Two-Story Duplex Near
For Sale
$210,000
1175 21st Street, Des Moines, IA 50311
Two separately configured units share a basement with laundry hookups and storage, supported by a current rental certificate.
Property Size1,568 SF
Price / SF$133.93
Days on Market350
Property Features for 1175 21st Street
General Information
Standard status
Active
Size
1,568 SF
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 4BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,182
Amenities
laundry hookups
storage space
Central Air, Gas
3
Vinyl, Laminate, Carpet
Stove, Refrigerator
Asphalt, Shingle
N5-4
2 Garage Spaces. 2 Car Garage, Garage.
Vinyl
Rectangular
70X130
Concrete Road, Rectangular.
Building Details
Year Built
1909
Buildings
1
Stories
2
Listing Agency:
RE/MAX Concepts
(515) 984-0222
Listed By:
Ayeesha Ali · License #S66701000
(515) 984-0222
Source:
Xome
Added: Sep 17, 2025
Changed: Aug 30
Last Checked: Aug 31 at 3:44PM
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 1,568-square-foot, two-story duplex was built in 1909 and includes two distinct residential units. The first unit has 2 bedrooms and 1 bathroom, while the second provides 4 bedrooms and 2 bathrooms. Both units connect to a shared basement with laundry hookups and storage. Interior features include central air, gas service, vinyl, laminate, and carpet flooring, along with a stove and refrigerator.
The property is located at 1175 21st Street, steps from the Drake University campus. Exterior improvements include a 2-car garage, vinyl siding, asphalt and shingle roofing, and a rectangular 70X130 lot. A current rental certificate is in place.
The property is located at 1175 21st Street, steps from the Drake University campus. Exterior improvements include a 2-car garage, vinyl siding, asphalt and shingle roofing, and a rectangular 70X130 lot. A current rental certificate is in place.
Key Highlights
- Two‑unit duplex with 2‑bedroom/1‑bath and 4‑bedroom/2‑bath layouts
- 1,568 SF two‑story property built in 1909
- Shared basement includes laundry hookups and storage
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
$14,629
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
6.97%
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%
$292,580
$292.6K
Cap Rate 7%
$208,986
$209.0K
Cap Rate 9%
$162,544
$162.5K
Market Conditions
NOI Build-Up for 1,568 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
$21.6K $13.80/SF
− Vacancy
−$740 −$0.47/SF
EGI
$20.9K $13.33/SF
− OpEx
−$6.3K −$4.00/SF
NOI
$14.6K $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%
$292,580
Cap Rate 7%
$208,986
Cap Rate 9%
$162,544
Alternative Uses
Best Use
Multifamily LT 5
$209.0K
$182.9K – $243.8K
NOI $14,629 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$186.7K
$163.4K – $217.8K
NOI $13,069 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$386.2K
$337.9K – $450.5K
NOI $27,032 @ 7.0% cap · market cap 12.87%
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
613
Businesses Nearby
Explore this area
Business Placement
Demographics for 50311, IA
14,782
Population
7,180
Households
2.1
Avg Household Size
30
Median Age
41%
College-Educated
94%
High-School Grad
2.6 sq mi
ZIP Area
5,685
Density / Sq Mi
$63,233
Median Household Income
$35,086
Median Earnings
$1,019
Median Rent
$228,000
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 separately configured units share a basement with laundry hookups and storage, supported by a current rental certificate.
Where is this duplex located?
The property is located at 1175 21st Street Des Moines, IA.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Two‑unit duplex with 2‑bedroom/1‑bath and 4‑bedroom/2‑bath layouts; 1,568 SF two‑story property built in 1909; Shared basement includes laundry hookups and storage
