Duplex with Separate
New
For Sale
$250,000
3509/3511 Keyes Dr, Des Moines, IA 50315
Two independently arranged residences provide flexibility for rental use.
Property Size1,600 SF
Price / SF$156.25
Days on Market4
Property Features for 3509/3511 Keyes Dr
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Multi-Family
Building Details
Year Built
1960
Tenancy
Multi
Listing Agency:
RE/MAX Concepts-Ames
(515) 276-2872
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 7:26AM
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 Concepts-Ames
Investment Insights
Based on property information with market context.
Built in 1960, this Des Moines duplex contains two separate residential units. The property has had repairs to its foundation and plumbing, and each residence offers its own layout.
Located at 3509/3511 Keyes Dr, the property is in Des Moines, Iowa 50315.
Located at 3509/3511 Keyes Dr, the property is in Des Moines, Iowa 50315.
Key Highlights
- Two separate residential units
- Built in 1960
- Foundation and plumbing repairs completed
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
$14,927
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
5.97%
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%
$298,540
$298.5K
Cap Rate 7%
$213,243
$213.2K
Cap Rate 9%
$165,856
$165.9K
Market Conditions
NOI Build-Up for 1,600 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
$22.1K $13.80/SF
− Vacancy
−$755 −$0.47/SF
EGI
$21.3K $13.33/SF
− OpEx
−$6.4K −$4.00/SF
NOI
$14.9K $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%
$298,540
Cap Rate 7%
$213,243
Cap Rate 9%
$165,856
Alternative Uses
Best Use
Multifamily LT 5
$213.2K
$186.6K – $248.8K
NOI $14,927 @ 7.0% cap · market cap 5.97%
Second Best
Apartment 5plus
$190.5K
$166.7K – $222.3K
NOI $13,336 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$394.0K
$344.8K – $459.7K
NOI $27,583 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
Explore this area
Business Placement
Demographics for 50315, IA
36,693
Population
16,579
Households
2.2
Avg Household Size
36
Median Age
18%
College-Educated
87%
High-School Grad
10.3 sq mi
ZIP Area
3,562
Density / Sq Mi
$62,036
Median Household Income
$41,311
Median Earnings
$977
Median Rent
$164,000
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 independently arranged residences provide flexibility for rental use.
Where is this duplex located?
The property is located at 3509/3511 Keyes Dr Des Moines, IA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two separate residential units; Built in 1960; Foundation and plumbing repairs completed
