Updated Duplex with Walk-Out
121 E Watrous Avenue, Des Moines, IA 50315
For Sale
$275,000
MultiFamily, Des Moines, IA
Property Size1,408 SF
Lot Size0.22 Acres
Price / SF$195.31
Days on Market108
Property Features for 121 E Watrous Avenue
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
Appliances
Elementary school district
Middle school district
High school district
Directions
Subdivision
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Building Details
Year built
Floors in Building
Number of units
Roof type
Architectural style
Buildings
Listing Agency:
Epique Realty
(319) 540-1002
Listed By:
Shonna Murrey
(515) 612-8939
Added: Jul 29
Changed: Oct 31
Last Checked: Nov 13 at 11:06PM
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.
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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 / Yr
$13,136
Cap Rate
4.78%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
$164,000
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Des Moines, IA
Properties on Market for Duplexes in Des Moines
Vacancy Rate% for Multifamily in Midwest region
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
