Brick Ranch
New
For Sale
$240,000
3920-3022 E 38th Street, Des Moines, IA 50317
MultiFamily, Des Moines, IA
Property Size1,536 SF
Lot Size0.55 Acres
Price / SF$156.25
Days on Market1
Property Features for 3920-3022 E 38th Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
N2A-2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Basement, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 2
Lot features
Rectangular Lot
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
Hubbell Ave to E 38th, north to property.
Subdivision
Des Moines N.East
Standard status
Active
APN
06000065003000
Size
1,536 SF
Lot size
0.55 Acres
Taxes and HOA fees
Tax Description
LT 3 APPLEWOOD-PLACE
Tax Annual Amount
4171
Legal Description
LT 3 APPLEWOOD-PLACE
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
off-street parking
central air
gas forced-air heat
city water and sewer
Building Details
Year built
1973
Floors in Building
1
Number of units
2
Flooring type
Carpet
Building materials
Brick
Roof type
Shingle, Asphalt
Architectural style
Ranch
Listing Agency:
Pennie Carroll & Associates
(515) 490-8025
Listed By:
Pennie Carroll · License #F05964000
(515) 967-2903
Added: Sep 17
Last Checked: Sep 17 at 6:06PM
MLS# 749497
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.
This tenant-occupied duplex is configured as a ranch-style residential property with 1,536 square feet across two units. Each unit includes its own kitchen and living area, with bedrooms, bathrooms, and basement space included in the layout. The building was constructed in 1973 and has a brick exterior, shingle asphalt roofing, carpet flooring, central air, and natural-gas forced-air heat.
The property occupies 0.551 acres and includes off-street parking. Public water and public sewer serve the site. Located near Hubbell Ave in Des Moines, the duplex provides access to shopping, dining, employment, and other city amenities.
The property occupies 0.551 acres and includes off-street parking. Public water and public sewer serve the site. Located near Hubbell Ave in Des Moines, the duplex provides access to shopping, dining, employment, and other city amenities.
Key Highlights
- Two‑unit duplex with 1,536 square feet
- Tenant‑occupied residential income property
- 0.551‑acre lot with off‑street parking
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
$14,330
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%
$286,600
$286.6K
Cap Rate 7%
$204,714
$204.7K
Cap Rate 9%
$159,222
$159.2K
Market Conditions
NOI Build-Up for 1,536 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
$21.2K $13.80/SF
− Vacancy
−$725 −$0.47/SF
EGI
$20.5K $13.33/SF
− OpEx
−$6.1K −$4.00/SF
NOI
$14.3K $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%
$286,600
Cap Rate 7%
$204,714
Cap Rate 9%
$159,222
Alternative Uses
Best Use
Multifamily LT 5
$204.7K
$179.1K – $238.8K
NOI $14,330 @ 7.0% cap · market cap 5.97%
Second Best
Apartment 5plus
$182.9K
$160.0K – $213.4K
NOI $12,802 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$378.3K
$331.0K – $441.3K
NOI $26,480 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
171
Businesses Nearby
Explore this area
Business Placement
Demographics for 50317, IA
37,221
Population
15,193
Households
2.4
Avg Household Size
38
Median Age
15%
College-Educated
87%
High-School Grad
22.1 sq mi
ZIP Area
1,684
Density / Sq Mi
$61,569
Median Household Income
$36,641
Median Earnings
$1,079
Median Rent
$165,200
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 - Tenant-occupied two-unit property with separate kitchens, living areas, off-street parking, and public utilities.
Where is this duplex located?
The property is located at 3920-3022 E 38th Street Des Moines, IA.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,536 square feet; Tenant‑occupied residential income property; 0.551‑acre lot with off‑street parking
