Updated Duplex with Outdoor
New
For Sale
$240,000
2024-2026 E Caulder Ave, Des Moines, IA 50320
Two residential units offer separate entrances, private outdoor areas, and off-street parking.
Property Size928 SF
Price / SF$258.62
Days on Market3
Property Features for 2024-2026 E Caulder Ave
General Information
Standard status
Active
Size
928 SF
Property subtype
Multi-Family
Amenities
fenced yard
upper deck/lower patio areas
Building Details
Year Built
1978
Listing Agency:
Keller Williams Ankeny Metro
(515) 783-9815
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 28 at 9:30AM
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.
This duplex contains two 2-bedroom, 1-bath residences, each with a practical layout, kitchen and dining area, and its own entrance. Portions of the interiors feature LVP-style flooring, refreshed cabinetry, and updated bathroom finishes. The property was built in 1978 and includes off-street parking, a fenced yard, and upper deck and lower patio areas serving the units.
Located at 2024-2026 E Caulder Ave in Des Moines, Iowa, the property is offered as part of a package with 900 Morton Ave and must be purchased together. The separate-entry configuration and two-unit layout provide a clear residential income property format.
Located at 2024-2026 E Caulder Ave in Des Moines, Iowa, the property is offered as part of a package with 900 Morton Ave and must be purchased together. The separate-entry configuration and two-unit layout provide a clear residential income property format.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- Separate entrances for each residence
- LVP‑style flooring, updated cabinetry, and refreshed bathroom finishes in portions of the property
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
$8,658
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
3.61%
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%
$173,160
$173.2K
Cap Rate 7%
$123,686
$123.7K
Cap Rate 9%
$96,200
$96.2K
Market Conditions
NOI Build-Up for 928 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
$12.8K $13.80/SF
− Vacancy
−$438 −$0.47/SF
EGI
$12.4K $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%
$173,160
Cap Rate 7%
$123,686
Cap Rate 9%
$96,200
Alternative Uses
Best Use
Multifamily LT 5
$123.7K
$108.2K – $144.3K
NOI $8,658 @ 7.0% cap · market cap 3.61%
Second Best
Apartment 5plus
$110.5K
$96.7K – $128.9K
NOI $7,735 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$228.5K
$200.0K – $266.6K
NOI $15,998 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
131
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer separate entrances, private outdoor areas, and off-street parking.
Where is this duplex located?
The property is located at 2024-2026 E Caulder Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units; Separate entrances for each residence; LVP‑style flooring, updated cabinetry, and refreshed bathroom finishes in portions of the property
