Renovated Duplex with Detached
New
For Sale
$179,900
2300 Dean Avenue, Des Moines, IA 50317
MultiFamily, Des Moines, IA
Property Size864 SF
Lot Size0.17 Acres
Price / SF$208.22
Days on Market1
Property Features for 2300 Dean Avenue
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
N3C-4
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1
Parking features
Garage
Interior features
CableTv
Appliances
Dryer, Dishwasher, Refrigerator, Stove, Washer
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
E University Ave to E 23rd St. South on E 23rd St to Dean Ave. Duplex located on Corner of Dean Ave and E 23rd St.
Subdivision
Des Moines East
Standard status
Active
APN
05001976000000
Size
864 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
LOTS 1 & 3 BLK 10 GRANT PARK
Tax Annual Amount
2563
Legal Description
LOTS 1 & 3 BLK 10 GRANT PARK
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
washer/dryer hookups
Building Details
Year built
1949
Floors in Building
1
Building materials
Brick, VinylSiding
Roof type
Shingle, Asphalt
Architectural style
Ranch
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Tim Scheib
(515) 313-7103
Added: Aug 24
Last Checked: Aug 24 at 6:06PM
MLS# 747776
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 864-square-foot duplex in Des Moines contains two one-bedroom, one-bath units, each with a remodeled kitchen and living area. Finished lower-level space expands the usable layout for family rooms, offices, or flex areas, while washer and dryer hookups support each side. Recent improvements include LVP flooring, interior paint, updated finishes, new kitchen appliances, a new furnace, and a newer roof. The property also includes a newly built detached garage with space for two vehicles.
Built in 1949 and arranged in a ranch-style configuration, the property uses forced-air natural gas heat, central air, public water, and public sewer. It is zoned N3C-4 and has been operated as a furnished short-term rental. Traditional rental use or owner occupancy with rental income from the other unit are also identified options.
Built in 1949 and arranged in a ranch-style configuration, the property uses forced-air natural gas heat, central air, public water, and public sewer. It is zoned N3C-4 and has been operated as a furnished short-term rental. Traditional rental use or owner occupancy with rental income from the other unit are also identified options.
Key Highlights
- Duplex with two 1‑bedroom, 1‑bath units
- 864 SF property on a 0.169‑acre lot
- Newly built 2‑car detached garage
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 one-bedroom residences include remodeled kitchens, finished lower-level space, and laundry hookups.
Where is this duplex located?
The property is located at 2300 Dean Avenue 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 on a 0.169‑acre lot; Newly built 2‑car detached garage
