Renovated Triplex Near
For Sale
$300,000
Pending
1112 27th Street, Des Moines, IA 50311
MultiFamily, Des Moines, IA
Property Size1,900 SF
Lot Size0.13 Acres
Days on Market64
Property Features for 1112 27th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
N5
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bathroom 3, Bedroom 2
Parking features
Garage
Appliances
Microwave, Refrigerator, Stove
Lot features
Rectangular Lot
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
From University, south on 27th, building on west side of the street.
Subdivision
Des Moines N.West
Standard status
Pending
APN
03001389000000
Size
1,900 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
LOT 49 DRAKE UNIVERSITY ADD
Tax Annual Amount
3616
Legal Description
LOT 49 DRAKE UNIVERSITY ADD
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1898
Floors in Building
2
Building materials
VinylSiding
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Iowa Realty Beaverdale
(515) 453-5900
Listed By:
Allen Lundgren
(515) 453-5760
Added: Jun 26
Changed: Aug 19
Last Checked: Aug 28 at 11:06PM
MLS# 743994
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 1,900-square-foot triplex, built in 1898, includes three bedrooms, three bathrooms, and a basement. The property has received substantial updates within the past 5 years, including a roof, central A/C, windows, vinyl siding, and LVP flooring. Kitchens and appliances have also been updated, with a microwave, refrigerator, and stove included. Natural gas heating and public water and sewer serve the property.
Located 1 block from Drake in Des Moines, the property includes garage parking and sits on a 0.132-acre lot. The basement has egress windows, providing a defined feature for future use. The building’s current improvements include a shingle and asphalt roof, vinyl siding, central air, and garage parking.
Located 1 block from Drake in Des Moines, the property includes garage parking and sits on a 0.132-acre lot. The basement has egress windows, providing a defined feature for future use. The building’s current improvements include a shingle and asphalt roof, vinyl siding, central air, and garage parking.
Key Highlights
- Triplex with 1,900 square feet and three bedrooms
- Located 1 block from Drake in Des Moines
- Major updates completed within 5 years, including roof, A/C, windows, siding, and 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with updated kitchens, appliances, and major building systems.
Where is this triplex located?
The property is located at 1112 27th Street 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 and three bedrooms; Located 1 block from Drake in Des Moines; Major updates completed within 5 years, including roof, A/C, windows, siding, and flooring
