Drake University Area Multifamily
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Drake University Area Multifamily
5 Residential Properties Offered at £3,133,200 in Des Moines, IA
Investment Highlights
- - 47 units across 5 buildings in very close proximity
- - Fully occupied, ensuring immediate income
- - About a Mile to Downtown and Interstate 235
- - Prime location in the thriving Des Moines area
- - Value-Add Opportunity by increasing rents, implementing RUBS and Laundry
Executive Summary
Introducing a significant multifamily investment in the popular Drake University Area of Des Moines, IA, Comprising 47 units spread across 5 buildings, this substantial offering provides a solid foundation for a multifamily investor seeking a stable and lucrative asset.
Notably, the property features ample off-street parking, a rare and highly desirable amenity in the Drake area, elevating its appeal to tenants and bolstering its overall value. The sellers, who have owned and operated these buildings for decades, have ensured their consistent upkeep and management, underscoring their reliability and the property's value.
The current month-to-month tenancy arrangement allows for an easy transition for the next owner to implement rent increases and optimize performance, with rents currently positioned below market rates. This presents an opportunity for substantial value enhancement, particularly through the addition of lucrative laundry services for tenants, the monetization of pet income, and the implementation of a RUBS (Ratio Utility Billing System) program, all of which contribute to enhanced revenue streams and long-term profitability.
Despite the current below-market rents, the tenant base is stable and reliable, providing a solid foundation for future growth and financial success.
Furthermore, the property has seen numerous upgrades, ensuring a modern and well-maintained living environment for residents. With its impressive capacity and value-added potential, this property represents an outstanding opportunity for investors to capitalize on the resilient multifamily market in Des Moines and unlock substantial long-term returns.
1359 24th Street - 12 Units
1337 24th Street - 3 Units
1340 23rd Street - 12 Units
1332 23rd Street - 8 Units
1411 22nd Street - 12 Units
Notably, the property features ample off-street parking, a rare and highly desirable amenity in the Drake area, elevating its appeal to tenants and bolstering its overall value. The sellers, who have owned and operated these buildings for decades, have ensured their consistent upkeep and management, underscoring their reliability and the property's value.
The current month-to-month tenancy arrangement allows for an easy transition for the next owner to implement rent increases and optimize performance, with rents currently positioned below market rates. This presents an opportunity for substantial value enhancement, particularly through the addition of lucrative laundry services for tenants, the monetization of pet income, and the implementation of a RUBS (Ratio Utility Billing System) program, all of which contribute to enhanced revenue streams and long-term profitability.
Despite the current below-market rents, the tenant base is stable and reliable, providing a solid foundation for future growth and financial success.
Furthermore, the property has seen numerous upgrades, ensuring a modern and well-maintained living environment for residents. With its impressive capacity and value-added potential, this property represents an outstanding opportunity for investors to capitalize on the resilient multifamily market in Des Moines and unlock substantial long-term returns.
1359 24th Street - 12 Units
1337 24th Street - 3 Units
1340 23rd Street - 12 Units
1332 23rd Street - 8 Units
1411 22nd Street - 12 Units
Taxes & Operating Expenses (Pro forma - 2025) Click Here to Access |
Annual |
---|---|
Gross Rental Income | $99,999 |
Other Income | $99,999 |
Vacancy Loss | $99,999 |
Effective Gross Income | $99,999 |
Taxes | $99,999 |
Operating Expenses | $99,999 |
Total Expenses | $99,999 |
Net Operating Income | $99,999 |
Taxes & Operating Expenses (Pro forma - 2025) Click Here to Access
Gross Rental Income | |
---|---|
Annual | $99,999 |
Other Income | |
---|---|
Annual | $99,999 |
Vacancy Loss | |
---|---|
Annual | $99,999 |
Effective Gross Income | |
---|---|
Annual | $99,999 |
Taxes | |
---|---|
Annual | $99,999 |
Operating Expenses | |
---|---|
Annual | $99,999 |
Total Expenses | |
---|---|
Annual | $99,999 |
Net Operating Income | |
---|---|
Annual | $99,999 |
Property Facts
Price | £3,133,200 | Number of Properties | 5 |
Price / SF | £77.04 / SF | Individually For Sale | 0 |
Net Initial Yield | 5.96% | Total Building Size | 40,669 SF |
Sale Type | Investment | Total Land Area | 1.77 AC |
Status | Active |
Price | £3,133,200 |
Price / SF | £77.04 / SF |
Net Initial Yield | 5.96% |
Sale Type | Investment |
Status | Active |
Number of Properties | 5 |
Individually For Sale | 0 |
Total Building Size | 40,669 SF |
Total Land Area | 1.77 AC |
Properties
Property Name / Address | Property Type | Size | Year Built | Individual Price |
---|---|---|---|---|
1411 22nd St, Des Moines, IA 50311 | Residential | 9,570 SF | 1971 | - |
1340 23rd St, Des Moines, IA 50311 | Residential | 11,829 SF | 1968 | - |
1337 24th St, Des Moines, IA 50311 | Residential | 4,876 SF | 1897 | - |
1332 23rd St, Des Moines, IA 50311 | Residential | 5,130 SF | 1965 | - |
1359 24th St, Des Moines, IA 50311 | Residential | 9,264 SF | 1967 | - |
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Drake University Area Multifamily
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