Walkout Duplex with Rental
815 E Mckinley Avenue Des Moines, IA 50315
For Sale
$290,000
MULTI_FAMILY - Other - Des Moines, IA
Property Size1,856 SF
Lot Size0.24 Acres
Price / SF$156.25
Days on Market49
Property Features for 815 E Mckinley Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
N3A&F
Bedrooms
4
Bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Basement, Bathroom 1
Appliances
Dishwasher, Refrigerator, Stove
Standard status
Active
APN
12000138101000
Size
1,856 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
LOT 1 BELNOR HEIGHTS PLAT 2
Tax Annual Amount
4633
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1983
Floors in Building
2
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
RE/MAX Precision
(515) 223-9492
Listed By:
Dustin Kupka · License #S65754000
(515) 681-7001
Added: Jun 10
Changed: Jul 11
Last Checked: Jul 28 at 2:06AM
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.
Investment Insights
Based on property information with market context.
This walkout duplex offers two bedrooms and one bathroom per unit, with a layout designed for separate occupancy. The property includes adequate parking and features several recent improvements, including a new roof installed in 2021. Additional updates include a replacement water heater for unit 815 in 2022, along with new AC and furnace equipment in 2023.
The duplex is located just off E McKinley Avenue in South Des Moines (50315), in a neighborhood setting close to everyday amenities, shopping, and dining. The listing also notes that the rental certificate remains valid through August 10, 2027.
Both units are currently rented at $1,200 per month, providing immediate income for an owner-operator or investor. Tenants are responsible for all utilities, including water, sewer, storm water, gas, and electric, as well as snow removal and lawn care, which can help keep owner expenses more predictable. For buyers seeking a maintained duplex with current rental operations, clearly documented utility responsibility, and known recent capital updates, this property presents a practical option in Des Moines.
The duplex is located just off E McKinley Avenue in South Des Moines (50315), in a neighborhood setting close to everyday amenities, shopping, and dining. The listing also notes that the rental certificate remains valid through August 10, 2027.
Both units are currently rented at $1,200 per month, providing immediate income for an owner-operator or investor. Tenants are responsible for all utilities, including water, sewer, storm water, gas, and electric, as well as snow removal and lawn care, which can help keep owner expenses more predictable. For buyers seeking a maintained duplex with current rental operations, clearly documented utility responsibility, and known recent capital updates, this property presents a practical option in Des Moines.
Key Highlights
- 2‑bedroom, 1‑bath walkout duplex with both units currently rented for $1,200/month
- Recent major updates: new roof in 2021; 815 unit water heater replaced in 2022; new AC and furnace in 2023
- Utilities and upkeep handled by tenants, including water, sewer, storm water, gas, electric, snow removal, and lawn care
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $25.6k | $13.80 |
| − Vacancy | −$876 | −$0.47 |
| EGI | $24.7k | $13.33 |
| − OpEx | −$7.4k | −$4.00 |
| NOI | $17.3k | $9.33 |
1,856 SF · lease $13.80/SF/yr · vacancy 3.42% · expense 30.00%
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
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Two rented units in a walkout duplex with multiple recent mechanical updates and a valid rental certificate.
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: 2‑bedroom, 1‑bath walkout duplex with both units currently rented for $1,200/month; Recent major updates: new roof in 2021; 815 unit water heater replaced in 2022; new AC and furnace in 2023; Utilities and upkeep handled by tenants, including water, sewer, storm water, gas, electric, snow removal, and lawn care
