Renovated Duplex with Private
For Sale
$240,000
232 /234 8th St Unit 2, West Des Moines, IA 50265
Two-unit residential income property with updated kitchens, refreshed bathrooms, and shared basement laundry facilities.
Property Size1,144 SF
Price / SF$209.79
Days on Market27
Property Features for 232 /234 8th St Unit 2
General Information
Standard status
Active
Size
1,144 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
private entrance
shared washer and dryer
Building Details
Year Built
1908
Listing Agency:
Keller Williams Realty GDM
(515) 306-4854
Listed By:
Sonja Winter · License #S70604000
Source:
Dsmsold
Added: Aug 3
Changed: Aug 29
Last Checked: Aug 29 at 1:19PM
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 Realty GDM
Investment Insights
Based on property information with market context.
This duplex contains 1,144 square feet across two separately entered units. The first-floor residence has two bedrooms and one bathroom, while the second-floor residence includes one bedroom and one bathroom. Both units have updated white kitchens with appliances, including dishwashers and over-the-range microwaves, along with ceramic-tiled bathrooms featuring tubs and showers.
A shared basement provides washer and dryer access. The property was built in 1908, and the landlord is expected to have both units leased before closing, subject to the buyer’s right to approve tenants. The property is located two blocks from Legion Park, tennis courts, baseball and softball fields, a wading pool, and park shelters, with access to I-235, downtown Des Moines, Jordan Creek Mall, and Des Moines International Airport.
A shared basement provides washer and dryer access. The property was built in 1908, and the landlord is expected to have both units leased before closing, subject to the buyer’s right to approve tenants. The property is located two blocks from Legion Park, tennis courts, baseball and softball fields, a wading pool, and park shelters, with access to I-235, downtown Des Moines, Jordan Creek Mall, and Des Moines International Airport.
Key Highlights
- Two‑unit duplex totaling 1,144 square feet
- First‑floor unit has 2 bedrooms and 1 bathroom; second‑floor unit has 1 bedroom and 1 bathroom
- Private entrance for each unit
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
$10,149
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
4.23%
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%
$202,980
$203.0K
Cap Rate 7%
$144,986
$145.0K
Cap Rate 9%
$112,767
$112.8K
Market Conditions
NOI Build-Up for 1,144 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
$15.4K $13.44/SF
− Vacancy
−$876 −$0.77/SF
EGI
$14.5K $12.67/SF
− OpEx
−$4.3K −$3.80/SF
NOI
$10.1K $8.87/SF
Area
Polk County, IA
Vacancy
5.70%
Lease Rate
$13.44 /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%
$202,980
Cap Rate 7%
$144,986
Cap Rate 9%
$112,767
Alternative Uses
Best Use
Multifamily LT 5
$145.0K
$126.9K – $169.2K
NOI $10,149 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$126.7K
$110.9K – $147.9K
NOI $8,872 @ 7.0% cap · market cap 3.70%
Theoretical Best
Flex RnD
$1.10M
$963.6K – $1.28M
NOI $77,087 @ 7.0% cap · market cap 32.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
619
Businesses Nearby
Explore this area
Business Placement
Demographics for 50265, IA
32,187
Population
15,104
Households
2.1
Avg Household Size
38
Median Age
48%
College-Educated
95%
High-School Grad
19.3 sq mi
ZIP Area
1,668
Density / Sq Mi
$84,588
Median Household Income
$49,785
Median Earnings
$1,065
Median Rent
$267,600
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-unit residential income property with updated kitchens, refreshed bathrooms, and shared basement laundry facilities.
Where is this duplex located?
The property is located at 232 /234 8th St Unit 2 West 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‑unit duplex totaling 1,144 square feet; First‑floor unit has 2 bedrooms and 1 bathroom; second‑floor unit has 1 bedroom and 1 bathroom; Private entrance for each unit
