Two-Unit Duplex with
New
For Sale
$340,000
1346 60th Street, Des Moines, IA 50311
MultiFamily, Duplex, Des Moines, IA
Property Size1,148 SF
Lot Size0.25 Acres
Price / SF$296.17
Days on Market2
Property Features for 1346 60th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
N3B
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 6, Bedroom 5, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 2
Parking features
Garage
Appliances
Microwave, Refrigerator, Stove
Lot features
Rectangular Lot
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
Take 60th St North of University, duplex on west side of 60th St.
Subdivision
Des Moines East
Standard status
Active
APN
10008092002000
Size
1,148 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Description
BEG SE COR THN N 65F W 110F S 5F W 65F S 60F E 175F TO POB LT 1 KNORR PLACE
Tax Annual Amount
5862
Legal Description
BEG SE COR THN N 65F W 110F S 5F W 65F S 60F E 175F TO POB LT 1 KNORR PLACE
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1985
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Century 21 Signature · Century 21 Real Estate
(515) 224-4002
Listed By:
Megan Hill Mitchum
(515) 290-8269
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 11 at 11:06PM
MLS# 749200
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.
This 1985 duplex contains two residences, each with three bedrooms, 1.5 baths, a private garage stall, and access to a shared backyard. The property measures 1,148 square feet on a 0.254-acre lot and carries N3B zoning. Unit 1346 has been updated, while the building features maintenance-free vinyl siding and newer shingle and asphalt roofs on both the duplex and garage structure.
Public water and sewer serve the property. Interior features include forced-air natural gas heating, central air, and appliances including a microwave, refrigerator, and stove. A current rental certificate is in place, and the property is located near interstate access and Merle Hay shopping, dining, and everyday amenities.
Public water and sewer serve the property. Interior features include forced-air natural gas heating, central air, and appliances including a microwave, refrigerator, and stove. A current rental certificate is in place, and the property is located near interstate access and Merle Hay shopping, dining, and everyday amenities.
Key Highlights
- Two‑unit duplex with three bedrooms and 1.5 baths in each residence
- 1,148 square feet on a 0.254‑acre lot
- Private garage stall for each unit with shared backyard access
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
$10,710
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
3.15%
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%
$214,200
$214.2K
Cap Rate 7%
$153,000
$153.0K
Cap Rate 9%
$119,000
$119.0K
Market Conditions
NOI Build-Up for 1,148 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
$15.8K $13.80/SF
− Vacancy
−$542 −$0.47/SF
EGI
$15.3K $13.33/SF
− OpEx
−$4.6K −$4.00/SF
NOI
$10.7K $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%
$214,200
Cap Rate 7%
$153,000
Cap Rate 9%
$119,000
Alternative Uses
Best Use
Multifamily LT 5
$153.0K
$133.9K – $178.5K
NOI $10,710 @ 7.0% cap · market cap 3.15%
Second Best
Apartment 5plus
$136.7K
$119.6K – $159.5K
NOI $9,568 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$282.7K
$247.4K – $329.9K
NOI $19,791 @ 7.0% cap · market cap 5.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
Explore this area
Business Placement
Demographics for 50311, IA
14,782
Population
7,180
Households
2.1
Avg Household Size
30
Median Age
41%
College-Educated
94%
High-School Grad
2.6 sq mi
ZIP Area
5,685
Density / Sq Mi
$63,233
Median Household Income
$35,086
Median Earnings
$1,019
Median Rent
$228,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Each residence offers three bedrooms, 1.5 baths, a private garage stall, and backyard access.
Where is this duplex located?
The property is located at 1346 60th Street Des Moines, IA.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Two‑unit duplex with three bedrooms and 1.5 baths in each residence; 1,148 square feet on a 0.254‑acre lot; Private garage stall for each unit with shared backyard access
