Updated Duplex with Private
For Sale
$245,000
529 /531 6th St Unit 2, West Des Moines, IA 50265
Two rental units offer refreshed kitchens, updated bathrooms, and shared basement laundry.
Property Size1,890 SF
Price / SF$129.63
Days on Market41
Property Features for 529 /531 6th St Unit 2
General Information
Standard status
Active
Size
1,890 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
shared washer/dryer
Building Details
Year Built
1898
Buildings
1
Listing Agency:
Keller Williams Realty GDM
(515) 306-4854
Listed By:
Sonja Winter · License #S70604000
Source:
Dsmsold
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 12:36PM
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 Keller Williams Realty GDM
Investment Insights
Based on property information with market context.
This duplex contains two separate residences totaling 1,890 square feet. The first-floor unit has two bedrooms and one bathroom, while the second-floor unit provides one bedroom and one bathroom. Each residence has a private entrance. Shared basement amenities include a washer and dryer. Recent improvements include white kitchens equipped with appliances, including dishwashers and over-the-range microwaves, along with ceramic-tiled bathrooms featuring tub-and-shower combinations. Constructed in 1898, the property offers a two-unit residential income configuration in West Des Moines. The address is 529/531 6th St Unit 2, West Des Moines, IA 50265. Valley Junction amenities, Legion Park, tennis courts, baseball and softball fields, and park facilities are two blocks away, with access to I-235, downtown Des Moines, Jordan Creek Mall, and Des Moines International Airport.
Key Highlights
- Two‑unit duplex totaling 1,890 square feet
- First‑floor unit has 2 bedrooms and 1 bathroom
- Second‑floor unit has 1 bedroom and 1 bathroom
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
$16,768
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
6.84%
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%
$335,360
$335.4K
Cap Rate 7%
$239,543
$239.5K
Cap Rate 9%
$186,311
$186.3K
Market Conditions
NOI Build-Up for 1,890 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
$25.4K $13.44/SF
− Vacancy
−$1.4K −$0.77/SF
EGI
$24.0K $12.67/SF
− OpEx
−$7.2K −$3.80/SF
NOI
$16.8K $8.87/SF
Area
Polk County, IA
Vacancy
5.70%
Lease Rate
$13.44 /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%
$335,360
Cap Rate 7%
$239,543
Cap Rate 9%
$186,311
Alternative Uses
Best Use
Multifamily LT 5
$239.5K
$209.6K – $279.5K
NOI $16,768 @ 7.0% cap · market cap 6.84%
Second Best
Apartment 5plus
$209.4K
$183.2K – $244.3K
NOI $14,657 @ 7.0% cap · market cap 5.98%
Theoretical Best
Flex RnD
$1.82M
$1.59M – $2.12M
NOI $127,356 @ 7.0% cap · market cap 51.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
796
Businesses Nearby
Explore this area
Business Placement
Demographics for 50265, IA
32,187
Population
15,104
Households
2.1
Avg Household Size
38
Median Age
48%
College-Educated
95%
High-School Grad
19.3 sq mi
ZIP Area
1,668
Density / Sq Mi
$84,588
Median Household Income
$49,785
Median Earnings
$1,065
Median Rent
$267,600
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 - Two rental units offer refreshed kitchens, updated bathrooms, and shared basement laundry.
Where is this duplex located?
The property is located at 529 /531 6th St Unit 2 West Des Moines, IA.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,890 square feet; First‑floor unit has 2 bedrooms and 1 bathroom; Second‑floor unit has 1 bedroom and 1 bathroom
