Updated Duplex with Two-Car
New
For Sale
$449,900
2525 51st St, Des Moines, IA 50310
Two separate driveways and refreshed interiors provide practical functionality across both units.
Property Size4,135 SF
Price / SF$108.80
Days on Market7
Property Features for 2525 51st St
General Information
Standard status
Active
Size
4,135 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/2BA, 1 x 5BR/2BA
Multifamily Units
2
Building Details
Year Built
1950
Buildings
1
Listing Agency:
RE/MAX Precision
(323) 204-1936
Listed By:
Amy Dempsey
Source:
Kwlegacyrealty
Added: Aug 17
Changed: Aug 21
Last Checked: Aug 22 at 9:04AM
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 RE/MAX Precision
Investment Insights
Based on property information with market context.
This 4,135-square-foot duplex, built in 1950, contains nine bedrooms and four bathrooms across two units. Recent interior work includes luxury vinyl plank flooring, new carpet, fresh paint, and updated vanities in most bathrooms. The 2525 unit has four bedrooms, two bathrooms, and an upper-level bonus area with hardwood floors. The 2527 unit offers five bedrooms, two bathrooms, and an updated kitchen. Each side also includes dedicated entry storage.
Exterior improvements include newer vinyl siding and recent foundation work. The property sits on a nearly half-acre lot with separate driveways for each unit and a detached two-car garage. Located on Des Moines’ northwest side, the layout provides distinct living areas and substantial outdoor space.
Exterior improvements include newer vinyl siding and recent foundation work. The property sits on a nearly half-acre lot with separate driveways for each unit and a detached two-car garage. Located on Des Moines’ northwest side, the layout provides distinct living areas and substantial outdoor space.
Key Highlights
- Two‑unit duplex with 9 bedrooms and 4 bathrooms
- 4,135 SF building constructed in 1950
- 2525 unit includes 4 bedrooms, 2 bathrooms, and an upper‑level hardwood‑floor bonus area
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
$38,578
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
8.57%
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%
$771,560
$771.6K
Cap Rate 7%
$551,114
$551.1K
Cap Rate 9%
$428,644
$428.6K
Market Conditions
NOI Build-Up for 4,135 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
$57.1K $13.80/SF
− Vacancy
−$2.0K −$0.47/SF
EGI
$55.1K $13.33/SF
− OpEx
−$16.5K −$4.00/SF
NOI
$38.6K $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%
$771,560
Cap Rate 7%
$551,114
Cap Rate 9%
$428,644
Alternative Uses
Best Use
Multifamily LT 5
$551.1K
$482.2K – $643.0K
NOI $38,578 @ 7.0% cap · market cap 8.57%
Second Best
Apartment 5plus
$492.3K
$430.8K – $574.4K
NOI $34,464 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$1.02M
$891.1K – $1.19M
NOI $71,286 @ 7.0% cap · market cap 15.84%
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
535
Businesses Nearby
Explore this area
Business Placement
Demographics for 50310, IA
30,754
Population
14,162
Households
2.2
Avg Household Size
37
Median Age
36%
College-Educated
86%
High-School Grad
8.0 sq mi
ZIP Area
3,844
Density / Sq Mi
$74,473
Median Household Income
$46,091
Median Earnings
$1,043
Median Rent
$213,800
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 separate driveways and refreshed interiors provide practical functionality across both units.
Where is this duplex located?
The property is located at 2525 51st St Des Moines, IA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Two‑unit duplex with 9 bedrooms and 4 bathrooms; 4,135 SF building constructed in 1950; 2525 unit includes 4 bedrooms, 2 bathrooms, and an upper‑level hardwood‑floor bonus area
