Duplex with Long-Term
For Sale
$224,900
4511 SE 3rd Court, Des Moines, IA 50315
Tenants have occupied the rented property for five years.
Property Size2,280 SF
Price / SF$98.64
Days on Market108
Property Features for 4511 SE 3rd Court
General Information
Standard status
Active
Size
2,280 SF
Property subtype
Duplex
Site & Location
Neighborhood
Magnolia Park
Additional Details
Tenant in Place
Yes
Building Details
Year Built
1972
Listing Agency:
Swift Properties LLC
Listed By:
Chase Gochnauer
(515) 313-1265
Source:
Prometrorealty
Added: Jul 19
Changed: Nov 1
Last Checked: Nov 1 at 1:45AM
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 Swift Properties LLC
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Investment Insights
Based on property information with market context.
This 2,280-square-foot duplex was built in 1972 and is currently rented. Its tenants have been in place for five years.
The property is located at 4511 SE 3rd Court in Des Moines, Iowa.
The property is located at 4511 SE 3rd Court in Des Moines, Iowa.
Key Highlights
- 2,280 square feet
- Built in 1972
- Currently rented to tenants who have been in place for 5 years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,003
Cap Rate
8.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$380,060
$380.1K
Cap Rate 7%
$271,471
$271.5K
Cap Rate 9%
$211,144
$211.1K
Market Conditions
NOI Build-Up for 2,280 SF
Gross rent
$35.8K $15.72/SF
− Vacancy
−$1.3K −$0.57/SF
EGI
$34.6K $15.15/SF
− OpEx
−$15.5K −$6.82/SF
NOI
$19.0K $8.33/SF
Area
Des Moines, IA
Vacancy
3.60%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$380,060
Cap Rate 7%
$271,471
Cap Rate 9%
$211,144
Alternative Uses
Best Use
Multifamily LT 5
$303.9K
$265.9K – $354.5K
NOI $21,272 @ 7.0% cap · market cap 9.46%
Second Best
Apartment 5plus
$271.5K
$237.5K – $316.7K
NOI $19,003 @ 7.0% cap · market cap 8.45%
Theoretical Best
Office A
$561.5K
$491.3K – $655.1K
NOI $39,306 @ 7.0% cap · market cap 17.48%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
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Business Placement
Demographics for 50315, IA
36,693
Population
16,579
Households
2.2
Avg Household Size
36
Median Age
18%
College-Educated
87%
High-School Grad
10.3 sq mi
ZIP Area
3,562
Density / Sq Mi
$62,036
Median Household Income
$41,311
Median Earnings
$977
Median Rent
$164,000
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 - Tenants have occupied the rented property for five years.
Where is this duplex located?
The property is located at 4511 SE 3rd Court Des Moines, IA.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: 2,280 square feet; Built in 1972; Currently rented to tenants who have been in place for 5 years
