Two-Unit Duplex with Off-Street
New
For Sale
$176,900
3905 8th Street, Des Moines, IA 50313
MultiFamily, Duplex, Des Moines, IA
Property Size1,214 SF
Lot Size0.15 Acres
Price / SF$145.72
Days on Market3
Property Features for 3905 8th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
N6
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
Appliances
Dryer, Refrigerator, Stove
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
From Euclid North on 8th Street to Home. Home located on East side of Street
Subdivision
Des Moines N.West
Standard status
Active
APN
07003712000000
Size
1,214 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
LOT 14 BLK 2 NORTH OAK PARK
Tax Annual Amount
2846
Legal Description
LOT 14 BLK 2 NORTH OAK PARK
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1925
Floors in Building
1
Number of units
2
Flooring type
Carpet
Building materials
VinylSiding
Roof type
Asphalt, Shingle
Architectural style
Ranch
Listing Agency:
LPT Realty, LLC
(515) 669-4010
Listed By:
Amanda Welch · License #S70404000
(515) 577-6581
Added: Sep 10
Last Checked: Sep 12 at 4:06AM
MLS# 749021
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.
Built in 1925, this ranch-style duplex contains 1,214 square feet on a 0.152-acre lot. The layout includes two one-bedroom, one-bathroom units, a basement, carpeted floors, vinyl siding, and an asphalt shingle roof. One unit is occupied while the second is vacant. Appliances include a refrigerator, stove, and dryer, with natural gas forced-air heat and a combination of central and window-unit cooling.
The property is located at 3905 8th Street in Des Moines, within the 50313 ZIP code. Public water and public sewer serve the property, and off-street parking is included. Schools and bus routes are nearby. Zoning is N6, and a rental certificate was issued this year.
The property is located at 3905 8th Street in Des Moines, within the 50313 ZIP code. Public water and public sewer serve the property, and off-street parking is included. Schools and bus routes are nearby. Zoning is N6, and a rental certificate was issued this year.
Key Highlights
- Two‑unit duplex with one bedroom and one bathroom in each unit
- 1,214 square feet on a 0.152‑acre lot
- 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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Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
447
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Ranch-style duplex with public utilities and a rental certificate issued this year.
Where is this duplex located?
The property is located at 3905 8th Street 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 one bedroom and one bathroom in each unit; 1,214 square feet on a 0.152‑acre lot; One unit occupied and one unit vacant
