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    3516 SW 9th Street Des Moines, IA 50315

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    For Sale
    $225,000

    MULTI_FAMILY - Other - Des Moines, IA

    Property size:
    3,550 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $63/SF
    Added:
    Jan 8, 2026
    Days on Market:
    114
    Last Refresh:
    May 2 at 3:06 pm

    Property Features for 3516 SW 9th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RX1
    Bedrooms
    4
    Bathrooms
    1
    Rooms
    Bedroom 1, Bedroom 2, Basement, Bedroom 4, Bedroom 3, Bathroom 1
    Appliances
    Refrigerator, Stove
    Standard status
    Active
    APN
    01005885000000
    Size
    3,550 SF
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    -EX W 20F- LOT 333 WATROUS PARK PLAT 2
    Tax Annual Amount
    3187

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1910
    Floors in Building
    2
    Flooring type
    Laminate
    Building materials
    Brick, Stone, Stucco
    Roof type
    Shingle, Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Ryan Rivera
    Ryan Rivera

    Listing agent Ryan Rivera

    Listing office Zealty Home Advisors 2524 Post Street, West Des Moines, IA

    Listing date Jan 8, 2026

    MLS# 732544 Listing URL

    Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Historic Mixed-Use Property For Sale

    This mixed-use property, formerly a fire station and believed to have housed the Southside Library, offers both character and income potential. The ground-level commercial space features storefront visibility along a high-traffic corridor with over 17,000 vehicles per day. The layout allows for one larger business or two separate commercial spaces. Current tenants include a thrift shop and a bail bondsman. Upstairs, there are two 2-bedroom, 1-bath apartments, each offering large living rooms and open kitchens. Stove and refrigerator are included in both units. Recent updates include a new roof (2019) and three new furnaces and three new central air units installed in 2025. The property features separate gas and electric meters, private tenant parking, a current rental certificate, and is fully leased. The property is located in Des Moines, IA, and has a lot size of 0.149 acres. The building size is 3550 square feet. The zoning is RX1. Additional upside may be available through future improvement grants.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Marlee's Boutique (Bike/Boat/Book/etc) Store Barry Lowe Therapeutic ... Alternative Medicine Practice Eblen Bail Bonds Law Firm

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.626077
    Latitude
    41.552387

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    FAQs

    What type of property is this?
    Mixed-use property - Unique mixed-use property with commercial space and residential apartments.
    Where is this mixed-use property located?
    The property is located at 3516 SW 9th Street Des Moines, IA.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: Strong cash flow potential from fully leased commercial and residential units.; New roof (2019) and HVAC systems (2025) provide peace of mind.; High‑visibility commercial space on a high‑traffic corridor (17,000+ vehicles per day).
    (515) 554-5870
    We can help!
    Listing Contact
    Ryan Rivera
    Ryan Rivera
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    3516 SW 9th Street, Des Moines, IA 50315

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