Four-Unit Multifamily
New
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 Market5
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
(515) 202-6801
Listed By:
Sarah Kavalier (515) 202-6801
Source:
Desmoineshomesforsale
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 6:23PM
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,261
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.56%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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
