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    Income Property Near Drake University

    1175 21st Street Des Moines, IA 50311

    1175 21st Street, Des Moines, IA, 50311
    $210,000
    For Sale
    Claim this Listing
    $210,000

    MULTI_FAMILY - Other - Des Moines, IA

    Property Size1,568 SF
    Lot Size0.21 Acres
    Price / SF$133.93
    AddedNov 6, 2025
    Days on Market252
    Last RefreshJul 16 at 2:06 am

    Property Features for 1175 21st Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Zoning
    N5-4
    Bedrooms
    6
    Bathrooms
    3
    Rooms
    Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 5, Bedroom 6, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 3
    Parking features
    Garage
    Appliances
    Refrigerator, Stove
    Standard status
    Active
    APN
    03005120001000
    Size
    1,568 SF
    Lot size
    0.21 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    LOT 9 & S 20F LOT 10 T M WALKERS ELM GROVE ADD
    Tax Annual Amount
    2182

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1909
    Flooring type
    Carpet, Vinyl, Laminate
    Building materials
    VinylSiding
    Roof type
    Shingle, Asphalt
    Architectural style
    Other

    Listing agent Ayeesha Ali License #S66701000

    Listing office RE/MAX Concepts 905 W Bridge Rd, IA

    Listing date Nov 6, 2025

    MLS# 729944 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.

    Investment Insights

    Based on property information with market context.

    This two-story duplex presents an investment opportunity near the Drake University campus. The property includes two units: one with 2 bedrooms and 1 bath, and another with 4 bedrooms and 2 baths. The layout is suitable for student housing or multi-generational living. Both units have access to a shared basement, which includes laundry hookups and storage space. The property, situated on a 0.209-acre lot, has a total area of 1568 square feet and is located in Des Moines, Iowa. The zoning is N5-4. The property holds a current rental certificate, making it an income-producing opportunity.

    Key Highlights

    • Two‑story duplex near Drake University with 2‑bedroom/1‑bath Unit 1 and 4‑bedroom/2‑bath Unit 2
    • Both units share the basement with laundry hookups and ample storage space
    • Current rental certificate in place

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $21.6k $13.80
    − Vacancy −$740 −$0.47
    EGI $20.9k $13.33
    − OpEx −$6.3k −$4.00
    NOI $14.6k $9.33
    1,568 SF · lease $13.80/SF/yr · vacancy 3.42% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $209.0K
    $182.9K – $243.8K (±1% cap)
    NOI $14,629 @ 7.0% cap · market cap 6.97%
    Second Best
    Apartment 5plus
    $186.7K
    $163.4K – $217.8K (±1% cap)
    NOI $13,069 @ 7.0% cap · market cap 6.22%
    Theoretical Best
    Office A
    $386.2K
    $337.9K – $450.5K (±1% cap)
    NOI $27,032 @ 7.0% cap · market cap 12.87%
    Zoning and permitted uses should be independently verified with local authorities.

    Property Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm HVAC Service Building Supply Big Box & Wholesale Store Accounting Firm Kitchen & Bath Showroom Computer & Electronic Repair Furniture & Home Goods Storage Facility

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

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    FAQs

    What type of property is this?
    Duplex - Spacious duplex near Drake University with strong rental potential.
    Where is this duplex located?
    The property is located at 1175 21st Street Des Moines, IA.
    What is the asking price?
    The asking price for this property is $210,000.
    What are key features of this property?
    This property features: Two‑story duplex near Drake University with 2‑bedroom/1‑bath Unit 1 and 4‑bedroom/2‑bath Unit 2; Both units share the basement with laundry hookups and ample storage space; Current rental certificate in place
    Contact an agent
    (515) 984-0222
    We can help!
    Contact an agent
    Ayeesha Ali
    Ayeesha Ali
    Real Estate License ID: S66701000
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