1069-1075 33rd St, Des Moines 2 Multifamily Properties Offered at $915,000 in Des Moines, IA

This 14-unit multifamily asset features thirteen 2-bedroom units (800 SF) and one 1-bedroom unit (650 SF) across two adjacent buildings with 12 garages. Current average rents are $833/month with upside to $895/month, supported by nearby rent comps. Built in 1914 and 1968, the properties total approximately 10,523 SF and are located in a prime central Des Moines location near Drake University, major medical centers, schools, and employers.
At the new $915,000 asking price, the property offers a 7.97% proforma cap rate and an attractive basis of $65,357 per unit. Investors will benefit from reliable in-place income, rental growth potential, and long-term appreciation in one of the Midwest’s fastest-growing metros. Des Moines ranks among the nation’s top markets for affordability, quality of life, and business growth, making this opportunity an excellent fit for both local and out-of-state investors seeking stable cash flow with meaningful upside.