Updated Duplex with Walk-Out
For Sale
$275,000
121 E Watrous Ave, Des Moines, IA 50315
Two residential units offer low-maintenance flooring, private outdoor space, and convenient access to Des Moines amenities.
Property Size1,408 SF
Price / SF$195.31
Days on Market12
Property Features for 121 E Watrous Ave
General Information
Standard status
Active
Size
1,408 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
walk out basement
private backyard
Building Details
Year Built
1977
Buildings
1
Listing Agency:
Epique Realty
(515) 612-8939
Listed By:
Shonna Murrey
Source:
Mistysoldteamiowa
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 29 at 12:25PM
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 Epique Realty
Investment Insights
Based on property information with market context.
Built in 1977, this duplex includes two residential units with updated finishes and luxury vinyl plank flooring throughout both units. The interiors contain no carpet, supporting straightforward maintenance and a consistent finish across the living areas. A walk-out basement provides additional space for storage or future finishing, subject to applicable requirements. The property also includes a private backyard for outdoor use.
Located at 121 E Watrous Ave in Des Moines, the duplex is near downtown, schools, restaurants, shopping, parks, and major highways. Its two-unit configuration supports a range of residential ownership and occupancy arrangements, including living in one unit while leasing the other, as described in the property information.
Located at 121 E Watrous Ave in Des Moines, the duplex is near downtown, schools, restaurants, shopping, parks, and major highways. Its two-unit configuration supports a range of residential ownership and occupancy arrangements, including living in one unit while leasing the other, as described in the property information.
Key Highlights
- Duplex with two residential units
- Luxury vinyl plank flooring throughout both units with no carpet
- Walk‑out basement with potential for storage or future finished space
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
$13,136
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
4.78%
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%
$262,720
$262.7K
Cap Rate 7%
$187,657
$187.7K
Cap Rate 9%
$145,956
$146.0K
Market Conditions
NOI Build-Up for 1,408 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
$19.4K $13.80/SF
− Vacancy
−$665 −$0.47/SF
EGI
$18.8K $13.33/SF
− OpEx
−$5.6K −$4.00/SF
NOI
$13.1K $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%
$262,720
Cap Rate 7%
$187,657
Cap Rate 9%
$145,956
Alternative Uses
Best Use
Multifamily LT 5
$187.7K
$164.2K – $218.9K
NOI $13,136 @ 7.0% cap · market cap 4.78%
Second Best
Apartment 5plus
$167.6K
$146.7K – $195.6K
NOI $11,735 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$346.8K
$303.4K – $404.6K
NOI $24,273 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
119
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 offer low-maintenance flooring, private outdoor space, and convenient access to Des Moines amenities.
Where is this duplex located?
The property is located at 121 E Watrous 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: Duplex with two residential units; Luxury vinyl plank flooring throughout both units with no carpet; Walk‑out basement with potential for storage or future finished space
