Occupied Two-Unit
For Sale
$260,000
1355 24th St, Des Moines, IA 50311
Two occupied units offer separate layouts and individual laundry setups.
Property Size2,064 SF
Price / SF$125.97
Days on Market77
Property Features for 1355 24th St
General Information
Standard status
Active
Size
2,064 SF
Property subtype
Multi-Family
Building Details
Year Built
1897
Listing Agency:
RE/MAX Concepts
(515) 229-2012
Listed By:
Heather Wright · License #S60534000
Source:
Desmoineshomesforsale
Added: Jun 14
Changed: Aug 29
Last Checked: Aug 29 at 2:18PM
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.
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 = 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
$19,256
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
7.41%
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%
$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
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
$28.5K $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 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%
$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
NOI $19,256 @ 7.0% cap · market cap 7.41%
Second Best
Apartment 5plus
$245.8K
$215.0K – $286.7K
NOI $17,203 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$508.3K
$444.8K – $593.1K
NOI $35,583 @ 7.0% cap · market cap 13.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $260,000.
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
