Brick Duplex With Separately Metered
For Sale
$200,000
Pending
2806 Aurora Avenue, Des Moines, IA 50310
MULTI_FAMILY - Other - Des Moines, IA
Property Size1,569 SF
Lot Size0.25 Acres
Days on Market46
Property Features for 2806 Aurora Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 3, Bathroom 1, Bathroom 2
Parking features
Garage
Appliances
Dryer, Dishwasher, Microwave, Refrigerator, Stove, Washer
Lot features
Corner Lot
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
From Beaver Ave, travel east on Aurora Ave to the property located on the south side of the street.
Subdivision
Des Moines N.West
Standard status
Pending
APN
08004150000000
Size
1,569 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Description
N 88.2F MEAS ON W LINE LOT 44 LYNNER HEIGHTS PLAT NO 4
Tax Annual Amount
4360
Legal Description
N 88.2F MEAS ON W LINE LOT 44 LYNNER HEIGHTS PLAT NO 4
Utilities
Heating system
Electric (Heating), Forced Air
Cooling system
Central Air
Water source
Public
Amenities
central air conditioning
laundry machines
metal spiral staircase
fully fenced backyard
Building Details
Year built
1959
Number of units
2
Flooring type
Hardwood
Building materials
Brick
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
RE/MAX Precision · RE/MAX International
(515) 223-9492
Listed By:
Lauryn Peitzman
(515) 223-9492
Added: Jun 24
Changed: Aug 2
Last Checked: Aug 8 at 10:06PM
MLS# 743780
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.
Brick duplex on a 0.25-acre lot built in 1959. The home provides two separately metered units, each with its own furnace, central air conditioning unit, hot water heater, and laundry machines. Unit 1 offers 2 bedrooms and 1 bathroom. Unit 2 offers 2 bedrooms and 2 bathrooms, plus a non-conforming flex room that can serve as a home office, workout room, guest space, hobby room, or additional storage. A metal spiral staircase leads to the lower level, adding additional living space.
Additional property features include front and rear vestibules, a two-car tuck-under garage, and a fully fenced backyard. Both units are currently vacant, supporting immediate owner occupancy, rental use, or multigenerational living.
The property is served by public water, and the building has a shingle/asphalt roof. Flooring includes hardwood, and the home includes forced air electric heating and central air conditioning.
Additional property features include front and rear vestibules, a two-car tuck-under garage, and a fully fenced backyard. Both units are currently vacant, supporting immediate owner occupancy, rental use, or multigenerational living.
The property is served by public water, and the building has a shingle/asphalt roof. Flooring includes hardwood, and the home includes forced air electric heating and central air conditioning.
Key Highlights
- Two separately metered units, each with its own furnace, central air, hot water heater, and laundry machines
- Unit mix: 2 bed/1 bath in Unit 1; 2 bed/2 bath plus non‑conforming flex room in Unit 2
- Metal spiral staircase to the lower level for additional living space
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
$14,638
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
7.32%
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%
$292,760
$292.8K
Cap Rate 7%
$209,114
$209.1K
Cap Rate 9%
$162,644
$162.6K
Market Conditions
NOI Build-Up for 1,569 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
$21.7K $13.80/SF
− Vacancy
−$741 −$0.47/SF
EGI
$20.9K $13.33/SF
− OpEx
−$6.3K −$4.00/SF
NOI
$14.6K $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%
$292,760
Cap Rate 7%
$209,114
Cap Rate 9%
$162,644
Alternative Uses
Best Use
Multifamily LT 5
$209.1K
$183.0K – $244.0K
NOI $14,638 @ 7.0% cap · market cap 7.32%
Second Best
Apartment 5plus
$186.8K
$163.5K – $218.0K
NOI $13,077 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$386.4K
$338.1K – $450.8K
NOI $27,049 @ 7.0% cap · market cap 13.52%
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
880
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 - Brick duplex on a 0.25-acre lot with two separately metered units, each with its own HVAC and laundry.
Where is this duplex located?
The property is located at 2806 Aurora Avenue Des Moines, IA.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Two separately metered units, each with its own furnace, central air, hot water heater, and laundry machines; Unit mix: 2 bed/1 bath in Unit 1; 2 bed/2 bath plus non‑conforming flex room in Unit 2; Metal spiral staircase to the lower level for additional living space
