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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

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
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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  • Listing ID: 34175520

  • Date on Market: 12/12/2024

  • Last Updated:

  • Address: Drake University Area Multifamily, Des Moines, IA

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