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Des Moines Fourplex Investment Opportunity

1148 36th Street, Des Moines, IA 50311

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For Sale

$310,000

MULTI_FAMILY - Other - Des Moines, IA

Property size:

2,509 SF

Lot size:

0.34 Acres

Price / SF:

$123/SF

HighLights

High Gross Annual Income: $49,800/year gross income before expenses.
Prime Location: Walking distance to Drake college.
Investment Opportunity: Solid real estate investment as a 4plex.
Unit Mix: Features a mix of (2) 2‑bed, 1‑bath units and (2) 1‑bed, 1‑bath units.
House Hack Potential: Suitable for owner‑occupancy with a low down payment (3‑5%).
Comes with essential appliances (Dryer, Refrigerator, Stove, Washer).

We can help!

Listing Contact

Gilbert Gonzales

For Sale

$310,000

MULTI_FAMILY - Other - Des Moines, IA

Property size:

2,509 SF

Lot size:

0.34 Acres

Price / SF:

$123/SF

Added:: Jan 26, 2026
Days on Market:: 145
Last Refresh:: Jun 20 at 10:06 am

Property Features for 1148 36th Street

General Information

Property type: Residential Multi Family
Property subtype: Other
Zoning: R-3
Bedrooms: 6
Rooms: Bedroom 3, Bedroom 5, Bedroom 4, Bedroom 2, Basement, Bedroom 6, Bedroom 1
Appliances: Dryer, Refrigerator, Stove, Washer
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

Utilities

Sewer type: Public Sewer
Heating system: Natural Gas, Forced Air
Cooling system: Window Unit(s), Central Air
Water source: Public

Building Details

Year built: 1907
Floors in Building: 2
Number of units: 4
Building materials: WoodSiding
Roof type: Asphalt, Shingle
Architectural style: Other

We can help!

Listing Contact

Gilbert Gonzales

Listing agent Gilbert Gonzales License #S65157000

Listing office RE/MAX Precision 132 W Main St, Clive, IA

Listing date Jan 26, 2026

MLS# 733391 Listing URL

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.

HighLights

High Gross Annual Income: $49,800/year gross income before expenses.
Prime Location: Walking distance to Drake college.
Investment Opportunity: Solid real estate investment as a 4plex.
Unit Mix: Features a mix of (2) 2‑bed, 1‑bath units and (2) 1‑bed, 1‑bath units.
House Hack Potential: Suitable for owner‑occupancy with a low down payment (3‑5%).
Comes with essential appliances (Dryer, Refrigerator, Stove, Washer).

Overview

This fourplex in Des Moines presents an investment opportunity in a prime location. The property includes two units with two bedrooms and one bathroom each, and two units with one bedroom and one bathroom each. The gross annual income before expenses is $49,800. Situated within walking distance of Drake College, this property is suitable for investors seeking to expand their portfolio. It also offers potential as a house hack investment, with the possibility of owner occupancy with a down payment of approximately 3-5 percent. The property is zoned R-3 and has a lot size of 0.34 acres. The building has 2509 square feet of space.

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$34.6k	$13.80
− Vacancy	−$1.2k	−$0.47
EGI	$33.4k	$13.33
− OpEx	−$10.0k	−$4.00
NOI	$23.4k	$9.33

2,509 SF · lease $13.80/SF/yr · vacancy 3.42% · expense 30.00%

Alternative Uses

Best Use

Multifamily LT 5

$334.4K

$292.6K – $390.1K (±1% cap)

NOI $23,408 @ 7.0% cap · market cap 7.55%

Second Best

Apartment 5plus

$298.7K

$261.4K – $348.5K (±1% cap)

NOI $20,912 @ 7.0% cap · market cap 6.75%

Theoretical Best

Office A

$617.9K

$540.7K – $720.9K (±1% cap)

NOI $43,254 @ 7.0% cap · market cap 13.95%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Quadplexes

Suggested Use

Location Insight

Map
Local Demand

City: Des Moines
County: Polk
State: Iowa
Longitude: -93.665852
Latitude: 41.600096

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For sale
Quadplexes
IA
Des Moines
50311
1148 36th Street

What type of property is this?

Quadplex - Fourplex near Drake College, ideal for investors or owner-occupants.

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 $310,000.

What are key features of this property?

This property features: High Gross Annual Income: $49,800/year gross income before expenses.; Prime Location: Walking distance to Drake college.; Investment Opportunity: Solid real estate investment as a 4plex.

1148 36th Street, Des Moines, IA 50311

MULTI_FAMILY - Other - Des Moines, IA

Property Features for 1148 36th Street

General Information

Taxes and HOA fees

Utilities

Building Details

We can help!

HighLights

Overview

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Grand Avenue Multifamily Investment

Duplex Portfolio with Shared Drive

Updated Duplex with Bonus Space

Des Moines Multifamily Investment Opportunity

Side-by-Side Duplex Portfolio

Turnkey Multifamily Investment

Walkout Duplex with Rental Certificate

Duplex with Two Income Units

Spacious Ranch Home with Potential

Converted Victorian Five-Unit Property

Income-Producing Multifamily Property in Des Moines

Des Moines Duplex Investment Opportunity

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