Quadplex with
New
For Sale
$190,000
1438 33rd Street, Des Moines, IA 50311
MultiFamily, Des Moines, IA
Property Size1,951 SF
Lot Size0.16 Acres
Price / SF$97.39
Days on Market3
Property Features for 1438 33rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1-60
Bedrooms
2
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 2, Bathroom 2, Bathroom 1, Basement, Bathroom 4, Bedroom 1
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
Head north on 33rd Street from Forest Ave.
Subdivision
Des Moines N.West
Standard status
Active
APN
10009612001000
Size
1,951 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
6F W & ADJ & LT 3 BLK 5 MERRITT & FISCHERS PARK
Tax Annual Amount
2827
Legal Description
6F W & ADJ & LT 3 BLK 5 MERRITT & FISCHERS PARK
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Building materials
WoodSiding
Architectural style
Other
Listing Agency:
LPT Realty, LLC
(515) 669-4010
Listed By:
Sarah Kavalier
(515) 202-6801
Added: Aug 27
Last Checked: Aug 29 at 6:06PM
MLS# 748077
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 1,951-square-foot quadplex contains four residential units, including two one-bedroom apartments. The property was built in 1910 and includes a basement, wood siding, electric heating, and public water and sewer service. All units are currently vacant, allowing a new owner to establish leasing and management plans from the outset. There is no garage, and the parcel encompasses 0.156 acres.
The property is located at 1438 33rd Street in Des Moines, near Drake University, downtown Des Moines, shopping, transit, and major commuting routes. Zoning is R1-60. The existing configuration, vacant status, and utility setup provide a straightforward profile for buyers evaluating a small multifamily asset.
The property is located at 1438 33rd Street in Des Moines, near Drake University, downtown Des Moines, shopping, transit, and major commuting routes. Zoning is R1-60. The existing configuration, vacant status, and utility setup provide a straightforward profile for buyers evaluating a small multifamily asset.
Key Highlights
- Four‑unit quadplex with two 1‑bedroom apartments
- 1,951 square feet on a 0.156‑acre parcel
- All units currently vacant
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
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Vacant four-unit residential property with electric heat, public utilities, and R1-60 zoning.
Where is this quadplex located?
The property is located at 1438 33rd Street 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 quadplex with two 1‑bedroom apartments; 1,951 square feet on a 0.156‑acre parcel; All units currently vacant
