Four-Unit Walkable
For Sale
$370,000
2905 High St, Des Moines, IA 50312
Established multifamily property near restaurants, coffee shops, breweries, and everyday neighborhood conveniences.
Property Size3,374 SF
Price / SF$109.66
Days on Market8
Property Features for 2905 High St
General Information
Standard status
Active
Size
3,374 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1929
Listing Agency:
Realty ONE Group Impact
(319) 621-6811
Listed By:
Sarah Shaffer
Source:
Mistysoldteamiowa
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 28 at 12:39PM
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
Investment Insights
Based on property information with market context.
This four-unit quadplex at 2905 High St in Des Moines, Iowa, contains 3,374 square feet and was built in 1929. The property offers a multifamily configuration suited to residential income use within an established neighborhood setting.
The property is located a short distance from the Ingersoll Avenue corridor, with restaurants, coffee shops, breweries, and daily conveniences accessible on foot. Downtown Des Moines, the Western Gateway, and nearby employment centers are also identified as accessible from the property, adding broader connectivity to the surrounding neighborhood context.
The property is located a short distance from the Ingersoll Avenue corridor, with restaurants, coffee shops, breweries, and daily conveniences accessible on foot. Downtown Des Moines, the Western Gateway, and nearby employment centers are also identified as accessible from the property, adding broader connectivity to the surrounding neighborhood context.
Key Highlights
- Four‑unit quadplex at 2905 High St, Des Moines, IA 50312
- 3,374 square feet of property size
- Built in 1929
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
$31,478
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
8.51%
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%
$629,560
$629.6K
Cap Rate 7%
$449,686
$449.7K
Cap Rate 9%
$349,756
$349.8K
Market Conditions
NOI Build-Up for 3,374 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
$46.6K $13.80/SF
− Vacancy
−$1.6K −$0.47/SF
EGI
$45.0K $13.33/SF
− OpEx
−$13.5K −$4.00/SF
NOI
$31.5K $9.33/SF
Area
Des Moines, IA
Vacancy
3.42%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$629,560
Cap Rate 7%
$449,686
Cap Rate 9%
$349,756
Alternative Uses
Best Use
Multifamily LT 5
$449.7K
$393.5K – $524.6K
NOI $31,478 @ 7.0% cap · market cap 8.51%
Second Best
Apartment 5plus
$401.7K
$351.5K – $468.7K
NOI $28,121 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$831.0K
$727.1K – $969.5K
NOI $58,167 @ 7.0% cap · market cap 15.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,073
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Established multifamily property near restaurants, coffee shops, breweries, and everyday neighborhood conveniences.
Where is this quadplex located?
The property is located at 2905 High St Des Moines, IA.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Four‑unit quadplex at 2905 High St, Des Moines, IA 50312; 3,374 square feet of property size; Built in 1929
