Duplex with Walk-Out
For Sale
$275,000
121 E Watrous Avenue, Des Moines, IA 50315
MULTI_FAMILY - Ranch - Des Moines, IA
Property Size1,408 SF
Lot Size0.22 Acres
Price / SF$195.31
Days on Market11
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 2, Bedroom 3, Bedroom 4, Basement, Bathroom 1, Bathroom 2, Bedroom 1
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: Aug 4
Last Checked: Aug 8 at 12:06PM
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.
Ranch-style duplex built in 1977 offering updated, low-maintenance interiors and a walk-out basement. Both units feature luxury vinyl plank flooring throughout with no carpet. The layout includes four bedrooms and two bathrooms, plus a basement and two kitchen appliances listed: refrigerator and stove. Heating is provided by natural gas forced air, with central air for cooling. The home is served by public water and public sewer, and has an asphalt shingle roof.
Set on a 0.223-acre lot at 121 E Watrous Avenue in Des Moines (50315), the property is described as convenient to downtown Des Moines, schools, restaurants, shopping, parks, and major highways.
The walk-out basement provides an additional area that can be used for storage or future finishing plans, depending on how the space is configured.
Set on a 0.223-acre lot at 121 E Watrous Avenue in Des Moines (50315), the property is described as convenient to downtown Des Moines, schools, restaurants, shopping, parks, and major highways.
The walk-out basement provides an additional area that can be used for storage or future finishing plans, depending on how the space is configured.
Key Highlights
- Ranch duplex built in 1977
- Walk‑out basement with space that can be finished for added living or storage
- Luxury vinyl plank flooring in both units with no carpet
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
139
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 - Ranch duplex with central air, durable no-carpet flooring, and a walk-out basement.
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: Ranch duplex built in 1977; Walk‑out basement with space that can be finished for added living or storage; Luxury vinyl plank flooring in both units with no carpet
