Two-Unit Duplex with
New
For Sale
$229,900
1761-1763 E Lacona Ave, Des Moines, IA 50320
Occupied income property with matching two-bedroom layouts and private outdoor space.
Property Size936 SF
Price / SF$245.62
Days on Market6
Property Features for 1761-1763 E Lacona Ave
General Information
Standard status
Active
Size
936 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Amenities
large tree lined back yard
Building Details
Year Built
1980
Buildings
1
Listing Agency:
Keller Williams Ankeny Metro
(515) 230-0488
Listed By:
The Kew Real Estate Team
(515) 230-0488
Source:
Realtorchriskew
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 26 at 12:53PM
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 Ankeny Metro
Investment Insights
Based on property information with market context.
Built in 1980, this duplex contains two residential units, each arranged with two bedrooms and 1.5 baths. Both units are currently occupied, providing an existing rental configuration for an owner seeking a small multifamily property. The building also includes a large, tree-lined backyard that adds outdoor space for residents.
Showings require 48 hours’ notice because of tenant occupancy. The property is located at 1761-1763 E Lacona Ave in Des Moines, Iowa, and is being offered alongside two neighboring duplex properties.
Showings require 48 hours’ notice because of tenant occupancy. The property is located at 1761-1763 E Lacona Ave in Des Moines, Iowa, and is being offered alongside two neighboring duplex properties.
Key Highlights
- Two‑unit duplex at 1761‑1763 E Lacona Ave, Des Moines, IA 50320
- Each unit includes 2 bedrooms and 1.5 baths
- Both units currently occupied
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
$8,733
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
3.80%
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%
$174,660
$174.7K
Cap Rate 7%
$124,757
$124.8K
Cap Rate 9%
$97,033
$97.0K
Market Conditions
NOI Build-Up for 936 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
$12.9K $13.80/SF
− Vacancy
−$442 −$0.47/SF
EGI
$12.5K $13.33/SF
− OpEx
−$3.7K −$4.00/SF
NOI
$8.7K $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%
$174,660
Cap Rate 7%
$124,757
Cap Rate 9%
$97,033
Alternative Uses
Best Use
Multifamily LT 5
$124.8K
$109.2K – $145.6K
NOI $8,733 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$111.4K
$97.5K – $130.0K
NOI $7,801 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$230.5K
$201.7K – $268.9K
NOI $16,136 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
266
Businesses Nearby
Explore this area
Business Placement
Demographics for 50320, IA
23,369
Population
9,317
Households
2.5
Avg Household Size
34
Median Age
24%
College-Educated
86%
High-School Grad
16.8 sq mi
ZIP Area
1,391
Density / Sq Mi
$83,710
Median Household Income
$44,418
Median Earnings
$1,110
Median Rent
$207,700
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 - Occupied income property with matching two-bedroom layouts and private outdoor space.
Where is this duplex located?
The property is located at 1761-1763 E Lacona Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Two‑unit duplex at 1761‑1763 E Lacona Ave, Des Moines, IA 50320; Each unit includes 2 bedrooms and 1.5 baths; Both units currently occupied
