Four-Unit
For Sale
$290,000
1148 36th Street, Des Moines, IA 50311
MultiFamily, Des Moines, IA
Property Size2,509 SF
Lot Size0.34 Acres
Price / SF$115.58
Days on Market8
Property Features for 1148 36th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3
Bedrooms
6
Rooms
Basement, Bedroom 3, Bedroom 1, Bedroom 2, Bedroom 6, Bedroom 4, Bedroom 5
Lot features
Corner Lot
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
123A on the left to merge, take exit 5B onto 42nd st, turn left onto 42nd, turn right onto university ave, turn right onto 36th st, destination on right.
Subdivision
Des Moines West
Standard status
Active
APN
09003305000000
Size
2,509 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Description
LOTS 14 & 15 KAUFFMAN PLACE
Tax Annual Amount
5297
Legal Description
LOTS 14 & 15 KAUFFMAN PLACE
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1907
Floors in Building
2
Number of units
4
Flooring type
Tile
Building materials
WoodSiding
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
RE/MAX Precision · RE/MAX International
(515) 223-9492
Listed By:
Gilbert Gonzales · License #S65157000
(641) 691-2642
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 8 at 8:06AM
MLS# 748477
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 2,509-square-foot quadplex contains four residential units: two with two bedrooms and one bathroom each, plus two with one bedroom and one bathroom each. The 1907 property features wood siding, tile flooring, a basement, shingle and asphalt roofing, and a combination of forced-air natural gas heat, central air, and window units.
Situated at 1148 36th Street in Des Moines, the property occupies 0.34 acres and is within walking distance of Drake college. Public water and public sewer serve the site, and the property carries R-3 zoning.
Situated at 1148 36th Street in Des Moines, the property occupies 0.34 acres and is within walking distance of Drake college. Public water and public sewer serve the site, and the property carries R-3 zoning.
Key Highlights
- Four‑unit property with two 2‑bedroom, 1‑bath units and two 1‑bedroom, 1‑bath units
- 2,509 square feet on 0.34 acres
- R‑3 zoning
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 - R-3-zoned property with a mix of one-bedroom and two-bedroom apartments.
Where is this quadplex located?
The property is located at 1148 36th Street 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 property with two 2‑bedroom, 1‑bath units and two 1‑bedroom, 1‑bath units; 2,509 square feet on 0.34 acres; R‑3 zoning
