Updated Two-Unit
For Sale
$187,500
1019/1021 Kirkwood Avenue, Des Moines, IA 50315
MULTI_FAMILY - Other - Des Moines, IA
Property Size1,586 SF
Lot Size0.16 Acres
Price / SF$118.22
Days on Market64
Property Features for 1019/1021 Kirkwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
N3B
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1
Parking features
Garage
Interior features
CableTv, WindowTreatments
Appliances
Dryer, Dishwasher, Microwave, Refrigerator, Stove, Washer
Lot features
Rectangular Lot
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
SW 9th to Kirkwood, west to home.
Subdivision
Des Moines S.West
Standard status
Active
APN
010-03146001000
Size
1,586 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
S 1/2 VAC E/W ALLEY N & ADJ & LT 41 KIRKWOOD HEIGHTS
Tax Annual Amount
3664
Legal Description
S 1/2 VAC E/W ALLEY N & ADJ & LT 41 KIRKWOOD HEIGHTS
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Natural Gas, Forced Air
Cooling system
Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1910
Number of units
2
Flooring type
Carpet
Building materials
MetalSiding
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Pennie Carroll & Associates
(515) 490-8025
Listed By:
Pennie Carroll · License #F05964000
(515) 490-8025
Added: Jun 10
Changed: Aug 7
Last Checked: Aug 12 at 5:06PM
MLS# 742820
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 two-unit duplex contains 1,586 square feet and includes a two-bedroom, one-bath main-level residence plus an upstairs one-bedroom unit. Both apartments include full kitchens and appliances, while the lower level provides additional storage. A detached two-car garage serves the property. Metal siding, shingle and asphalt roofing, forced-air heating, and central air are among the building features. The roof and furnace were replaced in 2025, and a new central air system was installed in 2026.
The property is located at 1019/1021 Kirkwood Avenue in Des Moines, with access to public water and public sewer. It is near a bus line, MacRae Park, and Lincoln High School, with downtown described as a short commute. The parcel measures 0.1584 acres and carries N3B zoning.
The property is located at 1019/1021 Kirkwood Avenue in Des Moines, with access to public water and public sewer. It is near a bus line, MacRae Park, and Lincoln High School, with downtown described as a short commute. The parcel measures 0.1584 acres and carries N3B zoning.
Key Highlights
- Two‑unit duplex with a 2‑bedroom main‑level unit and 1‑bedroom upstairs unit
- 1,586 square feet on a 0.1584‑acre parcel
- Detached 2‑car garage included
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
7.89%
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 7.89%
Second Best
Apartment 5plus
$188.8K
$165.2K – $220.3K
NOI $13,219 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$390.6K
$341.8K – $455.7K
NOI $27,342 @ 7.0% cap · market cap 14.58%
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
245
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 with appliances, a detached garage, and recent roof, furnace, and central air improvements.
Where is this duplex located?
The property is located at 1019/1021 Kirkwood Avenue Des Moines, IA.
What is the asking price?
The asking price for this property is $187,500.
What are key features of this property?
This property features: Two‑unit duplex with a 2‑bedroom main‑level unit and 1‑bedroom upstairs unit; 1,586 square feet on a 0.1584‑acre parcel; Detached 2‑car garage included
