4-Unit Apartment
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 Market42
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
Bedroom 1, Bathroom 4, Bathroom 3, Basement, Bathroom 2, Bedroom 2, Bathroom 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
Changed: Oct 6
Last Checked: Oct 7 at 9:06AM
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 apartment property contains four units: two one-bedroom apartments and two efficiencies. All units are vacant. The building dates to 1910 and sits on a 0.156-acre lot. Electric heat, public water, and public sewer serve the property; residents pay their own utilities, while the owner covers water. There is no garage, and the zoning is R1-60.
The property is near Drake University and downtown Des Moines, with shopping, transit, and major commuting routes also noted in the surrounding area.
The property is near Drake University and downtown Des Moines, with shopping, transit, and major commuting routes also noted in the surrounding area.
Key Highlights
- Four apartments: two one‑bedroom units and two efficiencies
- All four units are vacant
- 1,951 square feet on a 0.156‑acre lot
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.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - The unit mix combines two one-bedroom apartments with two efficiency units, all currently vacant.
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 apartments: two one‑bedroom units and two efficiencies; All four units are vacant; 1,951 square feet on a 0.156‑acre lot
