Triplex Duplex Plus Single-Family Central
For Sale
$260,000
900 Morton Avenue, Des Moines, IA 50316
MULTI_FAMILY - Other - Des Moines, IA
Property Size2,013 SF
Lot Size0.15 Acres
Price / SF$129.16
Days on Market116
Property Features for 900 Morton Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
N5
Bedrooms
5
Rooms
Bedroom 2, Basement, Bedroom 5, Bedroom 1, Bedroom 3, Bedroom 4
Lot features
Corner Lot
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
E 14th St to Morton Ave, West to property.
Subdivision
Des Moines N.East
Standard status
Active
APN
110-02984000000
Size
2,013 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
LOT 16 BLK 8 GRAND VIEW
Tax Annual Amount
4049
Legal Description
LOT 16 BLK 8 GRAND VIEW
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1905
Number of units
3
Building materials
VinylSiding
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
Pennie Carroll & Associates
(515) 490-8025
Listed By:
Pennie Carroll · License #F05964000
(515) 490-8025
Added: Apr 30
Changed: Aug 3
Last Checked: Aug 23 at 10:06AM
MLS# 739687
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 triplex includes a duplex plus a separate single-family home, arranged as two 2-bedroom units and one 1-bedroom unit. The property is fully updated throughout, including kitchens, bathrooms, flooring, paint, siding, and roof. Heating is natural gas forced air, and cooling is provided by central air.
The building sits on a 0.1545-acre lot at 900 Morton Avenue in Des Moines, IA 50316, in zoning N5. Constructed in 1905, the exterior is vinyl siding with an asphalt shingle roof. Public water and public sewer services are available.
A current rental certificate is already in place, supporting immediate occupancy and rental operations. The unit mix is designed to appeal to a range of renters while giving the option for owner-occupancy alongside additional rental income.
The building sits on a 0.1545-acre lot at 900 Morton Avenue in Des Moines, IA 50316, in zoning N5. Constructed in 1905, the exterior is vinyl siding with an asphalt shingle roof. Public water and public sewer services are available.
A current rental certificate is already in place, supporting immediate occupancy and rental operations. The unit mix is designed to appeal to a range of renters while giving the option for owner-occupancy alongside additional rental income.
Key Highlights
- Triplex layout with duplex plus separate single‑family home
- Two 2‑bedroom units plus one 1‑bedroom unit
- 0.1545‑acre lot at 900 Morton Avenue, Des Moines, IA 50316
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
$18,781
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
7.22%
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%
$375,620
$375.6K
Cap Rate 7%
$268,300
$268.3K
Cap Rate 9%
$208,678
$208.7K
Market Conditions
NOI Build-Up for 2,013 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
$27.8K $13.80/SF
− Vacancy
−$950 −$0.47/SF
EGI
$26.8K $13.33/SF
− OpEx
−$8.0K −$4.00/SF
NOI
$18.8K $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%
$375,620
Cap Rate 7%
$268,300
Cap Rate 9%
$208,678
Alternative Uses
Best Use
Multifamily LT 5
$268.3K
$234.8K – $313.0K
NOI $18,781 @ 7.0% cap · market cap 7.22%
Second Best
Apartment 5plus
$239.7K
$209.7K – $279.6K
NOI $16,778 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$495.8K
$433.8K – $578.4K
NOI $34,703 @ 7.0% cap · market cap 13.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Explore this area
Business Placement
Demographics for 50316, IA
16,785
Population
6,002
Households
2.8
Avg Household Size
33
Median Age
13%
College-Educated
78%
High-School Grad
3.6 sq mi
ZIP Area
4,663
Density / Sq Mi
$53,090
Median Household Income
$33,994
Median Earnings
$963
Median Rent
$137,300
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?
Triplex - Three-unit property with a duplex and separate single-family home, featuring two 2-bedroom units, central air, and a rental certificate in place.
Where is this triplex located?
The property is located at 900 Morton Avenue Des Moines, IA.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Triplex layout with duplex plus separate single‑family home; Two 2‑bedroom units plus one 1‑bedroom unit; 0.1545‑acre lot at 900 Morton Avenue, Des Moines, IA 50316
