Building Details

Year Built 1971

Buildings 1

Listing Agency: RE/MAX Concepts Show Phone

Listed By: Home Sweet Des Moines Show Phone

Source: Homesweetdesmoines

Added: Aug 3 Changed: Oct 13 Last Checked: Oct 12 at 8:14PM

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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 RE/MAX Concepts

Investment Insights

Based on property information with market context.

This 1,944-square-foot walkout duplex at 1022 McKinley Ave includes a 3-bedroom, 1-bath configuration, a functional layout, and a spacious backyard. Both units are currently rented. Tenants are responsible for water, sewer, storm water, gas, electric, snow removal, and lawn care. Unit 1024 also includes a basement toilet.

Property improvements include a roof installed in 2020 and water heaters replaced in 2023 and 2012. The duplex is near shopping, dining, and daily services along SE 14th St, with access to Gray's Lake Park, Water Works Park, and downtown Des Moines. Its location just off McKinley Ave places the property within a residential neighborhood setting.

Key Highlights

• 1,944‑square‑foot walkout duplex at 1022 McKinley Ave
• 3‑bedroom, 1‑bath configuration with both units currently rented
• Tenants cover water, sewer, storm water, gas, electric, lawn care, and snow removal

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$18,137

Cap Rate

6.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$362,740 $362.7K

Cap Rate 7%

$259,100 $259.1K

Cap Rate 9%

$201,522 $201.5K

Market Conditions

NOI Build-Up for 1,944 SF

Gross rent

$26.8K $13.80/SF

− Vacancy

−$917 −$0.47/SF

EGI

$25.9K $13.33/SF

− OpEx

−$7.8K −$4.00/SF

NOI

$18.1K $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 Rate 5%

$362,740

Cap Rate 7%

$259,100

Cap Rate 9%

$201,522

Alternative Uses

Best Use

Multifamily LT 5

$259.1K

$226.7K – $302.3K (±1% cap)

NOI $18,137 @ 7.0% cap · market cap 6.60%

Second Best

Apartment 5plus

$231.5K

$202.5K – $270.1K (±1% cap)

NOI $16,203 @ 7.0% cap · market cap 5.89%

Theoretical Best

Office A

$478.8K

$418.9K – $558.6K (±1% cap)

NOI $33,514 @ 7.0% cap · market cap 12.19%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Skin Care Clinic Building Supply Grocery & Convenience Store Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

318

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Both units are leased, with tenants handling utilities, lawn care, and snow removal.

Where is this duplex located?

The property is located at 1022 Mckinley Ave Des Moines, IA.

What is the asking price?

The asking price for this property is $275,000.

What are key features of this property?

This property features: 1,944‑square‑foot walkout duplex at 1022 McKinley Ave; 3‑bedroom, 1‑bath configuration with both units currently rented; Tenants cover water, sewer, storm water, gas, electric, lawn care, and snow removal