Quadplex with Walkout
For Sale
$550,000
801 & 807 E Mckinley Avenue, Des Moines, IA 50315
MULTI_FAMILY - Other - Des Moines, IA
Property Size3,499 SF
Lot Size0.28 Acres
Price / SF$157.19
Days on Market65
Property Features for 801 & 807 E Mckinley Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
N3A
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bedroom 5, Bathroom 3, Bedroom 6, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 4, Bedroom 7, Bedroom 8, Bedroom 2, Bathroom 1
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
SE 14th Street to McKinley Avenue. West on McKinley Avenue
Subdivision
Des Moines S.East
Standard status
Active
APN
12000138103003 & 120/00138-102-000
Size
3,499 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
LOT 3 BELNOR HEIGHTS PLAT 2
Tax Annual Amount
9817
Legal Description
LOT 3 BELNOR HEIGHTS PLAT 2
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
spacious backyards
walkout basements
functional floor plans
Building Details
Year built
1984
Floors in Building
2
Number of units
4
Flooring type
Carpet
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: Jun 9
Changed: Aug 3
Last Checked: Aug 12 at 2:06PM
MLS# 742720
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 quadplex consists of two side-by-side duplexes at 801 and 807 E. McKinley Ave., totaling four units. Per the seller, each unit includes three bedrooms and additional finished basement space, with walkout basement layouts. The property sits on a 0.277-acre lot and includes 3,499 square feet. Built in 1984, the homes feature forced-air natural gas heating and central air conditioning, with asphalt shingle roofing.
Tenant-paid utilities include water, sewer, storm water, gas, electric, lawn care, and snow removal. The owner is responsible for snow removal of the parking areas due to shared driveways.
One unit (803) has new furnace and central air conditioning installed in 2022. Common in-unit features include dishwasher, microwave, refrigerator, and stove, with carpet flooring throughout. The property is served by public water and public sewer.
Tenant-paid utilities include water, sewer, storm water, gas, electric, lawn care, and snow removal. The owner is responsible for snow removal of the parking areas due to shared driveways.
One unit (803) has new furnace and central air conditioning installed in 2022. Common in-unit features include dishwasher, microwave, refrigerator, and stove, with carpet flooring throughout. The property is served by public water and public sewer.
Key Highlights
- Two side‑by‑side duplexes at 801 and 807 E. McKinley Ave totaling four units
- Each unit offers 3 bedrooms plus finished basement space with walkout basements
- 0.277‑acre lot and 3,499 total square feet
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
5.94%
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 5.94%
Second Best
Apartment 5plus
$416.6K
$364.5K – $486.1K
NOI $29,163 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$861.7K
$754.0K – $1.01M
NOI $60,322 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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?
Quadplex - Four-unit quadplex zoned N3A with central air, public water and sewer, and walkout basement space.
Where is this quadplex located?
The property is located at 801 & 807 E Mckinley Avenue Des Moines, IA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two side‑by‑side duplexes at 801 and 807 E. McKinley Ave totaling four units; Each unit offers 3 bedrooms plus finished basement space with walkout basements; 0.277‑acre lot and 3,499 total square feet
