Updated Duplex with Walk-Out
For Sale
$275,000
121 E Watrous Avenue, Des Moines, IA 50315
MultiFamily, Des Moines, IA
Property Size1,408 SF
Lot Size0.22 Acres
Price / SF$195.31
Days on Market61
Property Features for 121 E Watrous Avenue
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
Res
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 4, Basement
Appliances
Refrigerator, Stove
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
from 235 take exit US-69 towards E 14th st. Turn left onto E 14th st Turn right onto E Watrous Ave Destination is on left
Subdivision
Des Moines S.East
Standard status
Active
APN
12005236001000
Size
1,408 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
-EX N 5 F- N 1/2 LT 20 & -EX N 5F-N 1/2 W 7.7F LOT 21 SUNNYCREST
Tax Annual Amount
3958
Legal Description
-EX N 5 F- N 1/2 LT 20 & -EX N 5F-N 1/2 W 7.7F LOT 21 SUNNYCREST
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1977
Floors in Building
1
Number of units
2
Roof type
Asphalt, Shingle
Architectural style
Ranch
Listing Agency:
Epique Realty
(319) 540-1002
Listed By:
Shonna Murrey
(515) 612-8939
Added: Jul 29
Changed: Sep 16
Last Checked: Sep 27 at 9:06AM
MLS# 746261
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 ranch-style duplex contains 1,408 square feet and was built in 1977. The property includes four bedrooms, two bathrooms, a walk-out basement, and a private backyard. Both residences have luxury vinyl plank flooring without carpet, while the kitchens include a refrigerator and stove. Natural gas forced-air heat and central air conditioning serve the building.
Set on 0.223 acres in Des Moines, the property is near downtown, schools, restaurants, shopping, parks, and major highways. Public water and public sewer support the site, and the residential zoning aligns with the existing duplex configuration.
Set on 0.223 acres in Des Moines, the property is near downtown, schools, restaurants, shopping, parks, and major highways. Public water and public sewer support the site, and the residential zoning aligns with the existing duplex configuration.
Key Highlights
- 1,408‑square‑foot duplex on a 0.223‑acre lot
- Four bedrooms and two bathrooms
- Walk‑out basement with additional storage or finish‑out potential
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Ranch-style two-unit property with refreshed finishes, private yard, and public water and sewer service.
Where is this duplex located?
The property is located at 121 E Watrous Avenue 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: 1,408‑square‑foot duplex on a 0.223‑acre lot; Four bedrooms and two bathrooms; Walk‑out basement with additional storage or finish‑out potential
