1424 30th St 6 Unit Apartment Building $360,000 ($60,000/Unit) 7.41% Cap Rate Des Moines, IA 50311

This investor-ready six-unit apartment building at 1424 30th Street offers an exceptional opportunity to acquire a well-maintained multifamily asset in the heart of the highly desirable Drake neighborhood, one of the most consistently sought-after rental corridors in the Des Moines area. Strategically positioned near Drake University, major retail conveniences, and key transit routes, the property benefits from strong year-round tenant demand and stable occupancy trends.
The building features a balanced unit mix of four one-bedroom/one-bath units and two two-bedroom/one-bath units, appealing to a wide range of renters including students, young professionals, and long-term local residents. Current tenancy is stabilized, providing predictable in-place income from day one. Recent capital improvements, including new siding, a replacement roof, and upgraded windows, significantly reduce near-term maintenance costs and enhance both curb appeal and energy efficiency.
The property offers off-street parking located at the rear, an important amenity in this dense urban neighborhood, along with high visibility along a well-traveled corridor that positions the asset favorably for continued leasing success. From an investment standpoint, the property presents a compelling opportunity as a long-term hold or a 1031
exchange replacement, supported by the area’s steady rental performance and ongoing local development activity.
Additional upside exists through value-add strategies, particularly the potential to improve operating margins by transitioning owner-paid utilities to a tenant-responsibility model or implementing a RUBS program. With its strong fundamentals, attractive location, and operational upside, 1424 30th Street stands out as a reliable and versatile multifamily investment.