Walkout
For Sale
$275,000
1022 Mckinley Ave, Des Moines, IA 50315
Both units are leased, with tenants handling utilities, lawn care, and snow removal.
Property Size1,944 SF
Price / SF$141.46
Days on Market144
Property Features for 1022 Mckinley Ave
General Information
Standard status
Active
Size
1,944 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Average Monthly Rent
$1,200
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,011
Building Details
Buildings
1
Listing Agency:
RE/MAX Precision
(515) 681-7001
Listed By:
Dustin Kupka · License #S65754000
(515) 681-7001
Source:
Exprealty
Added: Apr 8
Changed: Aug 20
Last Checked: Aug 29 at 2:53PM
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 Precision
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.
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 = 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
$18,137
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
6.60%
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%
$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
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
$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 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%
$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
NOI $18,137 @ 7.0% cap · market cap 6.60%
Second Best
Apartment 5plus
$231.5K
$202.5K – $270.1K
NOI $16,203 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$478.8K
$418.9K – $558.6K
NOI $33,514 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
