Four-Unit Apartment
New
For Sale
$290,000
1148 36th St, Des Moines, IA 50311
A four-unit layout combines one- and two-bedroom residences within walking distance of Drake college.
Property Size2,509 SF
Price / SF$115.58
Days on Market2
Property Features for 1148 36th St
General Information
Standard status
Active
Size
2,509 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$49,800
Building Details
Year Built
1907
Listing Agency:
RE/MAX Precision
Listed By:
Gilbert Gonzales · License #S65157000
(641) 691-2642
Source:
Dsmsold
Added: Sep 7
Last Checked: Sep 7 at 2:59PM
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 RE/MAX Precision
Investment Insights
Based on property information with market context.
This 2,509 SF fourplex in Des Moines contains four residential units with a two-bedroom, one-bath configuration in two units and a one-bedroom, one-bath configuration in the remaining two. The property was built in 1907 and offers a clearly defined mix for multifamily ownership.
Located at 1148 36th St, the property is within walking distance of Drake college. Its established residential layout and four-unit configuration provide a straightforward basis for evaluating a small multifamily asset.
Located at 1148 36th St, the property is within walking distance of Drake college. Its established residential layout and four-unit configuration provide a straightforward basis for evaluating a small multifamily asset.
Key Highlights
- Four‑unit multifamily property
- Two 2‑bedroom, 1‑bath units
- Two 1‑bedroom, 1‑bath units
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
$23,408
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
8.07%
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%
$468,160
$468.2K
Cap Rate 7%
$334,400
$334.4K
Cap Rate 9%
$260,089
$260.1K
Market Conditions
NOI Build-Up for 2,509 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
$34.6K $13.80/SF
− Vacancy
−$1.2K −$0.47/SF
EGI
$33.4K $13.33/SF
− OpEx
−$10.0K −$4.00/SF
NOI
$23.4K $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%
$468,160
Cap Rate 7%
$334,400
Cap Rate 9%
$260,089
Alternative Uses
Best Use
Multifamily LT 5
$334.4K
$292.6K – $390.1K
NOI $23,408 @ 7.0% cap · market cap 8.07%
Second Best
Apartment 5plus
$298.7K
$261.4K – $348.5K
NOI $20,912 @ 7.0% cap · market cap 7.21%
Theoretical Best
Office A
$617.9K
$540.7K – $720.9K
NOI $43,254 @ 7.0% cap · market cap 14.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
594
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 - A four-unit layout combines one- and two-bedroom residences within walking distance of Drake college.
Where is this quadplex located?
The property is located at 1148 36th St Des Moines, IA.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Four‑unit multifamily property; Two 2‑bedroom, 1‑bath units; Two 1‑bedroom, 1‑bath units
