Two-Unit Duplex with Detached
For Sale
$250,000
1250 9th St, Des Moines, IA 50314
Historic-area duplex with separately metered utilities and laundry facilities serving both residences.
Property Size2,504 SF
Price / SF$99.84
Days on Market9
Property Features for 1250 9th St
General Information
Standard status
Active
Size
2,504 SF
Property subtype
Multi-Family
Building Details
Year Built
1893
Listing Agency:
Keller Williams Ankeny Metro
(515) 783-9815
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 29 at 8:50PM
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 Keller Williams Ankeny Metro
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.
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 = 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
$20,870
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
8.35%
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%
$417,400
$417.4K
Cap Rate 7%
$298,143
$298.1K
Cap Rate 9%
$231,889
$231.9K
Market Conditions
NOI Build-Up for 2,504 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
$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 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%
$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
NOI $23,361 @ 7.0% cap · market cap 9.34%
Second Best
Apartment 5plus
$298.1K
$260.9K – $347.8K
NOI $20,870 @ 7.0% cap · market cap 8.35%
Theoretical Best
Office A
$616.7K
$539.6K – $719.5K
NOI $43,168 @ 7.0% cap · market cap 17.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $250,000.
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
