Des Moines Multifamily Investment
2127 Indianola Avenue Des Moines, IA 50315
2127 Indianola Avenue, Des Moines, IA, 50315
$2,250,000
For Sale
$2,250,000
35-unit multifamily property near Des Moines CBD.
Property Size14,336 SF
Price / SF$156.95
Days on Market115
Property Features for 2127 Indianola Avenue
General Information
- Standard status
- Active
- Size
- 14,336 SF
- Property subtype
- Multifamily
Listing Agency
(515) 249-8355
Listed by
Max Colby · License #IA S61308000
(515) 249-8355
Source
Cbre
Added: Mar 25 Checked: Jul 17 at 2:30 am
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 Max Colby
Investment Insights
Based on property information with market context.
This 35-unit multifamily property, known as BaStone Apartments, is available for sale. The property consists of 4 buildings and is situated less than two miles south of the Des Moines CBD, providing convenient access to transportation, restaurants, and entertainment. Its location near major employment hubs in downtown Des Moines offers excellent potential for stable apartment occupancy. The property presents a value-add opportunity.
Key Highlights
- Proximity to major employment hubs in downtown Des Moines
- Convenient access to transportation, restaurants, and entertainment
- Value‑add opportunity
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $225.4k | $15.72 |
| − Vacancy | −$8.1k | −$0.57 |
| EGI | $217.2k | $15.15 |
| − OpEx | −$97.8k | −$6.82 |
| NOI | $119.5k | $8.33 |
14,336 SF · lease $15.72/SF/yr · vacancy 3.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.71M
$1.49M – $1.99M
NOI $119,487 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.53M
$3.09M – $4.12M
NOI $247,148 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - 35-unit multifamily property near Des Moines CBD.
Where is this apartment building located?
The property is located at 2127 Indianola Avenue Des Moines, IA.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Proximity to major employment hubs in downtown Des Moines; Convenient access to transportation, restaurants, and entertainment; Value‑add opportunity
