Renovated Duplex with Detached
New
For Sale
$179,900
2300 Dean Ave, Des Moines, IA 50317
Two updated one-bedroom units include flexible lower-level space and hookups for in-unit laundry.
Property Size864 SF
Price / SF$208.22
Days on Market4
Property Features for 2300 Dean Ave
General Information
Standard status
Active
Size
864 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
washer/dryer hookups
Building Details
Year Built
1949
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 29
Last Checked: Aug 29 at 3:43PM
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 renovated duplex at 2300 Dean Ave in Des Moines includes two one-bedroom, one-bath units, each with a remodeled kitchen, living area, updated finishes, LVP flooring, fresh paint, and new appliances. The lower levels add finished space that can serve as a family room, office, or other flex area, with washer and dryer hookups. The property contains 864 SF and was built in 1949.
Improvements include a brand-new furnace, newer roof, and newly built detached garage with capacity for two vehicles. The property has operated as an Airbnb/short-term rental and can also support traditional rental use or an owner-occupancy arrangement with one unit rented.
Improvements include a brand-new furnace, newer roof, and newly built detached garage with capacity for two vehicles. The property has operated as an Airbnb/short-term rental and can also support traditional rental use or an owner-occupancy arrangement with one unit rented.
Key Highlights
- Duplex with two 1‑bedroom, 1‑bath units
- 864 SF property built in 1949
- Fully remodeled kitchens with brand‑new appliances and dishwashers
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
$8,061
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
4.48%
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%
$161,220
$161.2K
Cap Rate 7%
$115,157
$115.2K
Cap Rate 9%
$89,567
$89.6K
Market Conditions
NOI Build-Up for 864 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
$11.9K $13.80/SF
− Vacancy
−$408 −$0.47/SF
EGI
$11.5K $13.33/SF
− OpEx
−$3.5K −$4.00/SF
NOI
$8.1K $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%
$161,220
Cap Rate 7%
$115,157
Cap Rate 9%
$89,567
Alternative Uses
Best Use
Multifamily LT 5
$115.2K
$100.8K – $134.4K
NOI $8,061 @ 7.0% cap · market cap 4.48%
Second Best
Apartment 5plus
$102.9K
$90.0K – $120.0K
NOI $7,201 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$212.8K
$186.2K – $248.3K
NOI $14,895 @ 7.0% cap · market cap 8.28%
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
255
Businesses Nearby
Explore this area
Business Placement
Demographics for 50317, IA
37,221
Population
15,193
Households
2.4
Avg Household Size
38
Median Age
15%
College-Educated
87%
High-School Grad
22.1 sq mi
ZIP Area
1,684
Density / Sq Mi
$61,569
Median Household Income
$36,641
Median Earnings
$1,079
Median Rent
$165,200
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 updated one-bedroom units include flexible lower-level space and hookups for in-unit laundry.
Where is this duplex located?
The property is located at 2300 Dean Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Duplex with two 1‑bedroom, 1‑bath units; 864 SF property built in 1949; Fully remodeled kitchens with brand‑new appliances and dishwashers
