Building Details

Year Built 1893

Listing Agency: Peoples Company Show Phone

Listed By: Home Sweet Des Moines Show Phone

Source: Homesweetdesmoines

Added: Aug 22 Changed: Oct 15 Last Checked: Oct 14 at 11:05PM

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Investment Insights

Based on property information with market context.

Built in 1893, this duplex contains 2,504 square feet arranged as two separate residences. The first-floor unit offers 4 bedrooms and 1 bathroom, while the second-floor unit includes 3 bedrooms and 1 bathroom. Each residence has a laundry room with hookups, and the upper unit received a new furnace within the past year.

The property includes a 2-car detached garage and sits on a 0.2-acre lot in Des Moines’ River Bend Historic District. Water is owner-paid, while gas and electric are separately metered for tenant payment. The current lease arrangements include a month-to-month term for the first-floor residence and a 6-month lease for the second-floor residence.

Key Highlights

• 2,504 square feet across two residential units
• First‑floor unit has 4 bedrooms and 1 bathroom
• Second‑floor unit has 3 bedrooms and 1 bathroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$20,870

Cap Rate

9.07%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$417,400 $417.4K

Cap Rate 7%

$298,143 $298.1K

Cap Rate 9%

$231,889 $231.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,504 SF

Gross rent

$39.4K $15.72/SF

− Vacancy

−$1.4K −$0.57/SF

EGI

$37.9K $15.15/SF

− OpEx

−$17.1K −$6.82/SF

NOI

$20.9K $8.33/SF

Area

Des Moines, IA

Vacancy

3.60%

Lease Rate

$15.72 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$417,400

Cap Rate 7%

$298,143

Cap Rate 9%

$231,889

Alternative Uses

Best Use

Multifamily LT 5

$333.7K

$292.0K – $389.4K (±1% cap)

NOI $23,361 @ 7.0% cap · market cap 10.16%

Second Best

Apartment 5plus

$298.1K

$260.9K – $347.8K (±1% cap)

NOI $20,870 @ 7.0% cap · market cap 9.07%

Theoretical Best

Office A

$616.7K

$539.6K – $719.5K (±1% cap)

NOI $43,168 @ 7.0% cap · market cap 18.77%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

UnityPoint Health – Des ... Medical Clinic Carlos Rodriguez, MD Physician Ryan Young, PA-C Physician Emily Roalson Physician UnityPoint Clinic - OB/GYN ... Medical Clinic

Suggested Use

Top Pick Real Estate Agency Kitchen & Bath Showroom Accounting Firm Plumbing Service HVAC Service Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

953

Businesses Nearby

Explore this area Business Placement

Demographics for 50314, IA

11,764

Population

4,780

Households

2.5

Avg Household Size

31

Median Age

15%

College-Educated

72%

High-School Grad

2.5 sq mi

ZIP Area

4,706

Density / Sq Mi

$38,511

Median Household Income

$30,314

Median Earnings

$977

Median Rent

$146,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Historic-area duplex with separately metered utilities and laundry facilities serving both residences.

Where is this duplex located?

The property is located at 1250 9th St Des Moines, IA.

What is the asking price?

The asking price for this property is $230,000.

What are key features of this property?

This property features: 2,504 square feet across two residential units; First‑floor unit has 4 bedrooms and 1 bathroom; Second‑floor unit has 3 bedrooms and 1 bathroom