Brick Ranch
New
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 Market2
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
Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Basement, Bedroom 4, Bedroom 1
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
Natural Gas, Forced Air
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
Asphalt, Shingle
Architectural style
Ranch
Listing Agency:
Pennie Carroll & Associates
(515) 490-8025
Listed By:
Pennie Carroll · License #F05964000
(515) 967-2903
Added: Sep 17
Changed: Sep 18
Last Checked: Sep 18 at 8:06PM
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 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 = 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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
