Walkout Duplex with Basement 1/2
For Sale
$280,000
612 McKinley Ave, Des Moines, IA 50315
Well-sized 3-bedroom, 1.5-bath walkout duplex with two rented units and multiple recent updates.
Property Size2,016 SF
Price / SF$138.89
Days on Market100
Property Features for 612 McKinley Ave
General Information
Standard status
Active
Size
2,016 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Neighborhood
South Park
Additional Details
Multifamily Units
2
Building Details
Year Built
1972
Tenancy
Multi
Listing Agency:
RE/MAX Precision
Listed By:
Dustin Kupka (515) 681-7001 · License #S65754000
(515) 681-7001
Source:
Desmoineshomesforsale
Added: Jul 20
Changed: Oct 25
Last Checked: Oct 26 at 4:27PM
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 Precision
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Investment Insights
Based on property information with market context.
This walkout duplex includes two units, each with three bedrooms and 1.5 bathrooms, supported by a functional layout. The property also features a basement bedroom and an additional 1/2 bathroom, along with a spacious backyard. Recent improvements include a new roof in 2020, newer windows, and a water heater replacement in 2023. Both units are currently rented, providing immediate rental income.
The duplex is located just off McKinley Ave in a South Des Moines neighborhood, with convenient access to shopping and dining along SE 14th St. It is also close to Gray’s Lake Park and Water Works Park, with downtown Des Moines just minutes away.
Tenants are responsible for all utilities, including water, sewer, storm water, gas, and electric, plus snow removal and lawn care, helping keep ongoing expenses aligned with tenant responsibility.
The duplex is located just off McKinley Ave in a South Des Moines neighborhood, with convenient access to shopping and dining along SE 14th St. It is also close to Gray’s Lake Park and Water Works Park, with downtown Des Moines just minutes away.
Tenants are responsible for all utilities, including water, sewer, storm water, gas, and electric, plus snow removal and lawn care, helping keep ongoing expenses aligned with tenant responsibility.
Key Highlights
- 1972‑built 3‑bedroom, 1.5‑bath walkout duplex with two units
- Both units are currently rented at $1,200/month for immediate income
- Tenants pay all utilities: water, sewer, storm water, gas, and electric, plus snow removal and lawn care
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,809
Cap Rate
6.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$376,180
$376.2K
Cap Rate 7%
$268,700
$268.7K
Cap Rate 9%
$208,989
$209.0K
Market Conditions
NOI Build-Up for 2,016 SF
Gross rent
$27.8K $13.80/SF
− Vacancy
−$951 −$0.47/SF
EGI
$26.9K $13.33/SF
− OpEx
−$8.1K −$4.00/SF
NOI
$18.8K $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%
$376,180
Cap Rate 7%
$268,700
Cap Rate 9%
$208,989
Alternative Uses
Best Use
Multifamily LT 5
$268.7K
$235.1K – $313.5K
NOI $18,809 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$240.0K
$210.0K – $280.1K
NOI $16,803 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$496.5K
$434.4K – $579.3K
NOI $34,755 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
377
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 - Well-sized 3-bedroom, 1.5-bath walkout duplex with two rented units and multiple recent updates.
Where is this duplex located?
The property is located at 612 McKinley Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: 1972‑built 3‑bedroom, 1.5‑bath walkout duplex with two units; Both units are currently rented at $1,200/month for immediate income; Tenants pay all utilities: water, sewer, storm water, gas, and electric, plus snow removal and lawn care
