Side-by-Side Duplex
For Sale
$550,000
801 & 807 E Mckinley Ave, Des Moines, IA 50315
Four three-bedroom units feature finished basements, walkout access, and private outdoor areas near daily amenities.
Property Size3,499 SF
Price / SF$157.19
Days on Market13
Property Features for 801 & 807 E Mckinley Ave
General Information
Standard status
Active
Size
3,499 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$57,960
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 17
Changed: Aug 18
Last Checked: Aug 29 at 11:58AM
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 combines two adjoining duplexes at 801 and 807 E. McKinley Ave. Each of the four units has three bedrooms, finished basement area, a walkout basement, and a spacious backyard. The side-by-side arrangement creates a consolidated multifamily holding with shared driveways and practical management efficiencies. One unit at 803 E. McKinley Ave. received a new furnace and air-conditioning system in 2022.
Residents pay water, sewer, storm water, gas, electric, lawn care, and snow removal costs. The owner handles snow removal for the parking areas serving the shared driveways. The properties are positioned near shopping, dining, and everyday amenities in South Des Moines. Additional properties at 707, 715, and 815 E. McKinley Ave. are also available from the same owner, offering a potential path to assemble a larger multifamily collection.
Residents pay water, sewer, storm water, gas, electric, lawn care, and snow removal costs. The owner handles snow removal for the parking areas serving the shared driveways. The properties are positioned near shopping, dining, and everyday amenities in South Des Moines. Additional properties at 707, 715, and 815 E. McKinley Ave. are also available from the same owner, offering a potential path to assemble a larger multifamily collection.
Key Highlights
- Two duplexes positioned side by side at 801 and 807 E. McKinley Ave.
- Four total units, each with 3 bedrooms and finished basement area
- Walkout basements and spacious backyards across the duplex properties
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Four three-bedroom units feature finished basements, walkout access, and private outdoor areas near daily amenities.
Where is this duplex located?
The property is located at 801 & 807 E Mckinley Ave 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 duplexes positioned side by side at 801 and 807 E. McKinley Ave.; Four total units, each with 3 bedrooms and finished basement area; Walkout basements and spacious backyards across the duplex properties
