3-Unit Residential
For Sale
$285,000
2712 Dean Ave, Des Moines, IA 50317
Up/down layout includes two apartments and a detached efficiency, with recent repairs and unit-level updates.
Property Size1,710 SF
Price / SF$166.67
Days on Market36
Property Features for 2712 Dean Ave
General Information
Standard status
Active
Size
1,710 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/1BA, 1 x 2BR/1BA, 1 x efficiency
Multifamily Units
3
Building Details
Year Built
1910
Buildings
2
Listing Agency:
Keller Williams Ankeny Metro
(515) 783-9815
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Jul 27
Changed: Aug 30
Last Checked: Aug 30 at 1:28PM
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.
Located at 2712 Dean Ave in Des Moines, this 3-unit residential property combines an up/down duplex with a separate efficiency unit. The unit mix includes a 4-bedroom, 1-bath apartment, a 2-bedroom, 1-bath apartment, and the detached efficiency. The property was built in 1910 and has 1,710 square feet of property size reported.
Recent work includes basement wall sealing and insulation completed in 2024, along with flooring, bathroom, kitchen, paint, and appliance updates completed in 2025. The sewer line serving the house was repaired to the city main in 2025 and carries a transferable warranty. In 2026, Unit 1 received new kitchen ceiling tiles, while the efficiency received a new roof and water heater. The property is near the Iowa State Fairgrounds with access to downtown Des Moines.
Recent work includes basement wall sealing and insulation completed in 2024, along with flooring, bathroom, kitchen, paint, and appliance updates completed in 2025. The sewer line serving the house was repaired to the city main in 2025 and carries a transferable warranty. In 2026, Unit 1 received new kitchen ceiling tiles, while the efficiency received a new roof and water heater. The property is near the Iowa State Fairgrounds with access to downtown Des Moines.
Key Highlights
- Three separate units: 4‑bedroom, 1‑bath; 2‑bedroom, 1‑bath; and a detached efficiency
- 1,710 square feet of property size reported; built in 1910
- 2025 sewer line repair from the house to the city main includes a transferable warranty
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
$15,954
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
5.60%
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%
$319,080
$319.1K
Cap Rate 7%
$227,914
$227.9K
Cap Rate 9%
$177,267
$177.3K
Market Conditions
NOI Build-Up for 1,710 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
$23.6K $13.80/SF
− Vacancy
−$807 −$0.47/SF
EGI
$22.8K $13.33/SF
− OpEx
−$6.8K −$4.00/SF
NOI
$16.0K $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%
$319,080
Cap Rate 7%
$227,914
Cap Rate 9%
$177,267
Alternative Uses
Best Use
Multifamily LT 5
$227.9K
$199.4K – $265.9K
NOI $15,954 @ 7.0% cap · market cap 5.60%
Second Best
Apartment 5plus
$203.6K
$178.2K – $237.5K
NOI $14,252 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$421.1K
$368.5K – $491.3K
NOI $29,480 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
250
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
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Frequently Asked Questions
What type of property is this?
Triplex - Up/down layout includes two apartments and a detached efficiency, with recent repairs and unit-level updates.
Where is this triplex located?
The property is located at 2712 Dean Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Three separate units: 4‑bedroom, 1‑bath; 2‑bedroom, 1‑bath; and a detached efficiency; 1,710 square feet of property size reported; built in 1910; 2025 sewer line repair from the house to the city main includes a transferable warranty
