Four-Unit Multifamily
For Sale
$190,000
1438 33rd St, Des Moines, IA 50311
Vacant four-unit configuration includes two one-bedroom apartments and two efficiency units near Drake University.
Property Size1,951 SF
Price / SF$97.39
Days on Market49
Property Features for 1438 33rd St
General Information
Standard status
Active
Size
1,951 SF
Property subtype
Multi-Family
Additional Details
Asking Price
$190,000
Public Transit
Yes
Multifamily Units
4
Building Details
Year Built
1910
Listing Agency:
LPT Realty, LLC
Listed By:
Sarah Kavalier (515) 202-6801
(515) 202-6801
Source:
Desmoineshomesforsale
Added: Aug 27
Changed: Oct 1
Last Checked: Oct 12 at 8:01PM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
This 1910 multifamily property contains four units: two one-bedroom apartments and two efficiency units. All units are vacant, allowing a new owner to lease and manage the property from the current condition. Residents are responsible for their own utilities, while ownership covers water. The property does not include a garage.
Located at 1438 33rd St in Des Moines, the property is near Drake University, downtown Des Moines, shopping, dining, transit, and major commuting routes. Its existing unit mix provides a straightforward small-scale multifamily configuration in an established urban setting.
Located at 1438 33rd St in Des Moines, the property is near Drake University, downtown Des Moines, shopping, dining, transit, and major commuting routes. Its existing unit mix provides a straightforward small-scale multifamily configuration in an established urban setting.
Key Highlights
- Four‑unit property with two one‑bedroom apartments and two efficiency units
- All four units are currently vacant
- Built in 1910
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,261
Cap Rate
8.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$325,220
$325.2K
Cap Rate 7%
$232,300
$232.3K
Cap Rate 9%
$180,678
$180.7K
Market Conditions
NOI Build-Up for 1,951 SF
Gross rent
$30.7K $15.72/SF
− Vacancy
−$1.1K −$0.57/SF
EGI
$29.6K $15.15/SF
− OpEx
−$13.3K −$6.82/SF
NOI
$16.3K $8.33/SF
Area
Des Moines, IA
Vacancy
3.60%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$325,220
Cap Rate 7%
$232,300
Cap Rate 9%
$180,678
Alternative Uses
Best Use
Multifamily LT 5
$260.0K
$227.5K – $303.4K
NOI $18,202 @ 7.0% cap · market cap 9.58%
Second Best
Apartment 5plus
$232.3K
$203.3K – $271.0K
NOI $16,261 @ 7.0% cap · market cap 8.56%
Theoretical Best
Office A
$480.5K
$420.4K – $560.6K
NOI $33,635 @ 7.0% cap · market cap 17.70%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
448
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
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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 - Vacant four-unit configuration includes two one-bedroom apartments and two efficiency units near Drake University.
Where is this quadplex located?
The property is located at 1438 33rd St Des Moines, IA.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Four‑unit property with two one‑bedroom apartments and two efficiency units; All four units are currently vacant; Built in 1910
