Renovated Triplex Near
For Sale
$300,000
Pending
1112 27th St, Des Moines, IA 50311
Recent building improvements include updated kitchens, appliances, windows, siding, flooring, roof, and air conditioning.
Property Size1,900 SF
Days on Market48
Property Features for 1112 27th St
General Information
Standard status
Pending
Size
1,900 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,616
Building Details
Buildings
1
Listing Agency:
Iowa Realty Beaverdale
(515) 453-5760
Listed By:
Allen Lundgren
(515) 453-5760
Source:
Exprealty
Added: Jun 26
Changed: Aug 9
Last Checked: Aug 11 at 10:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Iowa Realty Beaverdale
Investment Insights
Based on property information with market context.
This 1,900-square-foot triplex at 1112 27th St features renovations completed within 5 years, including a replacement roof, air-conditioning updates, newer windows, vinyl siding, LVP flooring, and refreshed kitchens with updated appliances. The property also includes a basement with egress windows already installed and garage parking that may support additional rental income. Coin-operated laundry could be added as another potential improvement.
Located 1 block from Drake, the property has an established rental history and presents a three-unit configuration for an income-producing residential asset. The improvements and existing features provide a straightforward operating profile while leaving defined options for further enhancement.
Located 1 block from Drake, the property has an established rental history and presents a three-unit configuration for an income-producing residential asset. The improvements and existing features provide a straightforward operating profile while leaving defined options for further enhancement.
Key Highlights
- Triplex with 1,900 square feet of property size
- Renovations completed within 5 years
- Updated roof, A/C, windows, vinyl siding, and LVP flooring
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
$17,726
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
5.91%
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%
$354,520
$354.5K
Cap Rate 7%
$253,229
$253.2K
Cap Rate 9%
$196,956
$197.0K
Market Conditions
NOI Build-Up for 1,900 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
$26.2K $13.80/SF
− Vacancy
−$897 −$0.47/SF
EGI
$25.3K $13.33/SF
− OpEx
−$7.6K −$4.00/SF
NOI
$17.7K $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%
$354,520
Cap Rate 7%
$253,229
Cap Rate 9%
$196,956
Alternative Uses
Best Use
Multifamily LT 5
$253.2K
$221.6K – $295.4K
NOI $17,726 @ 7.0% cap · market cap 5.91%
Second Best
Apartment 5plus
$226.2K
$198.0K – $263.9K
NOI $15,836 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$467.9K
$409.4K – $545.9K
NOI $32,755 @ 7.0% cap · market cap 10.92%
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
667
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
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Frequently Asked Questions
What type of property is this?
Triplex - Recent building improvements include updated kitchens, appliances, windows, siding, flooring, roof, and air conditioning.
Where is this triplex located?
The property is located at 1112 27th St Des Moines, IA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Triplex with 1,900 square feet of property size; Renovations completed within 5 years; Updated roof, A/C, windows, vinyl siding, and LVP flooring
