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
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 = 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
$14,797
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
8.46%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 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
