Building Details

Year Built 1909

Listing Agency: Realty ONE Group Impact

Listed By: Meghan O'Brien (515) 554-5312 Show Phone

Source: Centraliowahomesearch

Added: Jul 22 Changed: Oct 7 Last Checked: Oct 16 at 9:00AM

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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.

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 / Yr

$28,063

Cap Rate

7.80%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$561,260 $561.3K

Cap Rate 7%

$400,900 $400.9K

Cap Rate 9%

$311,811 $311.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,367 SF

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 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 (±1% cap)

NOI $28,063 @ 7.0% cap · market cap 7.80%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$829.2K

$725.6K – $967.4K (±1% cap)

NOI $58,046 @ 7.0% cap · market cap 16.12%

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

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick HVAC Service Building Supply Big Box & Wholesale Store Plumbing Service Electrical Service (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.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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 $360,000.

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