Triplex with Mixed One- and Three-Bedroom
For Sale
$220,000
1349 E 12 Street, Des Moines, IA 50316
MULTI_FAMILY - Other - Des Moines, IA
Property Size2,328 SF
Lot Size0.17 Acres
Price / SF$94.50
Days on Market233
Property Features for 1349 E 12 Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
N3C
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 3, Bedroom 5, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 1
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
Head south on E 15th St toward Cleveland Ave, Turn right at the 1st cross street onto Cleveland Ave,Turn left onto E 12th St
Subdivision
Des Moines N.East
Standard status
Active
APN
110/01362-000-000
Size
2,328 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 190 CAPITAL PARK
Tax Annual Amount
3650
Legal Description
LOT 190 CAPITAL PARK
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Number of units
3
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
EXP Realty, LLC
(833) 835-5566
Listed By:
Carrillo Ceniceros, Briseida
(515) 612-0989
Added: Dec 22, 2025
Changed: Aug 3
Last Checked: Aug 12 at 5:06AM
MLS# 731952
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 well-maintained triplex offers a versatile unit mix: one spacious 3-bedroom unit and two 1-bedroom units. The property was built in 1890 and features natural gas forced-air heating, with public water and public sewer services. The roof is asphalt shingle.
Major exterior upgrades were completed in 2024, including new roofing, siding, and gutters. The current tenant arrangement is month-to-month, with Unit 3 noted as renting on a month-to-month contract. Unit 2 is described as not having a rental certificate currently.
The property is zoned N3C and sits on a 0.17-acre lot. Total property size is 2,328 square feet, providing a compact, manageable footprint for an owner-occupant or investment use.
Major exterior upgrades were completed in 2024, including new roofing, siding, and gutters. The current tenant arrangement is month-to-month, with Unit 3 noted as renting on a month-to-month contract. Unit 2 is described as not having a rental certificate currently.
The property is zoned N3C and sits on a 0.17-acre lot. Total property size is 2,328 square feet, providing a compact, manageable footprint for an owner-occupant or investment use.
Key Highlights
- 0.17‑acre lot size with 2,328 SF triplex
- One 3‑bedroom unit plus two 1‑bedroom units
- 2024 major exterior upgrades: new roofing, siding, and gutters
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
$19,403
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
8.82%
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%
$388,060
$388.1K
Cap Rate 7%
$277,186
$277.2K
Cap Rate 9%
$215,589
$215.6K
Market Conditions
NOI Build-Up for 2,328 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
$36.6K $15.72/SF
− Vacancy
−$1.3K −$0.57/SF
EGI
$35.3K $15.15/SF
− OpEx
−$15.9K −$6.82/SF
NOI
$19.4K $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%
$388,060
Cap Rate 7%
$277,186
Cap Rate 9%
$215,589
Alternative Uses
Best Use
Multifamily LT 5
$310.3K
$271.5K – $362.0K
NOI $21,719 @ 7.0% cap · market cap 9.87%
Second Best
Apartment 5plus
$277.2K
$242.5K – $323.4K
NOI $19,403 @ 7.0% cap · market cap 8.82%
Theoretical Best
Office A
$573.3K
$501.7K – $668.9K
NOI $40,134 @ 7.0% cap · market cap 18.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
777
Businesses Nearby
Explore this area
Business Placement
Demographics for 50316, IA
16,785
Population
6,002
Households
2.8
Avg Household Size
33
Median Age
13%
College-Educated
78%
High-School Grad
3.6 sq mi
ZIP Area
4,663
Density / Sq Mi
$53,090
Median Household Income
$33,994
Median Earnings
$963
Median Rent
$137,300
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?
Triplex - Well-maintained triplex with 2024 exterior upgrades and one 3-bedroom plus two 1-bedroom units.
Where is this triplex located?
The property is located at 1349 E 12 Street Des Moines, IA.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: 0.17‑acre lot size with 2,328 SF triplex; One 3‑bedroom unit plus two 1‑bedroom units; 2024 major exterior upgrades: new roofing, siding, and gutters
