Two-Unit Duplex
For Sale
$260,000
Pending
1424 & 1426 E 9th St, Des Moines, IA 50316
Separate residential units provide a practical rental configuration for an income-producing property.
Property Size1,920 SF
Days on Market176
Property Features for 1424 & 1426 E 9th St
General Information
Standard status
Pending
Size
1,920 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1976
Buildings
1
Listing Agency:
Keller Williams Realty GDM
(515) 249-5560
Listed By:
Ashlee Knickerbocker (515) 249-5560
Source:
Desmoineshomesforsale
Added: Mar 6
Changed: Aug 28
Last Checked: Aug 28 at 12:18PM
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 Keller Williams Realty GDM
Investment Insights
Based on property information with market context.
This duplex contains two residential units within 1,920 square feet, with each unit arranged around functional living areas. Built in 1976, the property has been consistently maintained and offers a straightforward configuration for continued rental use.
The property is located at 1424 & 1426 E 9th St in Des Moines, Iowa. Its setting provides access to downtown Des Moines, shopping, dining, and major roadways, supporting convenient connectivity for residents.
The two-unit layout creates a clearly defined multifamily asset in an established residential format. The property is positioned for buyers seeking a rental property with existing income-producing use and a manageable physical configuration.
The property is located at 1424 & 1426 E 9th St in Des Moines, Iowa. Its setting provides access to downtown Des Moines, shopping, dining, and major roadways, supporting convenient connectivity for residents.
The two-unit layout creates a clearly defined multifamily asset in an established residential format. The property is positioned for buyers seeking a rental property with existing income-producing use and a manageable physical configuration.
Key Highlights
- Two‑unit duplex property
- 1,920 square feet
- Built in 1976
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
$17,913
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
6.89%
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%
$358,260
$358.3K
Cap Rate 7%
$255,900
$255.9K
Cap Rate 9%
$199,033
$199.0K
Market Conditions
NOI Build-Up for 1,920 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
$26.5K $13.80/SF
− Vacancy
−$906 −$0.47/SF
EGI
$25.6K $13.33/SF
− OpEx
−$7.7K −$4.00/SF
NOI
$17.9K $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%
$358,260
Cap Rate 7%
$255,900
Cap Rate 9%
$199,033
Alternative Uses
Best Use
Multifamily LT 5
$255.9K
$223.9K – $298.6K
NOI $17,913 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$228.6K
$200.0K – $266.7K
NOI $16,003 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$472.9K
$413.8K – $551.7K
NOI $33,100 @ 7.0% cap · market cap 12.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
845
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?
Duplex - Separate residential units provide a practical rental configuration for an income-producing property.
Where is this duplex located?
The property is located at 1424 & 1426 E 9th 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: Two‑unit duplex property; 1,920 square feet; Built in 1976
