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 Market86
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
Listed By:
Dustin Kupka · License #S65754000
(515) 681-7001
Source:
Mistysoldteamiowa
Added: Jul 21
Changed: Oct 12
Last Checked: Oct 7 at 1:21PM
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 / Yr
$17,316
Cap Rate
5.97%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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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
