Updated 5-Unit Apartment
For Sale
$365,000
2931 Kingman Blvd, Des Moines, IA 50311
Updated interiors, separately metered electrical service, and assigned off-street parking support the five-unit configuration.
Property Size3,367 SF
Price / SF$108.41
Days on Market50
Property Features for 2931 Kingman Blvd
General Information
Standard status
Active
Size
3,367 SF
Property subtype
Multi-Family
Building Details
Year Built
1909
Listing Agency:
Realty ONE Group Impact
(515) 554-5312
Listed By:
Meghan O'Brien (515) 554-5312
Source:
Centraliowahomesearch
Added: Jul 13
Changed: Aug 30
Last Checked: Aug 30 at 5:49PM
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 5-unit apartment property contains 3367 square feet and was built in 1909. Recent updates include fresh paint, carpet, and refinishing across the majority of the hardwood flooring. Each unit has its own 200 amp electrical service meter, and assigned off-street parking is provided for every unit.
A detached car garage adds additional functional space to the property. The building is located at 2931 Kingman Blvd in Des Moines, within the Kingman neighborhood. The five-unit layout, individual electrical metering, parking allocation, and interior improvements define the current configuration.
A detached car garage adds additional functional space to the property. The building is located at 2931 Kingman Blvd in Des Moines, within the Kingman neighborhood. The five-unit layout, individual electrical metering, parking allocation, and interior improvements define the current configuration.
Key Highlights
- 5‑unit apartment property with 3367 square feet
- Built in 1909 with updated unit interiors
- 200 amp service metered separately to each unit
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
$28,063
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
7.69%
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%
$561,260
$561.3K
Cap Rate 7%
$400,900
$400.9K
Cap Rate 9%
$311,811
$311.8K
Market Conditions
NOI Build-Up for 3,367 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
$52.9K $15.72/SF
− Vacancy
−$1.9K −$0.57/SF
EGI
$51.0K $15.15/SF
− OpEx
−$23.0K −$6.82/SF
NOI
$28.1K $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%
$561,260
Cap Rate 7%
$400,900
Cap Rate 9%
$311,811
Alternative Uses
Best Use
Apartment 5plus
$400.9K
$350.8K – $467.7K
NOI $28,063 @ 7.0% cap · market cap 7.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$829.2K
$725.6K – $967.4K
NOI $58,046 @ 7.0% cap · market cap 15.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
596
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
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 - Updated interiors, separately metered electrical service, and assigned off-street parking support the five-unit configuration.
Where is this apartment building located?
The property is located at 2931 Kingman Blvd Des Moines, IA.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: 5‑unit apartment property with 3367 square feet; Built in 1909 with updated unit interiors; 200 amp service metered separately to each unit
