Walkout Duplex with Basement 1/2
612 McKinley Ave Des Moines, IA 50315
New
For Sale
$280,000
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 Market4
Property Features for 612 McKinley Ave
General Information
- Standard status
- Active
- Size
- 2,016 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1972
Listing Agency:
RE/MAX Precision
(515) 681-7001
Listed By:
Dustin Kupka · License #S65754000
Source:
Kwlegacyrealty
Added: Jul 20
Changed: Jul 21
Last Checked: Jul 23 at 5:21AM
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
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 For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $27.8k | $13.80 |
| − Vacancy | −$951 | −$0.47 |
| EGI | $26.9k | $13.33 |
| − OpEx | −$8.1k | −$4.00 |
| NOI | $18.8k | $9.33 |
2,016 SF · lease $13.80/SF/yr · vacancy 3.42% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
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
