Brick 2-Unit Ranch
3511 Keyes Drive, Des Moines, IA 50315
For Sale
New
$255,000
MultiFamily, Duplex, Des Moines, IA
Property Size1,600 SF
Lot Size0.19 Acres
Price / SF$159.38
Days on Market1
Property Features for 3511 Keyes Drive
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Interior features
Appliances
Lot features
Elementary school district
Middle school district
High school district
Directions
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Individually Metered Utilities
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
fireplace
hardwood floors
front deck
workshop
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Architectural style
Buildings
Listing Agency:
Iowa Realty South
(515) 453-6300
Listed By:
Kelly Glawe
(800) 724-2297
Added: Nov 6
Last Checked: Nov 6 at 6:06PM
MLS# 752489
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.
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Investment Insights
Based on property information with market context.
This 1,600-square-foot brick ranch duplex, built in 1960, contains two residences, each with two bedrooms, one bathroom, a separate basement area, and its own utilities. One residence has a fireplace and has been freshly painted. Hardwood, laminate, and vinyl flooring are present, with forced-air natural gas heat and central air conditioning.
The property occupies a 0.19-acre lot and includes a large front deck and a one-car garage with an attached workshop. Recent improvements include a newer roof, water heaters, and furnace. The foundation has been braced, with a transferable warranty included.
The property occupies a 0.19-acre lot and includes a large front deck and a one-car garage with an attached workshop. Recent improvements include a newer roof, water heaters, and furnace. The foundation has been braced, with a transferable warranty included.
Key Highlights
- Two residences, each with 2 bedrooms, 1 bathroom, separate basement space, and individual utilities
- 1,600 square feet on a 0.19‑acre lot
- Brick ranch construction; built in 1960
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,927
Cap Rate
5.85%
Suggested Prices Based on Cap Rates
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
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 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 5.85%
Second Best
Apartment 5plus
$190.5K
$166.7K – $222.3K
NOI $13,336 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$394.0K
$344.8K – $459.7K
NOI $27,583 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
2
Residential units
Yes
Utilities to site
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
$164,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Duplexes in Des Moines, IA
Properties on Market for Duplexes in Des Moines
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences have private utilities and separate basement areas.
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 $255,000.
What are key features of this property?
This property features: Two residences, each with 2 bedrooms, 1 bathroom, separate basement space, and individual utilities; 1,600 square feet on a 0.19‑acre lot; Brick ranch construction; built in 1960
