Renovated 12-Unit Multifamily
For Sale
Contact for pricing
2411 WELBECK RD, Des Moines, IA 50310
Twelve fully renovated 2-bedroom units are offered with residential utility bill-back in place.
Property Size8,784 SF
Price / SF$102.46
Days on Market133
Property Features for 2411 WELBECK RD
General Information
Standard status
Active
Size
8,784 SF
Property subtype
Multifamily
Zoning
N3A
Net Operating Income
$52,341
Building Details
Year Built
1968
Stories
3
Units
12
Listing Agency:
KW Commercial Greater Des Moines
Listed By:
Jared Husmann · License #B63372000
(515) 639-0145
Source:
Crexi
Added: Apr 28
Changed: Aug 31
Last Checked: Sep 7 at 12:27AM
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 KW Commercial Greater Des Moines
Investment Insights
Based on property information with market context.
This 12-unit multifamily property features all 2Bd/1Ba apartments that have been fully renovated. The offering includes residential utility bill-back (RUBS), and the property is supported by professional management on site.
The asset is located at 2411 Wellbeck Road in Des Moines, Iowa, and is being marketed for sale. The seller is open to creative financing options, including owner financing.
Designed for consistent residential income, the building’s current unit mix is uniform across the property, with each unit positioned as fully renovated 2-bedroom living space.
The asset is located at 2411 Wellbeck Road in Des Moines, Iowa, and is being marketed for sale. The seller is open to creative financing options, including owner financing.
Designed for consistent residential income, the building’s current unit mix is uniform across the property, with each unit positioned as fully renovated 2-bedroom living space.
Key Highlights
- 12‑unit multifamily property built in 1968
- All units are fully renovated 2‑bed/1‑bath layouts
- Residential Utility Bill‑Back (RUBS) in place
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
$73,212
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
8.13%
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%
$1,464,240
$1.5M
Cap Rate 7%
$1,045,886
$1.0M
Cap Rate 9%
$813,467
$813.5K
Market Conditions
NOI Build-Up for 8,784 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
$138.1K $15.72/SF
− Vacancy
−$5.0K −$0.57/SF
EGI
$133.1K $15.15/SF
− OpEx
−$59.9K −$6.82/SF
NOI
$73.2K $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%
$1,464,240
Cap Rate 7%
$1,045,886
Cap Rate 9%
$813,467
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$915.2K – $1.22M
NOI $73,212 @ 7.0% cap · market cap 8.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $151,433 @ 7.0% cap · market cap 16.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
870
Businesses Nearby
Explore this area
Business Placement
Demographics for 50310, IA
30,754
Population
14,162
Households
2.2
Avg Household Size
37
Median Age
36%
College-Educated
86%
High-School Grad
8.0 sq mi
ZIP Area
3,844
Density / Sq Mi
$74,473
Median Household Income
$46,091
Median Earnings
$1,043
Median Rent
$213,800
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 - Twelve fully renovated 2-bedroom units are offered with residential utility bill-back in place.
Where is this apartment building located?
The property is located at 2411 WELBECK RD Des Moines, IA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 12‑unit multifamily property built in 1968; All units are fully renovated 2‑bed/1‑bath layouts; Residential Utility Bill‑Back (RUBS) in place
