6-Unit Apartment
New
For Sale
$565,000
2600 Cottage Grove Ave, Des Moines, IA 50311
Six one-bedroom residences share basement laundry and storage, with refreshed interiors and outdoor yard areas.
Property Size4,320 SF
Price / SF$130.79
Days on Market2
Property Features for 2600 Cottage Grove Ave
General Information
Standard status
Active
Size
4,320 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Amenities
shared laundry room
extra storage
grassy side yard
partially fenced back area
Building Details
Year Built
1918
Buildings
1
Construction
stucco
Listing Agency:
Premier Land And Home
(641) 895-6589
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Oct 16
Last Checked: Oct 16 at 1:56PM
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 Premier Land And Home
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Investment Insights
Based on property information with market context.
This 4,320-square-foot stucco apartment property, built in 1918, contains six units, each configured with one bedroom and one full bathroom. Interiors feature refreshed paint, wood-look floors, white kitchens with matching appliances, and updated bathrooms with new vanities and lighting. Living rooms connect to separate dining areas, and windows on multiple sides bring natural light into each unit.
Shared basement laundry and additional unfinished storage serve the building. Outdoor areas include a grassy side yard and a partially fenced rear area beneath mature trees. Drake University, Drake Park, and businesses along University Ave are nearby, with I-235 a short drive away.
Shared basement laundry and additional unfinished storage serve the building. Outdoor areas include a grassy side yard and a partially fenced rear area beneath mature trees. Drake University, Drake Park, and businesses along University Ave are nearby, with I-235 a short drive away.
Key Highlights
- Six units, each with one bedroom and one full bathroom
- 4,320 square feet; built in 1918
- Updated kitchens and baths, refreshed paint, and wood‑look flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,006
Cap Rate
6.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$720,120
$720.1K
Cap Rate 7%
$514,371
$514.4K
Cap Rate 9%
$400,067
$400.1K
Market Conditions
NOI Build-Up for 4,320 SF
Gross rent
$67.9K $15.72/SF
− Vacancy
−$2.4K −$0.57/SF
EGI
$65.5K $15.15/SF
− OpEx
−$29.5K −$6.82/SF
NOI
$36.0K $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%
$720,120
Cap Rate 7%
$514,371
Cap Rate 9%
$400,067
Alternative Uses
Best Use
Apartment 5plus
$514.4K
$450.1K – $600.1K
NOI $36,006 @ 7.0% cap · market cap 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$930.9K – $1.24M
NOI $74,475 @ 7.0% cap · market cap 13.18%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
679
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Six one-bedroom residences share basement laundry and storage, with refreshed interiors and outdoor yard areas.
Where is this apartment building located?
The property is located at 2600 Cottage Grove Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Six units, each with one bedroom and one full bathroom; 4,320 square feet; built in 1918; Updated kitchens and baths, refreshed paint, and wood‑look flooring
