3509/3511 Keyes Drive Des Moines, IA 50315
MULTI_FAMILY - Ranch - Des Moines, IA
- Added:
- Apr 16, 2026
- Days on Market:
- 87
- Last Refresh:
- Jul 11 at 4:06 pm
Property Features for 3509/3511 Keyes Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Single Family Residence
- Zoning
- R
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Basement, Bedroom 1, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 4, Bedroom 3
- Parking features
- Garage
- Appliances
- Dryer, Microwave, Refrigerator, Stove, Washer
- Standard status
- Active
- APN
- 01005876001000
- Size
- 1,600 SF
- Lot size
- 0.19 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Description
- LOT 323 & W 20F LOT 333 WATROUS PARK PLAT 2
- Tax Annual Amount
- 5585
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air, Natural Gas
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1960
- Floors in Building
- 1
- Number of units
- 2
- Flooring type
- Tile, Laminate
- Building materials
- Brick
- Architectural style
- Ranch
Listing agent Kyle Van Winkle License #64228000 (515) 276-2872
Listing office RE/MAX Concepts-Ames 2704 Stange Rd, IA (515) 276-2872
Listing date Apr 16, 2026
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.
The duplex sits on a 0.19-acre lot in Polk County and totals 1,600 square feet, per the listing. It is presented as an investor special in the Des Moines rental market, with convenient access described to major employers, shopping, and transportation.
For buyers and investors, the duplex format supports a strategy that includes updating and improving the units to better fit current tenant preferences. Prospective operators should evaluate the property’s condition and the specific work required to execute the desired renovation or repositioning plan. With two separate units, the property may also appeal to those seeking multiple income streams within a single asset while retaining the ability to manage each unit individually.
Key Highlights
- Duplex at 3509 & 3511 in Des Moines, offered as an investor value‑add opportunity
- Ranch‑style duplex built in 1960 with brick construction
- Each unit includes a functional layout with appliances such as stove, refrigerator, microwave, washer, and dryer
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $22.1k | $13.80 |
| − Vacancy | −$755 | −$0.47 |
| EGI | $21.3k | $13.33 |
| − OpEx | −$6.4k | −$4.00 |
| NOI | $14.9k | $9.33 |
