Side-by-Side Duplex
New
For Sale
$590,000
707 & 715 E Mckinley Ave, Des Moines, IA 50315
Two adjacent duplexes provide four rental units with walkout basements and spacious backyards.
Property Size3,499 SF
Price / SF$168.62
Days on Market4
Property Features for 707 & 715 E Mckinley Ave
General Information
Standard status
Active
Size
3,499 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$58,716
Multifamily Units
4
Building Details
Year Built
1984
Buildings
2
Listing Agency:
RE/MAX Precision
(515) 681-7001
Listed By:
Dustin Kupka · License #S65754000
Source:
Kwlegacyrealty
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 7:58AM
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 offering includes two neighboring duplex properties at 707 and 715 E. McKinley Ave., totaling four units and 3,499 square feet. Each unit features three bedrooms, additional finished basement space, a walkout basement, and a functional floor plan. Spacious backyards add outdoor area to both properties.
The duplexes share driveways, with the owner handling snow removal for the parking areas. Residents are responsible for water, sewer, storm water, gas, electric, lawn care, and snow removal. The properties were built in 1984 and are positioned near shopping, dining, and everyday amenities. Additional duplexes at 801, 807, and 815 E. McKinley Ave. are also available from the same owner, providing a potential avenue to assemble a larger multifamily portfolio.
The duplexes share driveways, with the owner handling snow removal for the parking areas. Residents are responsible for water, sewer, storm water, gas, electric, lawn care, and snow removal. The properties were built in 1984 and are positioned near shopping, dining, and everyday amenities. Additional duplexes at 801, 807, and 815 E. McKinley Ave. are also available from the same owner, providing a potential avenue to assemble a larger multifamily portfolio.
Key Highlights
- Two adjacent duplexes at 707 and 715 E. McKinley Ave.
- Four total units, each with 3 bedrooms
- 3,499 square feet with additional finished basement space
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
$32,644
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
5.53%
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%
$652,880
$652.9K
Cap Rate 7%
$466,343
$466.3K
Cap Rate 9%
$362,711
$362.7K
Market Conditions
NOI Build-Up for 3,499 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
$48.3K $13.80/SF
− Vacancy
−$1.7K −$0.47/SF
EGI
$46.6K $13.33/SF
− OpEx
−$14.0K −$4.00/SF
NOI
$32.6K $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%
$652,880
Cap Rate 7%
$466,343
Cap Rate 9%
$362,711
Alternative Uses
Best Use
Multifamily LT 5
$466.3K
$408.1K – $544.1K
NOI $32,644 @ 7.0% cap · market cap 5.53%
Second Best
Apartment 5plus
$416.6K
$364.5K – $486.1K
NOI $29,163 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$861.7K
$754.0K – $1.01M
NOI $60,322 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
377
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two adjacent duplexes provide four rental units with walkout basements and spacious backyards.
Where is this duplex located?
The property is located at 707 & 715 E Mckinley Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: Two adjacent duplexes at 707 and 715 E. McKinley Ave.; Four total units, each with 3 bedrooms; 3,499 square feet with additional finished basement space
