Four-Unit Apartment
New
For Sale
$349,900
1240 32nd Street, Des Moines, IA 50311
MultiFamily, Des Moines, IA
Property Size2,492 SF
Lot Size0.29 Acres
Price / SF$140.41
Days on Market1
Property Features for 1240 32nd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
N5
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Basement, Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 4, Bedroom 5, Bedroom 1, Bedroom 6, Bathroom 2, Bathroom 3
Lot features
Rectangular Lot
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
University to 32nd, then north to property.
Subdivision
Des Moines N.West
Standard status
Active
APN
10010342001000
Size
2,492 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Description
E 171F LT 2 PERIGO PLACE
Tax Annual Amount
5655
Legal Description
E 171F LT 2 PERIGO PLACE
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
1915
Floors in Building
2
Number of units
4
Building materials
Brick
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
RE/MAX Precision · RE/MAX International
(515) 223-9492
Listed By:
Jonathan Musser · License #65659000
(515) 953-8466
Added: Oct 7
Last Checked: Oct 7 at 7:06PM
MLS# 750675
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 2,492-square-foot, four-unit apartment property contains two one-bedroom, one-bath units and two two-bedroom, one-bath units. The building dates to 1915 and has brick construction. Sewer and water lines have been updated; the property is connected to public water and public sewer.
The 0.294-acre property is next to Drake University in Des Moines. It is zoned N5 and has asphalt shingle roofing. Heating is forced air with natural gas; cooling includes central air and window units.
The 0.294-acre property is next to Drake University in Des Moines. It is zoned N5 and has asphalt shingle roofing. Heating is forced air with natural gas; cooling includes central air and window units.
Key Highlights
- Four apartments: two 1‑bedroom, 1‑bath units and two 2‑bedroom, 1‑bath units
- 2,492 square feet on 0.294 acres
- Updated sewer and water lines; public water and public sewer
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.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
480
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - The apartment mix includes one- and two-bedroom layouts, with updated sewer and water lines.
Where is this quadplex located?
The property is located at 1240 32nd Street 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 apartments: two 1‑bedroom, 1‑bath units and two 2‑bedroom, 1‑bath units; 2,492 square feet on 0.294 acres; Updated sewer and water lines; public water and public sewer
