Quadplex Portfolio with
For Sale
Contact for pricing
1118 26th St, Des Moines, IA 50311
Two historic multifamily buildings provide varied unit configurations and in-unit laundry near the Drake campus.
Property Size6,111 SF
Price / SF$130.75
Days on Market151
Property Features for 1118 26th St
General Information
Standard status
Active
Size
6,111 SF
Class
C
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
1893
Year Renovated
2018
Units
6
Listing Agency:
Midwest Investment Brokers
Listed By:
Chandler Martin · License #IA B65013000
Source:
Crexi
Added: Apr 2
Changed: Aug 30
Last Checked: Aug 30 at 2:48AM
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 Midwest Investment Brokers
Investment Insights
Based on property information with market context.
This multifamily portfolio combines a four-unit property at 1118 26th St with a duplex at 1120 26th St. The four-unit building contains one studio, two one-bedroom units, and one two-bedroom unit. The duplex provides six bedrooms and three bathrooms on each side, along with in-unit laundry. Both buildings date to 1893 and total approximately 6,111 SF, including approximately 1,930 SF at 1118 and 4,181 SF at 1120.
The properties are in Des Moines’ Drake Neighborhood, within a one- to two-minute walk of Drake Campus. Medical centers, schools, and major employers are identified in the surrounding area. The portfolio can be acquired together or separately, and the property information reports a 7.3% proforma cap rate.
The properties are in Des Moines’ Drake Neighborhood, within a one- to two-minute walk of Drake Campus. Medical centers, schools, and major employers are identified in the surrounding area. The portfolio can be acquired together or separately, and the property information reports a 7.3% proforma cap rate.
Key Highlights
- Four‑unit building plus duplex offered together or separately
- 1118 26th St includes one studio, two 1‑Beds, and a 2‑Bedroom unit
- 1120 26th St has 6 bedrooms and 3 bathrooms on each side, with in‑unit laundry
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
$57,013
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
7.14%
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%
$1,140,260
$1.1M
Cap Rate 7%
$814,471
$814.5K
Cap Rate 9%
$633,478
$633.5K
Market Conditions
NOI Build-Up for 6,111 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
$84.3K $13.80/SF
− Vacancy
−$2.9K −$0.47/SF
EGI
$81.4K $13.33/SF
− OpEx
−$24.4K −$4.00/SF
NOI
$57.0K $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%
$1,140,260
Cap Rate 7%
$814,471
Cap Rate 9%
$633,478
Alternative Uses
Best Use
Multifamily LT 5
$814.5K
$712.7K – $950.2K
NOI $57,013 @ 7.0% cap · market cap 7.14%
Second Best
Apartment 5plus
$727.6K
$636.7K – $848.9K
NOI $50,934 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,352 @ 7.0% cap · market cap 13.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Quadplex - Two historic multifamily buildings provide varied unit configurations and in-unit laundry near the Drake campus.
Where is this quadplex located?
The property is located at 1118 26th St Des Moines, IA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Four‑unit building plus duplex offered together or separately; 1118 26th St includes one studio, two 1‑Beds, and a 2‑Bedroom unit; 1120 26th St has 6 bedrooms and 3 bathrooms on each side, with in‑unit laundry
