Brick Ranch
For Sale
$240,000
3920-3922 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 Market48
Property Features for 3920-3922 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 2, Bedroom 1, Basement, Bathroom 1, Bedroom 3, Bedroom 4, 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
Additional Details
Tenant in Place
Yes
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
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
Buildings
1
Listing Agency:
Pennie Carroll & Associates
Listed By:
Pennie Carroll · License #F05964000
(515) 490-8025
Added: Sep 17
Changed: Oct 27
Last Checked: Nov 3 at 1:06AM
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.
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Investment Insights
Based on property information with market context.
This tenant-occupied duplex contains two residential units, each arranged with its own kitchen and living area. The ranch-style building has a brick exterior, four bedrooms, two bathrooms, a basement, and 1,536 square feet of property size. Interior and mechanical features include carpet flooring, central air, and natural-gas forced-air heat. The roof is asphalt shingle, and the property is served by public water and public sewer.
The property occupies a 0.551-acre lot at 3920-3922 E 38th Street in Des Moines. Its position just off Hubbell Ave provides access to nearby shopping, dining, employment, and other city amenities. Off-street parking is included, and the property was built in 1973. Zoning is N2A-2.
The property occupies a 0.551-acre lot at 3920-3922 E 38th Street in Des Moines. Its position just off Hubbell Ave provides access to nearby shopping, dining, employment, and other city amenities. Off-street parking is included, and the property was built in 1973. Zoning is N2A-2.
Key Highlights
- Two‑unit duplex with 1,536 square feet
- 0.551‑acre lot at 3920‑3922 E 38th Street, Des Moines, IA 50317
- Built in 1973 with ranch‑style design and brick construction
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,330
Cap Rate
5.97%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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See the owner, sales and loan history
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit rental property with separate kitchens, living areas, off-street parking, and public utilities.
Where is this duplex located?
The property is located at 3920-3922 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; 0.551‑acre lot at 3920‑3922 E 38th Street, Des Moines, IA 50317; Built in 1973 with ranch‑style design and brick construction
