Three-Unit Multifamily
New
For Sale
$310,000
686 34th Street, Des Moines, IA 50312
MultiFamily, Des Moines, IA
Property Size1,993 SF
Lot Size0.14 Acres
Price / SF$155.54
Days on Market2
Property Features for 686 34th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1-60
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 3
Appliances
Dryer, Dishwasher, Microwave, Refrigerator, Stove, Washer
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
From Ingersoll Ave, go north on 34th St; property is on the west side just south of Pleasant St.
Subdivision
Des Moines West
Standard status
Active
APN
09005073000000
Size
1,993 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
E 100 FT LOT 130 MIDDLESEX
Tax Annual Amount
3702
Legal Description
E 100 FT LOT 130 MIDDLESEX
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Water source
Public
Amenities
laundry
off-street parking
gas boiler heat
window A/C units
deck
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Flooring type
Hardwood, Tile
Building materials
Stucco, VinylSiding
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
HomeCoin.com
Listed By:
Amy Jones
(888) 400-2513
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 2:06PM
MLS# 748283
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.
Investment Insights
Based on property information with market context.
This three-unit multifamily property contains approximately 1,993 square feet on a 0.138-acre lot. The furnished owner unit includes one bedroom along with a nonconforming office or bonus room. Across the property, updated kitchens and bathrooms, laundry facilities, hardwood and tile flooring, a deck, and off-street parking support the existing residential configuration. Appliances include ranges, refrigerators, dishwashers, microwaves, washers, and dryers. The building dates to 1900 and has stucco and vinyl siding, an asphalt shingle roof, natural gas service, window air-conditioning units, public water, and public sewer.
Located near Ingersoll in Des Moines, the property is zoned R1-60 and carries a city rental certificate valid through 4/30/28. The address is 686 34th Street, Des Moines, IA 50312.
Located near Ingersoll in Des Moines, the property is zoned R1-60 and carries a city rental certificate valid through 4/30/28. The address is 686 34th Street, Des Moines, IA 50312.
Key Highlights
- Three‑unit multifamily property with approximately 1,993 square feet
- 0.138‑acre lot in Des Moines, IA 50312
- City rental certificate valid through 4/30/28
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$18,594
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$371,880
$371.9K
Cap Rate 7%
$265,629
$265.6K
Cap Rate 9%
$206,600
$206.6K
Market Conditions
NOI Build-Up for 1,993 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$27.5K $13.80/SF
− Vacancy
−$941 −$0.47/SF
EGI
$26.6K $13.33/SF
− OpEx
−$8.0K −$4.00/SF
NOI
$18.6K $9.33/SF
Area
Des Moines, IA
Vacancy
3.42%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$371,880
Cap Rate 7%
$265,629
Cap Rate 9%
$206,600
Alternative Uses
Best Use
Multifamily LT 5
$265.6K
$232.4K – $309.9K
NOI $18,594 @ 7.0% cap · market cap 6.00%
Second Best
Apartment 5plus
$237.3K
$207.6K – $276.9K
NOI $16,611 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$490.8K
$429.5K – $572.7K
NOI $34,359 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,080
Businesses Nearby
Explore this area
Business Placement
Demographics for 50312, IA
15,485
Population
8,285
Households
1.9
Avg Household Size
40
Median Age
62%
College-Educated
98%
High-School Grad
5.6 sq mi
ZIP Area
2,765
Density / Sq Mi
$82,720
Median Household Income
$54,862
Median Earnings
$1,057
Median Rent
$274,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residence with updated kitchens, baths, laundry, and off-street parking near Ingersoll.
Where is this triplex located?
The property is located at 686 34th Street Des Moines, IA.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Three‑unit multifamily property with approximately 1,993 square feet; 0.138‑acre lot in Des Moines, IA 50312; City rental certificate valid through 4/30/28
