Updated Walkout
For Sale
$290,000
815 E McKinley Ave, Des Moines, IA 50315
Two rented units with tenant-paid utilities, recent major-system updates, and a rental certificate valid through August 10, 2027.
Property Size1,856 SF
Price / SF$156.25
Days on Market40
Property Features for 815 E McKinley Ave
General Information
Standard status
Active
Size
1,856 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Average Monthly Rent
$1,200
Multifamily Units
2
Building Details
Year Built
1983
Buildings
1
Listing Agency:
RE/MAX Precision
(515) 681-7001
Listed By:
Dustin Kupka · License #S65754000
Source:
Dsmsold
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 11:47AM
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 two-unit residential income property was built in 1983 and contains 1,856 square feet. The walkout duplex includes two-bedroom, one-bath unit configurations, with both residences currently rented. Tenants handle water, sewer, storm water, gas, electric, snow removal, and lawn care under the current arrangements.
Recent capital improvements include a roof installed in 2021 and new air-conditioning and furnace systems added in 2023. The property also offers parking, and its rental certificate is valid through August 10, 2027. Located at 815 E McKinley Ave in Des Moines, the duplex is near shopping, dining, everyday services, and downtown Des Moines.
Recent capital improvements include a roof installed in 2021 and new air-conditioning and furnace systems added in 2023. The property also offers parking, and its rental certificate is valid through August 10, 2027. Located at 815 E McKinley Ave in Des Moines, the duplex is near shopping, dining, everyday services, and downtown Des Moines.
Key Highlights
- Two‑unit walkout duplex with 1,856 square feet
- Both units are currently rented
- Roof replaced in 2021
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
$17,316
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
5.97%
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%
$346,320
$346.3K
Cap Rate 7%
$247,371
$247.4K
Cap Rate 9%
$192,400
$192.4K
Market Conditions
NOI Build-Up for 1,856 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
−$876 −$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%
$346,320
Cap Rate 7%
$247,371
Cap Rate 9%
$192,400
Alternative Uses
Best Use
Multifamily LT 5
$247.4K
$216.5K – $288.6K
NOI $17,316 @ 7.0% cap · market cap 5.97%
Second Best
Apartment 5plus
$221.0K
$193.4K – $257.8K
NOI $15,469 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$457.1K
$400.0K – $533.3K
NOI $31,997 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
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 - Two rented units with tenant-paid utilities, recent major-system updates, and a rental certificate valid through August 10, 2027.
Where is this duplex located?
The property is located at 815 E McKinley Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Two‑unit walkout duplex with 1,856 square feet; Both units are currently rented; Roof replaced in 2021
