Renovated Quadplex Near
For Sale
$405,000
1123 24th St Des, Des Moines, IA 50311
Four occupied apartments with updated building systems, coin-operated laundry, security, and tenant parking near Drake University.
Property Size2,428 SF
Days on Market193
Property Features for 1123 24th St Des
General Information
Standard status
Active
Size
2,428 SF
Property subtype
MultiFamily Apartments
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
4
Amenities
coin-op laundry
security system
off-street parking
storage space
Building Details
Building Size
2,428 SF
Year Built
1904
Year Renovated
2022
Listing Agency:
Better Commercial - Remax Concepts
(319) 231-1160
Listed By:
Chase Keller · License #S63136000
(319) 231-1160
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 9:13PM
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 Better Commercial - Remax Concepts
Investment Insights
Based on property information with market context.
This four-unit property underwent a comprehensive renovation in 2022, including new separated heating, electrical, and plumbing systems, mechanical equipment, siding, windows, roofing, and porch improvements. The building also includes a security system, coin-operated laundry in the basement common area, storage space, and off-street parking for tenants. All units are currently occupied.
The property is near Drake University, with restaurants and entertainment within walking distance. Interstate 235 is approximately five blocks away, and downtown is about one mile from the building. The property is identified with a 7.62% cap rate, and additional income opportunities cited for the asset include basement storage and pet fees.
The property is near Drake University, with restaurants and entertainment within walking distance. Interstate 235 is approximately five blocks away, and downtown is about one mile from the building. The property is identified with a 7.62% cap rate, and additional income opportunities cited for the asset include basement storage and pet fees.
Key Highlights
- Four‑unit property fully renovated in 2022
- All units occupied and generating income
- New heating, electrical, plumbing, mechanicals, siding, windows, roof, and porch
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
$22,652
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
5.59%
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%
$453,040
$453.0K
Cap Rate 7%
$323,600
$323.6K
Cap Rate 9%
$251,689
$251.7K
Market Conditions
NOI Build-Up for 2,428 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
$33.5K $13.80/SF
− Vacancy
−$1.1K −$0.47/SF
EGI
$32.4K $13.33/SF
− OpEx
−$9.7K −$4.00/SF
NOI
$22.7K $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%
$453,040
Cap Rate 7%
$323,600
Cap Rate 9%
$251,689
Alternative Uses
Best Use
Multifamily LT 5
$323.6K
$283.2K – $377.5K
NOI $22,652 @ 7.0% cap · market cap 5.59%
Second Best
Apartment 5plus
$289.1K
$253.0K – $337.3K
NOI $20,237 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$598.0K
$523.2K – $697.6K
NOI $41,858 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
639
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?
Quadplex - Four occupied apartments with updated building systems, coin-operated laundry, security, and tenant parking near Drake University.
Where is this quadplex located?
The property is located at 1123 24th St Des Des Moines, IA.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: Four‑unit property fully renovated in 2022; All units occupied and generating income; New heating, electrical, plumbing, mechanicals, siding, windows, roof, and porch
