Up-Down Duplex with Detached
For Sale
$260,000
4004 Cornell St, Des Moines, IA 50313
Two residential units have separate driveways and distinct private outdoor areas.
Property Size2,083 SF
Price / SF$124.82
Days on Market14
Property Features for 4004 Cornell St
General Information
Standard status
Active
Size
2,083 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1949
Buildings
1
Listing Agency:
Keller Williams Ankeny Metro
(515) 783-9815
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 29 at 9:00AM
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.
This 2,083-square-foot duplex in Des Moines was built in 1949 and is arranged with one residence above the other. The upper unit includes two bedrooms, one bathroom, an apartment-style layout, and a dedicated driveway. The lower residence provides three bedrooms, one bathroom, a non-conforming basement room, and a partially finished lower level. It also has its own driveway, a detached two-car garage, and a fenced backyard.
Recent property updates include a new roof, new gutters, and an installed radon mitigation system. The property is located near the Highland Park neighborhood at 4004 Cornell St, offering separate living areas and individual exterior features for each unit.
Recent property updates include a new roof, new gutters, and an installed radon mitigation system. The property is located near the Highland Park neighborhood at 4004 Cornell St, offering separate living areas and individual exterior features for each unit.
Key Highlights
- 2,083 SF up‑down duplex built in 1949
- Upper unit includes 2 bedrooms, 1 bathroom, and a private driveway
- Lower unit features 3 bedrooms, 1 bathroom, a non‑conforming basement room, and a partially finished lower level
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
$19,434
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
7.47%
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%
$388,680
$388.7K
Cap Rate 7%
$277,629
$277.6K
Cap Rate 9%
$215,933
$215.9K
Market Conditions
NOI Build-Up for 2,083 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
$28.7K $13.80/SF
− Vacancy
−$983 −$0.47/SF
EGI
$27.8K $13.33/SF
− OpEx
−$8.3K −$4.00/SF
NOI
$19.4K $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%
$388,680
Cap Rate 7%
$277,629
Cap Rate 9%
$215,933
Alternative Uses
Best Use
Multifamily LT 5
$277.6K
$242.9K – $323.9K
NOI $19,434 @ 7.0% cap · market cap 7.47%
Second Best
Apartment 5plus
$248.0K
$217.0K – $289.4K
NOI $17,361 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$513.0K
$448.9K – $598.5K
NOI $35,910 @ 7.0% cap · market cap 13.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
Explore this area
Business Placement
Demographics for 50313, IA
17,723
Population
7,674
Households
2.3
Avg Household Size
37
Median Age
16%
College-Educated
86%
High-School Grad
18.1 sq mi
ZIP Area
979
Density / Sq Mi
$64,077
Median Household Income
$36,284
Median Earnings
$1,077
Median Rent
$161,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units have separate driveways and distinct private outdoor areas.
Where is this duplex located?
The property is located at 4004 Cornell St Des Moines, IA.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 2,083 SF up‑down duplex built in 1949; Upper unit includes 2 bedrooms, 1 bathroom, and a private driveway; Lower unit features 3 bedrooms, 1 bathroom, a non‑conforming basement room, and a partially finished lower level
