Duplex With Off-Street
For Sale
$176,900
3905 8th St, Des Moines, IA 50313
Two one-bedroom units offer flexibility for owner occupancy or rental use.
Property Size1,214 SF
Price / SF$145.72
Days on Market16
Property Features for 3905 8th St
General Information
Standard status
Active
Size
1,214 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
off-street parking
Building Details
Year Built
1925
Listing Agency:
RE/MAX Concepts-Ames
(515) 276-2872
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Sep 12
Changed: Sep 26
Last Checked: Sep 26 at 6:46AM
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.
This duplex contains two separate units, each arranged with one bedroom and one bathroom. The property offers 1,214 square feet of building area and was constructed in 1925. One unit is occupied, while the second is vacant, creating flexibility for an owner-occupant or an investor seeking a property with an existing tenancy and additional unit availability. A rental certificate was issued this year, and off-street parking is included.
The property is located at 3905 8th St in Des Moines, near schools and bus routes. Its two-unit configuration, current rental certification, and combination of occupied and vacant space provide a straightforward residential income property format.
The property is located at 3905 8th St in Des Moines, near schools and bus routes. Its two-unit configuration, current rental certification, and combination of occupied and vacant space provide a straightforward residential income property format.
Key Highlights
- Two‑unit duplex with 1,214 square feet of building area
- Each unit includes 1 bedroom and 1 bathroom
- One unit occupied and one unit vacant
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
$11,326
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
6.40%
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%
$226,520
$226.5K
Cap Rate 7%
$161,800
$161.8K
Cap Rate 9%
$125,844
$125.8K
Market Conditions
NOI Build-Up for 1,214 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
$16.8K $13.80/SF
− Vacancy
−$573 −$0.47/SF
EGI
$16.2K $13.33/SF
− OpEx
−$4.9K −$4.00/SF
NOI
$11.3K $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%
$226,520
Cap Rate 7%
$161,800
Cap Rate 9%
$125,844
Alternative Uses
Best Use
Multifamily LT 5
$161.8K
$141.6K – $188.8K
NOI $11,326 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$144.5K
$126.5K – $168.6K
NOI $10,118 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$299.0K
$261.6K – $348.8K
NOI $20,929 @ 7.0% cap · market cap 11.83%
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
451
Businesses Nearby
Explore this area
Business Placement
Demographics for 50313, IA
17,723
Population
7,674
Households
2.3
Avg Household Size
37
Median Age
16%
College-Educated
86%
High-School Grad
18.1 sq mi
ZIP Area
979
Density / Sq Mi
$64,077
Median Household Income
$36,284
Median Earnings
$1,077
Median Rent
$161,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom units offer flexibility for owner occupancy or rental use.
Where is this duplex located?
The property is located at 3905 8th St Des Moines, IA.
What is the asking price?
The asking price for this property is $176,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,214 square feet of building area; Each unit includes 1 bedroom and 1 bathroom; One unit occupied and one unit vacant
