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1120 23rd St
Des Moines, IA 50311
Multifamily Property For Sale
·
6 Units
INVESTMENT HIGHLIGHTS
- Nearby retail amenities
- Secure key bad entry
- 4 of 6 units complete remodels
EXECUTIVE SUMMARY
PRICE REDUCED!!! $460,000
1120 23rd Street is strategically situated in Des Moines, IA just one mile from downtown and adjacent to Drake University. This prime location offers tenants convenient access to the city’s central business district and the university’s cultural and educational amenities. Des Moines serves as a major employment hub, home to leading employers such as Wells Fargo, Hy-Vee, Principal Financial Group, UnityPoint Health, MercyOne, and John Deere. The proximity to these major institutions enhances the property’s appeal to working professionals and university affiliates alike. Located just blocks from Interstate 235, this property offers excellent connectivity to the entire metro area. Ample on-site parking—an uncommon feature in the Drake neighborhood—adds further convenience and value. This central location attracts a diverse tenant base and offers strong upside in one of Des Moines’ most desirable submarkets
Current ownership has held and self-managed this property since acquiring the building in 2021. Over the past five years, they’ve made significant capital improvements, including 4 complete unit remodels, egress, stairs, fixtures, doors, and new gas meters and plumbing. The unit remodels include paint, flooring, cabinets, vanities, doors, fixtures, appliances, and lighting at an average of $12,000 per unit. All units are on 12-month leases, and 5 of the 6 units pay RUBs, Pet fees, and internet, ranging from $100-$130 per month of additional rental income. There is immediate upside potential at this property by finishing what the current ownership started and remodeling the remaining two units. New laundry machines were added to the property within the last 12 months.
1120 23rd Street is strategically situated in Des Moines, IA just one mile from downtown and adjacent to Drake University. This prime location offers tenants convenient access to the city’s central business district and the university’s cultural and educational amenities. Des Moines serves as a major employment hub, home to leading employers such as Wells Fargo, Hy-Vee, Principal Financial Group, UnityPoint Health, MercyOne, and John Deere. The proximity to these major institutions enhances the property’s appeal to working professionals and university affiliates alike. Located just blocks from Interstate 235, this property offers excellent connectivity to the entire metro area. Ample on-site parking—an uncommon feature in the Drake neighborhood—adds further convenience and value. This central location attracts a diverse tenant base and offers strong upside in one of Des Moines’ most desirable submarkets
Current ownership has held and self-managed this property since acquiring the building in 2021. Over the past five years, they’ve made significant capital improvements, including 4 complete unit remodels, egress, stairs, fixtures, doors, and new gas meters and plumbing. The unit remodels include paint, flooring, cabinets, vanities, doors, fixtures, appliances, and lighting at an average of $12,000 per unit. All units are on 12-month leases, and 5 of the 6 units pay RUBs, Pet fees, and internet, ranging from $100-$130 per month of additional rental income. There is immediate upside potential at this property by finishing what the current ownership started and remodeling the remaining two units. New laundry machines were added to the property within the last 12 months.
PROPERTY FACTS
| Price Per Unit | $70,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 8% | Building Size | 4,372 SF |
| Gross Rent Multiplier | 9.16 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1950/2021 |
| Property Subtype | Apartment | Parking Ratio | 1.37/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | N5 - N5 Neighborhood District Apartment | ||
| Price Per Unit | $70,000 |
| Sale Type | Investment |
| Cap Rate | 8% |
| Gross Rent Multiplier | 9.16 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 4,372 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1950/2021 |
| Parking Ratio | 1.37/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | N5 - N5 Neighborhood District Apartment |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Microwave
- Storage Space
- Washer/Dryer
- Heating
- Kitchen
- Oven
- Tub/Shower
- Wi-Fi
- Family Room
- Linen Closet
- Vinyl Flooring
SITE AMENITIES
- Controlled Access
- Laundry Facilities
- Security System
- Gas Range
- Wi-Fi
- Bicycle Storage
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | $775.00 | 470 - 650 |
PROPERTY TAXES
| Parcel Number | 030-01488000000 | Improvements Assessment | $279,900 |
| Land Assessment | $13,100 | Total Assessment | $293,000 |
PROPERTY TAXES
Parcel Number
030-01488000000
Land Assessment
$13,100
Improvements Assessment
$279,900
Total Assessment
$293,000
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