6-Unit Apartment
For Sale
$270,000
1072 27th Street, Des Moines, IA 50311
MultiFamily, Des Moines, IA
Property Size2,769 SF
Lot Size0.16 Acres
Price / SF$97.51
Days on Market30
Property Features for 1072 27th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1-60
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 3, Bedroom 5, Bathroom 2, Bathroom 3, Bathroom 5, Basement, Bathroom 1, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 2
Parking features
Garage
Appliances
Refrigerator
Lot features
Rectangular Lot
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
University Ave to 27th St, then south 3 blocks to home on the west.
Subdivision
Des Moines West
Standard status
Active
APN
03005016000000
Size
2,769 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
E 1/2 LOT 268 UNIVERSITY LAND COS 1ST ADDITION
Tax Annual Amount
3720
Legal Description
E 1/2 LOT 268 UNIVERSITY LAND COS 1ST ADDITION
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Building materials
MetalSiding
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Iotis Realty, LLC
(888) 554-6847
Listed By:
Scott Leff
(515) 669-0923
Added: Aug 5
Changed: Sep 3
Last Checked: Sep 3 at 9:06PM
MLS# 746749
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 six-unit apartment property includes 2,769 square feet on a 0.159-acre lot. One unit is undergoing remodeling, while the remaining five units are occupied. The building dates to 1900 and features metal siding, an asphalt shingle roof, forced-air natural gas heat, public water, and public sewer. A garage provides on-site parking, and a refrigerator is included among the appliances.
The property is located at 1072 27th Street in Des Moines, within the Drake neighborhood and near Drake University. Its setting offers proximity to the university and access to the area's walkable and bike-friendly environment. R1-60 zoning applies to the parcel.
The property is located at 1072 27th Street in Des Moines, within the Drake neighborhood and near Drake University. Its setting offers proximity to the university and access to the area's walkable and bike-friendly environment. R1-60 zoning applies to the parcel.
Key Highlights
- Six‑unit apartment property with 2,769 square feet of building area
- One unit is being remodeled; five units are occupied
- 0.159‑acre lot in Des Moines’ Drake neighborhood
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
$23,079
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
8.55%
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%
$461,580
$461.6K
Cap Rate 7%
$329,700
$329.7K
Cap Rate 9%
$256,433
$256.4K
Market Conditions
NOI Build-Up for 2,769 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
$43.5K $15.72/SF
− Vacancy
−$1.6K −$0.57/SF
EGI
$42.0K $15.15/SF
− OpEx
−$18.9K −$6.82/SF
NOI
$23.1K $8.33/SF
Area
Des Moines, IA
Vacancy
3.60%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$461,580
Cap Rate 7%
$329,700
Cap Rate 9%
$256,433
Alternative Uses
Best Use
Apartment 5plus
$329.7K
$288.5K – $384.7K
NOI $23,079 @ 7.0% cap · market cap 8.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$682.0K
$596.7K – $795.6K
NOI $47,737 @ 7.0% cap · market cap 17.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
Explore this area
Business Placement
Demographics for 50311, IA
14,782
Population
7,180
Households
2.1
Avg Household Size
30
Median Age
41%
College-Educated
94%
High-School Grad
2.6 sq mi
ZIP Area
5,685
Density / Sq Mi
$63,233
Median Household Income
$35,086
Median Earnings
$1,019
Median Rent
$228,000
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?
Apartment building - Six-unit property near Drake University with one residence under renovation and five occupied units.
Where is this apartment building located?
The property is located at 1072 27th Street Des Moines, IA.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Six‑unit apartment property with 2,769 square feet of building area; One unit is being remodeled; five units are occupied; 0.159‑acre lot in Des Moines’ Drake neighborhood
