Walkout Basement
For Sale
$280,000
612 Mckinley Avenue, Des Moines, IA 50315
MultiFamily, Des Moines, IA
Property Size2,016 SF
Lot Size0.23 Acres
Price / SF$138.89
Days on Market144
Property Features for 612 Mckinley Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
N3A
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2
Appliances
Dishwasher, Microwave, Refrigerator, Stove
Lot features
Rectangular Lot
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
SW 9th Street to McKinley Avenue.
Subdivision
Des Moines S.West
Standard status
Active
APN
12000490002002
Size
2,016 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
-EX BEG NW COR LOT 13 THN E 66F S 3F W 66F N 3F TO POB- N 155F W 66F N 330F LOT 13 CONRAD PLACE
Tax Annual Amount
4572
Legal Description
-EX BEG NW COR LOT 13 THN E 66F S 3F W 66F N 3F TO POB- N 155F W 66F N 330F LOT 13 CONRAD PLACE
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1972
Floors in Building
2
Building materials
WoodSiding
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
RE/MAX Precision · RE/MAX International
(515) 223-9492
Listed By:
Dustin Kupka · License #S65754000
(515) 681-7001
Added: Apr 8
Changed: Aug 19
Last Checked: Aug 29 at 8:06PM
MLS# 737823
Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains 2,016 square feet and was built in 1972. The walkout configuration includes a three-bedroom, one-and-a-half-bath layout with an additional basement bedroom and half bath. Both units are currently leased. Interior features include dishwashers, microwaves, refrigerators, stoves, central air, and forced-air natural gas heat. The property also has public water and public sewer service.
Recent improvements include a roof installed in 2020, newer windows, and a water heater replaced in 2023. Exterior features include wood siding, an asphalt shingle roof, and a spacious backyard. The 0.23-acre parcel is located on McKinley Avenue in Des Moines, near shopping, dining, and daily services along SE 14th Street, with access to Gray’s Lake Park, Water Works Park, and downtown Des Moines.
Recent improvements include a roof installed in 2020, newer windows, and a water heater replaced in 2023. Exterior features include wood siding, an asphalt shingle roof, and a spacious backyard. The 0.23-acre parcel is located on McKinley Avenue in Des Moines, near shopping, dining, and daily services along SE 14th Street, with access to Gray’s Lake Park, Water Works Park, and downtown Des Moines.
Key Highlights
- 2,016‑square‑foot duplex on a 0.23‑acre parcel
- Three‑bedroom, 1.5‑bath walkout layout with basement bedroom and half bath
- Both units are currently leased
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
$18,809
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
6.72%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
349
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two leased units feature separate utility responsibility, updated systems, and access to shared outdoor space.
Where is this duplex located?
The property is located at 612 Mckinley Avenue 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: 2,016‑square‑foot duplex on a 0.23‑acre parcel; Three‑bedroom, 1.5‑bath walkout layout with basement bedroom and half bath; Both units are currently leased
