Updated Duplex with Outdoor
New
For Sale
$240,000
2024-2026 E Caulder Avenue, Des Moines, IA 50320
MultiFamily, Duplex, Des Moines, IA
Property Size928 SF
Lot Size0.17 Acres
Price / SF$258.62
Days on Market5
Property Features for 2024-2026 E Caulder Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
N2B
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Basement, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 1
Appliances
Dryer, Dishwasher, Refrigerator, Stove
Lot features
Rectangular Lot
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
Indianola Ave to Evergreen Ave, East to SE 20th St, North to Caulder Ave, East to home.
Subdivision
Des Moines S.East
Standard status
Active
APN
01001940054000
Size
928 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
LT 54 EVERGREEN PARK
Tax Annual Amount
4101
Legal Description
LT 54 EVERGREEN PARK
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
fenced yard
upper deck/lower patio areas
Building Details
Year built
1978
Floors in Building
2
Number of units
2
Flooring type
Carpet
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
Pennie Carroll & Associates
(515) 490-8025
Listed By:
Pennie Carroll · License #F05964000
(515) 490-8025
Added: Aug 24
Changed: Aug 27
Last Checked: Aug 28 at 10:06PM
MLS# 747817
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 1978 duplex contains two 2-bedroom, 1-bath residences, each with a practical arrangement that includes a kitchen and dining area. Separate entrances serve the units, while select interior improvements include LVP-style flooring, refreshed cabinetry, and updated bathroom finishes. The property also includes appliances, forced-air natural gas heat, central air, public water, and public sewer.
Exterior features include off-street parking, a fenced yard, and distinct outdoor areas with an upper deck and lower patio. The 928-square-foot property sits on 0.1722 acres at 2024-2026 E Caulder Avenue in Des Moines. Zoned N2B, it is being offered only as part of a package with 900 Morton Ave and will not be sold separately.
Exterior features include off-street parking, a fenced yard, and distinct outdoor areas with an upper deck and lower patio. The 928-square-foot property sits on 0.1722 acres at 2024-2026 E Caulder Avenue in Des Moines. Zoned N2B, it is being offered only as part of a package with 900 Morton Ave and will not be sold separately.
Key Highlights
- Two 2‑bedroom, 1‑bath units with separate entrances
- 928 square feet on a 0.1722‑acre lot
- Select updates include LVP‑style flooring, cabinetry, and bathroom finishes
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately entered residences include kitchens, dining areas, off-street parking, and private exterior areas.
Where is this duplex located?
The property is located at 2024-2026 E Caulder Avenue 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 with separate entrances; 928 square feet on a 0.1722‑acre lot; Select updates include LVP‑style flooring, cabinetry, and bathroom finishes
