Up-Down Duplex with Detached
For Sale
$260,000
4004 Cornell St, Des Moines, IA 50313
Two residential units have separate driveways and distinct private outdoor areas.
Property Size2,083 SF
Price / SF$124.82
Days on Market58
Property Features for 4004 Cornell St
General Information
Standard status
Active
Size
2,083 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1949
Buildings
1
Listing Agency:
RE/MAX Concepts
(515) 421-7112
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Aug 17
Changed: Oct 13
Last Checked: Oct 12 at 7:04PM
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 RE/MAX Concepts
Investment Insights
Based on property information with market context.
This 2,083-square-foot duplex in Des Moines was built in 1949 and is arranged with one residence above the other. The upper unit includes two bedrooms, one bathroom, an apartment-style layout, and a dedicated driveway. The lower residence provides three bedrooms, one bathroom, a non-conforming basement room, and a partially finished lower level. It also has its own driveway, a detached two-car garage, and a fenced backyard.
Recent property updates include a new roof, new gutters, and an installed radon mitigation system. The property is located near the Highland Park neighborhood at 4004 Cornell St, offering separate living areas and individual exterior features for each unit.
Recent property updates include a new roof, new gutters, and an installed radon mitigation system. The property is located near the Highland Park neighborhood at 4004 Cornell St, offering separate living areas and individual exterior features for each unit.
Key Highlights
- 2,083 SF up‑down duplex built in 1949
- Upper unit includes 2 bedrooms, 1 bathroom, and a private driveway
- Lower unit features 3 bedrooms, 1 bathroom, a non‑conforming basement room, and a partially finished lower level
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,434
Cap Rate
7.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$388,680
$388.7K
Cap Rate 7%
$277,629
$277.6K
Cap Rate 9%
$215,933
$215.9K
Market Conditions
NOI Build-Up for 2,083 SF
Gross rent
$28.7K $13.80/SF
− Vacancy
−$983 −$0.47/SF
EGI
$27.8K $13.33/SF
− OpEx
−$8.3K −$4.00/SF
NOI
$19.4K $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%
$388,680
Cap Rate 7%
$277,629
Cap Rate 9%
$215,933
Alternative Uses
Best Use
Multifamily LT 5
$277.6K
$242.9K – $323.9K
NOI $19,434 @ 7.0% cap · market cap 7.47%
Second Best
Apartment 5plus
$248.0K
$217.0K – $289.4K
NOI $17,361 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$513.0K
$448.9K – $598.5K
NOI $35,910 @ 7.0% cap · market cap 13.81%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
486
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units have separate driveways and distinct private outdoor areas.
Where is this duplex located?
The property is located at 4004 Cornell St Des Moines, IA.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 2,083 SF up‑down duplex built in 1949; Upper unit includes 2 bedrooms, 1 bathroom, and a private driveway; Lower unit features 3 bedrooms, 1 bathroom, a non‑conforming basement room, and a partially finished lower level
