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Des Moines Triplex Investment Opportunity

1206 39th Street Des Moines, IA 50311

1206 39th Street, Des Moines, IA, 50311

$225,000

For Sale

$225,000

Prime rental property near Drake University with renewed rental license.

Property Size1,964 SF

Price / SF$114.56

AddedJul 24, 2025

Days on Market357

Last RefreshMay 19 at 8:41 pm

Property Features for 1206 39th Street

General Information

Standard status: Active
Size: 1,964 SF
Property subtype: Multi-Family

Building Details

Year Built: 1918

Listing office Greater Des Moines

Listing date Jul 24, 2025

Source Kw

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 Greater Des Moines

Investment Insights

Based on property information with market context.

This property is a triplex located in a sought-after Des Moines neighborhood, situated just west of the Drake University Campus. It is currently operating with two long-term leases and one furnished short-term rental, generating a gross monthly rental income of $2636. The property benefits from a renewed rental license. A new roof was installed in 2021. Units 1 and 2 have been updated within the past two years. The property is located in a high-demand rental area, with convenient access to local amenities, schools, and public transportation. The property offers cash flow potential with minimal maintenance concerns due to recent updates. The building size is 1964 square feet.

Key Highlights

Prime rental property in a sought‑after Des Moines neighborhood near Drake University.
Excellent cash flow potential with minimal maintenance concerns due to recent updates.
Currently has 2 long‑term leases and 1 furnished short‑term rental in place.

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$27.1k	$13.80
− Vacancy	−$927	−$0.47
EGI	$26.2k	$13.33
− OpEx	−$7.9k	−$4.00
NOI	$18.3k	$9.33

1,964 SF · lease $13.80/SF/yr · vacancy 3.42% · expense 30.00%

Alternative Uses

Best Use

Multifamily LT 5

$261.8K

$229.0K – $305.4K (±1% cap)

NOI $18,323 @ 7.0% cap · market cap 8.14%

Second Best

Apartment 5plus

$233.8K

$204.6K – $272.8K (±1% cap)

NOI $16,369 @ 7.0% cap · market cap 7.28%

Theoretical Best

Office A

$483.7K

$423.2K – $564.3K (±1% cap)

NOI $33,859 @ 7.0% cap · market cap 15.05%

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

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Triplexes

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For sale
Triplexes
IA
Des Moines
50311
1206 39th Street Des

What type of property is this?

Triplex - Prime rental property near Drake University with renewed rental license.

Where is this triplex located?

The property is located at 1206 39th Street Des Moines, IA.

What is the asking price?

The asking price for this property is $225,000.

What are key features of this property?

This property features: Prime rental property in a sought‑after Des Moines neighborhood near Drake University.; Excellent cash flow potential with minimal maintenance concerns due to recent updates.; Currently has 2 long‑term leases and 1 furnished short‑term rental in place.