Brick Duplex with Off-Street
New
For Sale
$240,000
3920-3922 E 38th St, Des Moines, IA 50317
Tenant-occupied duplex with two separate living spaces, private kitchens, and access to city utilities.
Property Size1,536 SF
Price / SF$156.25
Days on Market4
Property Features for 3920-3922 E 38th St
General Information
Standard status
Active
Size
1,536 SF
Property subtype
Multi-Family
Building Details
Year Built
1973
Listing Agency:
Century 21 Signature
(515) 988-3296
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Sep 19
Changed: Sep 21
Last Checked: Sep 21 at 6:17AM
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 Century 21 Signature
Investment Insights
Based on property information with market context.
This tenant-occupied duplex at 3920-3922 E 38th St comprises two residential units within a ranch-style property. The 1,536-square-foot building was constructed in 1973 and provides each unit with its own kitchen and living area. A brick exterior, central air, gas forced-air heat, and city water and sewer serve the property.
The site encompasses 0.55 acres and includes off-street parking. Its position just off Hubbell Ave provides access to nearby shopping, dining, employment, and other Des Moines amenities. The property is located in Des Moines, Iowa, and is offered as a two-unit residential income asset.
The site encompasses 0.55 acres and includes off-street parking. Its position just off Hubbell Ave provides access to nearby shopping, dining, employment, and other Des Moines amenities. The property is located in Des Moines, Iowa, and is offered as a two-unit residential income asset.
Key Highlights
- Two‑unit duplex with 1,536 SF of building area
- Tenant‑occupied property
- 0.55‑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
Current Use
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
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 duplex with two separate living spaces, private kitchens, and access to city utilities.
Where is this duplex located?
The property is located at 3920-3922 E 38th St 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 SF of building area; Tenant‑occupied property; 0.55‑acre lot with off‑street parking
