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1120 5th St 8 Unit Apartment Building $925,000 ($115,625/Unit) 7.57% Cap Rate West Des Moines, IA 50265
Investment Highlights
- Strong Upside in Current Condition!
- Great Location & Well-Maintained!
- Capture Loss to Lease & Improve Operations
- Very large & rare units
Executive Summary
Rare West Des Moines investment opportunity! Two-story brick 8-plex apartment building. This property has 8 1,000 Sq. Ft. 2 bedroom, 2 bath units each with a large patio or deck and 6 detached electric garages. Each unit has a stove, dishwasher, refrigerator, and microwave. Coin operated laundry. Excellent opportunity with lots of upside. Current average rents are at $950 and market rents at $1,100. Long-term residents at $895 and the latest tenants at $995-1,025. Electric garage rent is at an average of $48 with market rents being $75-100. Beyond increasing cash flow, the long-term hold approach is the real appeal. West Des Moines is highly sought after and the appreciation is inevitable.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $925,000 | Apartment Style | Low-Rise |
| Price Per Unit | $115,625 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.91 AC |
| Cap Rate | 7.57% | Building Size | 8,806 SF |
| No. Units | 8 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1998 |
| Zoning | RM | ||
| Price | $925,000 |
| Price Per Unit | $115,625 |
| Sale Type | Investment |
| Cap Rate | 7.57% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.91 AC |
| Building Size | 8,806 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1998 |
| Zoning | RM |
Amenities
Unit Amenities
- Air Conditioning
- Wheelchair Accessible (Rooms)
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 8 | - | 1,000 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
20/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 320-04115076000 | Total Assessment | $1,170,000 (2025) |
| Land Assessment | $183,000 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $987,000 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
320-04115076000
Land Assessment
$183,000 (2025)
Improvements Assessment
$987,000 (2025)
Total Assessment
$1,170,000 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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1120 5th St
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