Investor-Ready Six-Unit Apartment
1424 30th St, Des Moines, IA 50311
Well-maintained multifamily asset in Des Moines' desirable Drake neighborhood.
Type:Multifamily
Property size:
3,851 SFPrice / SF:
$93/SF- Added:
- Feb 3, 2026
- Days on Market:
- 109
- Last Refresh:
- Mar 17 at 1:15 pm
Property Features for 1424 30th St
General Information
- Standard status
- Active
- Size
- 3,851 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1910
Listing agent Kaden Smith License #S73068000
Listing office York Companies
Listing date Feb 3, 2026
Source Crexi
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 York Companies
HighLights
- Prime location in the highly desirable Drake neighborhood, near Drake University, retail, and transit.
- Six‑unit building with a balanced mix of one- and two‑bedroom apartments appealing to a broad tenant base.
- Recent capital improvements (new siding, roof, windows) reduce maintenance costs and improve energy efficiency.
- Off‑street parking, a valuable amenity in a dense urban area.
- Stable occupancy and predictable in‑place income from day one.
- Potential for increased operating margins through utility optimization (RUBS or tenant‑paid utilities).
Overview
This investor-ready six-unit apartment building offers an exceptional opportunity to acquire a well-maintained multifamily asset in the heart of the highly desirable Drake neighborhood, one of the most consistently sought-after rental corridors in the Des Moines area. Strategically positioned near Drake University, major retail conveniences, and key transit routes, the property benefits from strong year-round tenant demand and stable occupancy trends. The building features a balanced unit mix of four one-bedroom/one-bath units and two two-bedroom/one-bath units, appealing to a wide range of renters including students, young professionals, and long-term local residents. Current tenancy is stabilized, providing predictable in-place income from day one. Recent capital improvements, including new siding, a replacement roof, and upgraded windows, significantly reduce near-term maintenance costs and enhance both curb appeal and energy efficiency. The property offers off-street parking located at the rear, an important amenity in this dense urban neighborhood, along with high visibility along a well-traveled corridor that positions the asset favorably for continued leasing success. From an investment standpoint, the property presents a compelling opportunity as a long-term hold or a 1031 exchange replacement, supported by the area’s steady rental performance and ongoing local development activity. Additional upside exists through value-add strategies, particularly the potential to improve operating margins by transitioning owner-paid utilities to a tenant-responsibility model or implementing a RUBS program. With its strong fundamentals, attractive location, and operational upside, this property stands out as a reliable and versatile multifamily investment. The property size is 3851 square feet.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$356.6K
NOI $32,097 @ 9.00% cap · cautious / downside scenario
Moderate
$458.5K
NOI $32,097 @ 7.00% cap · market / base-case scenario
Aggressive
$641.9K
NOI $32,097 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $60.5k | $15.72 |
| − Vacancy | −$2.2k | −$0.57 |
| EGI | $58.4k | $15.15 |
| − OpEx | −$26.3k | −$6.82 |
| NOI | $32.1k | $8.33 |
3,851 SF · lease $15.72/SF/yr · vacancy 3.60% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$458.5K
$401.2K – $535.0K
NOI $32,097 @ 7.0% cap · market cap 8.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$948.4K
$829.9K – $1.11M
NOI $66,390 @ 7.0% cap · market cap 18.44%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Des Moines
- County
- Polk
- State
- Iowa
- Longitude
- -93.6587696
- Latitude
- 41.6048172
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Well-maintained multifamily asset in Des Moines' desirable Drake neighborhood.
Where is this apartment building located?
The property is located at 1424 30th St Des Moines, IA.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Prime location in the highly desirable Drake neighborhood, near Drake University, retail, and transit.; Six‑unit building with a balanced mix of one- and two‑bedroom apartments appealing to a broad tenant base.; Recent capital improvements (new siding, roof, windows) reduce maintenance costs and improve energy efficiency.
