Two-Unit Duplex with Off-Street
For Sale
$259,900
805 E Watrous Ave, Des Moines, IA 50315
Each residence offers two bedrooms, one full bath, and main-floor laundry hookups.
Property Size1,854 SF
Price / SF$140.18
Days on Market28
Property Features for 805 E Watrous Ave
General Information
Standard status
Active
Size
1,854 SF
Property subtype
Multi-Family
Additional Details
Parking per Unit
2
Amenities
exterior storage shed
back patio area
Building Details
Year Built
1977
Buildings
2
Listing Agency:
Keller Williams Ankeny Metro
(515) 783-9815
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Aug 1
Changed: Aug 28
Last Checked: Aug 28 at 10:12AM
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 Keller Williams Ankeny Metro
Investment Insights
Based on property information with market context.
The duplex at 805 E Watrous Ave includes two residential units, with each residence offering two bedrooms and one full bathroom. Interior features include generous living areas, eat-in kitchens, main-floor laundry hookups, and access to a rear patio. The property was built in 1977.
Off-street parking accommodates two vehicles per unit, and an exterior storage shed serves both residences. This offering is to be sold together with the property at 4011 SE 8th St. The location is on the south side of Des Moines, Iowa.
Off-street parking accommodates two vehicles per unit, and an exterior storage shed serves both residences. This offering is to be sold together with the property at 4011 SE 8th St. The location is on the south side of Des Moines, Iowa.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom per unit
- Off‑street parking with 2 spaces available for each unit
- Large living areas and eat‑in kitchens in both units
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
$17,297
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
6.66%
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%
$345,940
$345.9K
Cap Rate 7%
$247,100
$247.1K
Cap Rate 9%
$192,189
$192.2K
Market Conditions
NOI Build-Up for 1,854 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
$25.6K $13.80/SF
− Vacancy
−$875 −$0.47/SF
EGI
$24.7K $13.33/SF
− OpEx
−$7.4K −$4.00/SF
NOI
$17.3K $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%
$345,940
Cap Rate 7%
$247,100
Cap Rate 9%
$192,189
Alternative Uses
Best Use
Multifamily LT 5
$247.1K
$216.2K – $288.3K
NOI $17,297 @ 7.0% cap · market cap 6.66%
Second Best
Apartment 5plus
$220.8K
$193.2K – $257.6K
NOI $15,453 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$456.6K
$399.5K – $532.7K
NOI $31,962 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
344
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 - Each residence offers two bedrooms, one full bath, and main-floor laundry hookups.
Where is this duplex located?
The property is located at 805 E Watrous Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom per unit; Off‑street parking with 2 spaces available for each unit; Large living areas and eat‑in kitchens in both units
