Renovated Triplex with Garage
For Sale
$300,000
Pending
1112 27th Street, Des Moines, IA 50311
MULTI_FAMILY - Other - Des Moines, IA
Property Size1,900 SF
Lot Size0.13 Acres
Days on Market48
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
Basement, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1, Bathroom 3
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 1
Last Checked: Aug 12 at 8:06PM
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 fully renovated triplex includes a basement and garage parking, with central air and natural gas heating. The basement has egress windows already in place. Kitchens and appliances have been updated, and the home is equipped with a refrigerator, microwave, and stove.
Recent major updates were completed within the last five years, including the roof, A/C, windows, vinyl siding, and LVP flooring. Construction materials include vinyl siding, and the roof is asphalt shingle. The property is served by public water and public sewer.
Set on a 0.132-acre lot and totaling 1,900 square feet, the building dates to 1898 and offers three bedrooms across the unit layout, along with multiple bathrooms. It is located about one block from Drake.
Recent major updates were completed within the last five years, including the roof, A/C, windows, vinyl siding, and LVP flooring. Construction materials include vinyl siding, and the roof is asphalt shingle. The property is served by public water and public sewer.
Set on a 0.132-acre lot and totaling 1,900 square feet, the building dates to 1898 and offers three bedrooms across the unit layout, along with multiple bathrooms. It is located about one block from Drake.
Key Highlights
- Fully renovated triplex with basement egress windows and garage parking
- Major updates within the last five years: roof, A/C, windows, vinyl siding, and LVP flooring
- Updated kitchens and appliances, including refrigerator, microwave, and stove
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
Multi-tenant
Tenancy
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 - Fully renovated triplex zoned N5, about one block from Drake, with central air and garage parking.
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: Fully renovated triplex with basement egress windows and garage parking; Major updates within the last five years: roof, A/C, windows, vinyl siding, and LVP flooring; Updated kitchens and appliances, including refrigerator, microwave, and stove
