Walkout Duplex with Recent
For Sale
$290,000
815 E Mckinley Avenue, Des Moines, IA 50315
MultiFamily, Des Moines, IA
Property Size1,856 SF
Lot Size0.24 Acres
Price / SF$156.25
Days on Market140
Property Features for 815 E Mckinley Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
N3A&F
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 4, Bathroom 2, Basement, Bedroom 1, Bedroom 3, Bathroom 1
Appliances
Dishwasher, 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 to McKinley Avenue. West on McKinley to the property.
Subdivision
Des Moines S.East
Standard status
Active
APN
12000138101000
Size
1,856 SF
Lot size
0.24 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Description
LOT 1 BELNOR HEIGHTS PLAT 2
Tax Annual Amount
4633
Legal Description
LOT 1 BELNOR HEIGHTS PLAT 2
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1983
Floors in Building
2
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
RE/MAX Precision · RE/MAX International
(515) 223-9492
Listed By:
Dustin Kupka
(515) 681-7001
Added: Jun 10
Changed: Oct 27
Last Checked: Oct 27 at 9:06AM
MLS# 742717
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.
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Investment Insights
Based on property information with market context.
Built in 1983, this 1,856-square-foot duplex features a walkout configuration with two bedrooms and one bathroom, along with basement space. The property sits on 0.24 acres and includes central air conditioning, forced-air natural gas heat, public water, public sewer, an asphalt shingle roof, and adequate parking. Appliances include dishwashers, refrigerators, and stoves.
Both units are currently rented, with tenants responsible for water, sewer, storm water, gas, electric, snow removal, and lawn care. Property improvements include a roof replacement in 2021 and new air conditioning and furnace systems in 2023. The rental certificate is valid through Aug 10th, 2027. The property is zoned N3A&F and is located near shopping, dining, and everyday services in South Des Moines.
Both units are currently rented, with tenants responsible for water, sewer, storm water, gas, electric, snow removal, and lawn care. Property improvements include a roof replacement in 2021 and new air conditioning and furnace systems in 2023. The rental certificate is valid through Aug 10th, 2027. The property is zoned N3A&F and is located near shopping, dining, and everyday services in South Des Moines.
Key Highlights
- 1,856‑square‑foot duplex on a 0.24‑acre lot
- Walkout layout with basement space
- New roof installed 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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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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with central air, forced-air heating, and public water and sewer service.
Where is this duplex located?
The property is located at 815 E Mckinley Avenue 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: 1,856‑square‑foot duplex on a 0.24‑acre lot; Walkout layout with basement space; New roof installed in 2021
