Building Details

Year Built 1929

Buildings 1

Tenancy Multi

Listing Agency: Realty ONE Group Impact

Listed By: Sarah Shaffer Show Phone

Source: Kwlegacyrealty

Added: Aug 14 Changed: Oct 9 Last Checked: Oct 7 at 4:05PM

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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 Realty ONE Group Impact

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Investment Insights

Based on property information with market context.

Located at 2901 High Street in Des Moines, this multifamily property sits near the Ingersoll Avenue district and its collection of restaurants, coffee shops, local businesses, and entertainment venues. The setting supports walkable urban living while maintaining proximity to downtown.

The surrounding area features historic architecture and mature, tree-lined streets, contributing to a neighborhood environment with established visual character. The property is identified as a multifamily asset with a stated property size of 3,694, offering a residential income property in a well-known Des Moines neighborhood.

Key Highlights

• Multifamily property at 2901 High St, Des Moines, IA
• Located near the Ingersoll Avenue district
• Walkable access to restaurants, coffee shops, local businesses, and entertainment

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$30,789

Cap Rate

8.21%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$615,780 $615.8K

Cap Rate 7%

$439,843 $439.8K

Cap Rate 9%

$342,100 $342.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,694 SF

Gross rent

$58.1K $15.72/SF

− Vacancy

−$2.1K −$0.57/SF

EGI

$56.0K $15.15/SF

− OpEx

−$25.2K −$6.82/SF

NOI

$30.8K $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%

$615,780

Cap Rate 7%

$439,843

Cap Rate 9%

$342,100

Alternative Uses

Best Use

Apartment 5plus

$439.8K

$384.9K – $513.2K (±1% cap)

NOI $30,789 @ 7.0% cap · market cap 8.21%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$909.8K

$796.0K – $1.06M (±1% cap)

NOI $63,683 @ 7.0% cap · market cap 16.98%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Klean (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Auto Parts Store Grocery & Convenience Store Electrical Service Garden Center Home Appliance Store (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,093

Businesses Nearby

Explore this area Business Placement

Demographics for 50312, IA

15,485

Population

8,285

Households

1.9

Avg Household Size

40

Median Age

62%

College-Educated

98%

High-School Grad

5.6 sq mi

ZIP Area

2,765

Density / Sq Mi

$82,720

Median Household Income

$54,862

Median Earnings

$1,057

Median Rent

$274,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Apartment building near Ingersoll Avenue with walkable access to restaurants, coffee shops, local businesses, and entertainment.

Where is this multifamily property located?

The property is located at 2901 High St Des Moines, IA.

What is the asking price?

The asking price for this property is $375,000.

What are key features of this property?

This property features: Multifamily property at 2901 High St, Des Moines, IA; Located near the Ingersoll Avenue district; Walkable access to restaurants, coffee shops, local businesses, and entertainment