Two-Story Brick 8-Unit Apartment
For Sale
Contact for pricing
1120 5th St, West Des Moines, IA 50265
Brick multifamily property with private outdoor space, detached garages, and on-site coin-operated laundry.
Property Size8,806 SF
Price / SF$105.04
Days on Market146
Property Features for 1120 5th St
General Information
Standard status
Active
Size
8,806 SF
Class
B
Total Parking Spaces
6
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Units
Unit Mix
8 x 2BR/2BA
Multifamily Units
8
Additional Details
Average Monthly Rent
$950
Amenities
patio or deck
coin operated laundry
Building Details
Year Built
1998
Buildings
1
Stories
2
Units
8
Construction
brick
Listing Agency:
Midwest Investment Brokers
Listed By:
Chandler Martin · License #IA B65013000
Source:
Crexi
Added: Apr 7
Changed: Aug 29
Last Checked: Aug 29 at 9:02PM
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.
Built in 1998, this two-story brick apartment property contains eight 1,000-square-foot residences, each configured with two bedrooms, two bathrooms, and a patio or deck. The units include stoves, dishwashers, refrigerators, and microwaves. Shared coin-operated laundry serves the building, while six detached electric garages provide additional onsite storage and parking options.
The property encompasses 8,806 square feet at 1120 5th St in West Des Moines, Iowa. Its apartment layout, individual outdoor areas, appliance packages, garage inventory, and laundry facility create a defined multifamily configuration for continued rental use.
The property encompasses 8,806 square feet at 1120 5th St in West Des Moines, Iowa. Its apartment layout, individual outdoor areas, appliance packages, garage inventory, and laundry facility create a defined multifamily configuration for continued rental use.
Key Highlights
- Eight 1,000 Sq. Ft. units with 2 bedrooms and 2 baths each
- Two‑story brick apartment building constructed in 1998
- Six detached electric garages
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
$68,291
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
7.38%
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%
$1,365,820
$1.4M
Cap Rate 7%
$975,586
$975.6K
Cap Rate 9%
$758,789
$758.8K
Market Conditions
NOI Build-Up for 8,806 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
$132.1K $15.00/SF
− Vacancy
−$7.9K −$0.90/SF
EGI
$124.2K $14.10/SF
− OpEx
−$55.9K −$6.35/SF
NOI
$68.3K $7.76/SF
Area
Polk County, IA
Vacancy
6.00%
Lease Rate
$15.00 /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%
$1,365,820
Cap Rate 7%
$975,586
Cap Rate 9%
$758,789
Alternative Uses
Best Use
Apartment 5plus
$975.6K
$853.6K – $1.14M
NOI $68,291 @ 7.0% cap · market cap 7.38%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$8.48M
$7.42M – $9.89M
NOI $593,384 @ 7.0% cap · market cap 64.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
776
Businesses Nearby
Explore this area
Business Placement
Demographics for 50265, IA
32,187
Population
15,104
Households
2.1
Avg Household Size
38
Median Age
48%
College-Educated
95%
High-School Grad
19.3 sq mi
ZIP Area
1,668
Density / Sq Mi
$84,588
Median Household Income
$49,785
Median Earnings
$1,065
Median Rent
$267,600
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?
Apartment building - Brick multifamily property with private outdoor space, detached garages, and on-site coin-operated laundry.
Where is this apartment building located?
The property is located at 1120 5th St West Des Moines, IA.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Eight 1,000 Sq. Ft. units with 2 bedrooms and 2 baths each; Two‑story brick apartment building constructed in 1998; Six detached electric garages
