Four-Unit Rental
For Sale
$349,900
1240 32nd St, Des Moines, IA 50311
Updated water and sewer lines serve a four-unit property near Drake University.
Property Size2,492 SF
Price / SF$140.41
Days on Market40
Property Features for 1240 32nd St
General Information
Standard status
Active
Size
2,492 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Drake
Units
Unit Mix
2 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
4
Building Details
Year Built
1915
Listing Agency:
RE/MAX Precision
Listed By:
Jonathan Musser (515) 953-8466 · License #65659000
(515) 953-8466
Source:
Desmoineshomesforsale
Added: Sep 18
Changed: Oct 26
Last Checked: Oct 26 at 3:28PM
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
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Investment Insights
Based on property information with market context.
Built in 1915, this four-unit residential property contains 2,492 square feet. The layout includes two 2-bedroom, 1-bath units and two 1-bedroom, 1-bath units. Water and sewer lines have been updated.
The property is next to Drake University at 1240 32nd St in Des Moines, Iowa.
The property is next to Drake University at 1240 32nd St in Des Moines, Iowa.
Key Highlights
- Four units: two 2‑bedroom, 1‑bath units and two 1‑bedroom, 1‑bath units
- 2,492 square feet
- Updated water and sewer lines
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,249
Cap Rate
6.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$464,980
$465.0K
Cap Rate 7%
$332,129
$332.1K
Cap Rate 9%
$258,322
$258.3K
Market Conditions
NOI Build-Up for 2,492 SF
Gross rent
$34.4K $13.80/SF
− Vacancy
−$1.2K −$0.47/SF
EGI
$33.2K $13.33/SF
− OpEx
−$10.0K −$4.00/SF
NOI
$23.2K $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 Rate 5%
$464,980
Cap Rate 7%
$332,129
Cap Rate 9%
$258,322
Alternative Uses
Best Use
Multifamily LT 5
$332.1K
$290.6K – $387.5K
NOI $23,249 @ 7.0% cap · market cap 6.64%
Second Best
Apartment 5plus
$296.7K
$259.6K – $346.2K
NOI $20,770 @ 7.0% cap · market cap 5.94%
Theoretical Best
Office A
$613.7K
$537.0K – $716.0K
NOI $42,961 @ 7.0% cap · market cap 12.28%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
480
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Updated water and sewer lines serve a four-unit property near Drake University.
Where is this quadplex located?
The property is located at 1240 32nd St Des Moines, IA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Four units: two 2‑bedroom, 1‑bath units and two 1‑bedroom, 1‑bath units; 2,492 square feet; Updated water and sewer lines
