Updated Two-Unit
For Sale
$250,000
1355 24th Street, Des Moines, IA 50311
MultiFamily, Des Moines, IA
Property Size2,064 SF
Lot Size0.18 Acres
Price / SF$121.12
Days on Market98
Property Features for 1355 24th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NX1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Basement, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
Garage
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
From I-235, take the Martin Luther King Jr. Pkwy exit and head north. Turn left (west) onto Forest Avenue, then turn left (south) onto 24th Street. The property, 1355 24th St, Des Moines, IA 50311, is located on the east side of the street.
Subdivision
Des Moines N.West
Standard status
Active
APN
08001569000000
Size
2,064 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
LOT 7 DRAKE UNIVERSITY OP
Tax Annual Amount
3700
Legal Description
LOT 7 DRAKE UNIVERSITY OP
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
in-unit washer/dryer
Building Details
Year built
1897
Floors in Building
2
Number of units
2
Building materials
VinylSiding
Architectural style
Other
Listing Agency:
RE/MAX Concepts · RE/MAX International
(515) 276-2872
Listed By:
Heather Wright · License #S60534000
(515) 229-2012
Added: Jul 2
Changed: Sep 12
Last Checked: Oct 7 at 8:06AM
MLS# 744385
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 two-unit property contains 2,064 square feet across an upper and lower residence, with each unit offering two bedrooms, one bathroom, and a separate layout. Both units are occupied under month-to-month leases. Appliances remain, and each residence has its own washer and dryer. The upper unit has newer appliances and LVP flooring installed within the last two years, while the lower unit includes a newer refrigerator. The home was built in 1897 and features vinyl siding, forced-air natural gas heat, and central air conditioning.
The property sits on 0.179 acres in Des Moines, within walking distance of Drake University. A detached garage provides parking, with its electricity connected to the upper unit's meter. Tenants pay their own electric service; gas and water are landlord expenses. The property is zoned NX1, and a possible assumable VA loan is noted for qualified buyers.
The property sits on 0.179 acres in Des Moines, within walking distance of Drake University. A detached garage provides parking, with its electricity connected to the upper unit's meter. Tenants pay their own electric service; gas and water are landlord expenses. The property is zoned NX1, and a possible assumable VA loan is noted for qualified buyers.
Key Highlights
- Two occupied units, each with 2 bedrooms and 1 bathroom
- 2,064 square feet on a 0.179‑acre lot
- Month‑to‑month leases in both residences
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
NOI $19,256 @ 7.0% cap · market cap 7.70%
Second Best
Apartment 5plus
$245.8K
$215.0K – $286.7K
NOI $17,203 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$508.3K
$444.8K – $593.1K
NOI $35,583 @ 7.0% cap · market cap 14.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Occupied duplex near Drake University with separate layouts, in-unit laundry, and detached garage parking.
Where is this duplex located?
The property is located at 1355 24th Street 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: Two occupied units, each with 2 bedrooms and 1 bathroom; 2,064 square feet on a 0.179‑acre lot; Month‑to‑month leases in both residences
