5-Unit Apartment
New
For Sale
$339,900
1439 Henderson Ave, Des Moines, IA 50316
Fully occupied apartment property with two-bedroom units, off-street parking, and access to downtown amenities and major roadways.
Property Size3,510 SF
Price / SF$96.84
Days on Market3
Property Features for 1439 Henderson Ave
General Information
Standard status
Active
Size
3,510 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
5 x 2BR/1BA
Multifamily Units
5
Additional Details
Road Access
Yes
Building Details
Year Built
1900
Buildings
1
Listing Agency:
RE/MAX Concepts
(515) 771-3253
Listed By:
Steve Wiederin
Source:
Kwlegacyrealty
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 7 at 3:43AM
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 RE/MAX Concepts
Investment Insights
Based on property information with market context.
This 5-unit apartment building contains 3,510 SF and was built in 1900. Each residence offers a two-bedroom, one-bathroom configuration, and the property is currently 100% occupied with several long-term tenants. Off-street parking serves the building.
Located at 1439 Henderson Ave in Des Moines, the property sits just off NE 14th with access to downtown, shopping, dining, and major roadways. The combination of established tenancy, consistent occupancy, and practical unit layouts provides a straightforward multifamily asset for sale.
Located at 1439 Henderson Ave in Des Moines, the property sits just off NE 14th with access to downtown, shopping, dining, and major roadways. The combination of established tenancy, consistent occupancy, and practical unit layouts provides a straightforward multifamily asset for sale.
Key Highlights
- 5‑unit apartment building with 3,510 SF
- 100% occupied with several long‑term tenants
- Each unit includes 2 bedrooms and 1 bathroom
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
$29,255
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
8.61%
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%
$585,100
$585.1K
Cap Rate 7%
$417,929
$417.9K
Cap Rate 9%
$325,056
$325.1K
Market Conditions
NOI Build-Up for 3,510 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
$55.2K $15.72/SF
− Vacancy
−$2.0K −$0.57/SF
EGI
$53.2K $15.15/SF
− OpEx
−$23.9K −$6.82/SF
NOI
$29.3K $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%
$585,100
Cap Rate 7%
$417,929
Cap Rate 9%
$325,056
Alternative Uses
Best Use
Apartment 5plus
$417.9K
$365.7K – $487.6K
NOI $29,255 @ 7.0% cap · market cap 8.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$864.4K
$756.4K – $1.01M
NOI $60,511 @ 7.0% cap · market cap 17.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
485
Businesses Nearby
Explore this area
Business Placement
Demographics for 50316, IA
16,785
Population
6,002
Households
2.8
Avg Household Size
33
Median Age
13%
College-Educated
78%
High-School Grad
3.6 sq mi
ZIP Area
4,663
Density / Sq Mi
$53,090
Median Household Income
$33,994
Median Earnings
$963
Median Rent
$137,300
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?
Apartment building - Fully occupied apartment property with two-bedroom units, off-street parking, and access to downtown amenities and major roadways.
Where is this apartment building located?
The property is located at 1439 Henderson Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 5‑unit apartment building with 3,510 SF; 100% occupied with several long‑term tenants; Each unit includes 2 bedrooms and 1 bathroom
