Building Details

Year Built 1897

Listing Agency: RE/MAX Concepts

Listed By: Heather Wright · License #S60534000 Show Phone

Source: Desmoineshomesforsale

Added: May 4 Changed: Oct 1 Last Checked: Oct 12 at 7:58PM

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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 RE/MAX Concepts

Investment Insights

Based on property information with market context.

This 2,064-square-foot duplex contains two occupied residences, each arranged with 2 bedrooms and 1 bathroom. The units have separate layouts, and each includes its own washer and dryer. Appliances convey with the property, including a newer refrigerator in the lower residence. The upper residence has received updates within the last two years, including newer appliances and LVP flooring.

Built in 1897, the property includes a detached garage and is within walking distance of Drake University. Tenants occupy both units under month-to-month leases. Electric service is separately paid by each tenant, while gas and water are landlord expenses. Electricity for the detached garage is connected to the upper unit meter. A possible assumable VA loan is available to qualified buyers.

Key Highlights

• 2,064 SF duplex built in 1897
• Two occupied units, each with 2 bedrooms and 1 bathroom
• Month‑to‑month leases in both units

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$19,256

Cap Rate

7.70%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$385,120 $385.1K

Cap Rate 7%

$275,086 $275.1K

Cap Rate 9%

$213,956 $214.0K

Market Conditions

NOI Build-Up for 2,064 SF

Gross rent

$28.5K $13.80/SF

− Vacancy

−$974 −$0.47/SF

EGI

$27.5K $13.33/SF

− OpEx

−$8.3K −$4.00/SF

NOI

$19.3K $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 Rate 5%

$385,120

Cap Rate 7%

$275,086

Cap Rate 9%

$213,956

Alternative Uses

Best Use

Multifamily LT 5

$275.1K

$240.7K – $320.9K (±1% cap)

NOI $19,256 @ 7.0% cap · market cap 7.70%

Second Best

Apartment 5plus

$245.8K

$215.0K – $286.7K (±1% cap)

NOI $17,203 @ 7.0% cap · market cap 6.88%

Theoretical Best

Office A

$508.3K

$444.8K – $593.1K (±1% cap)

NOI $35,583 @ 7.0% cap · market cap 14.23%

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

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Spa & Massage Center Building Supply HVAC Service

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

572

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

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Two occupied units offer separate layouts and individual laundry setups.

Where is this duplex located?

The property is located at 1355 24th 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: 2,064 SF duplex built in 1897; Two occupied units, each with 2 bedrooms and 1 bathroom; Month‑to‑month leases in both units