Brick Duplex with Central
New
For Sale
$250,000
3511 Keyes Drive, Des Moines, IA 50315
Residential Income, Des Moines, IA
Property Size1,600 SF
Lot Size0.19 Acres
Price / SF$156.25
Days on Market1
Property Features for 3511 Keyes Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R
Exterior features
Brick
Basement
Partial
Elementary school district
Des Moines
Middle school district
Des Moines
High school district
Des Moines
Subdivision
Des Moines
Standard status
Active
APN
010/05876-001-000
Size
1,600 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
LOT 323 & W 20F LOT 333 WATROUS PARK PLAT 2
Tax Annual Amount
5585
Legal Description
LOT 323 & W 20F LOT 333 WATROUS PARK PLAT 2
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Number of units
1
Flooring type
Tile, Laminate
Listing Agency:
RE/MAX Concepts-Ames
(515) 276-2872
Listed By:
Van Winkle Real Estate Team
(515) 450-6324
Added: Sep 22
Last Checked: Sep 22 at 3:06PM
MLS# 71341
Copyright © 2026 Central Iowa Board 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.
This duplex at 3511 Keyes Drive includes two separate residential units within approximately 1,600 square feet on a 0.19-acre lot. The property was built in 1960 and features brick exterior construction, tile and laminate flooring, forced-air heating, and central air conditioning. Foundation and plumbing repairs have been completed.
Public water and public sewer serve the property, which is located in Des Moines, Iowa, within the 50315 ZIP code. R zoning supports the property's residential setting. The separate-unit layout offers a straightforward configuration for residential income use, while the existing mechanical systems and interior finishes provide a defined starting point for future ownership plans.
Public water and public sewer serve the property, which is located in Des Moines, Iowa, within the 50315 ZIP code. R zoning supports the property's residential setting. The separate-unit layout offers a straightforward configuration for residential income use, while the existing mechanical systems and interior finishes provide a defined starting point for future ownership plans.
Key Highlights
- Duplex with two separate residential units
- Approximately 1,600 square feet on a 0.19‑acre lot
- Brick exterior construction
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
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Open Analytics
Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 units provide a flexible residential income configuration with public water and sewer service.
Where is this duplex located?
The property is located at 3511 Keyes Drive 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: Duplex with two separate residential units; Approximately 1,600 square feet on a 0.19‑acre lot; Brick exterior construction
