5-Unit Apartment
For Sale
$365,000
2931 Kingman Boulevard, Des Moines, IA 50311
MULTI_FAMILY - Other - Des Moines, IA
Property Size3,367 SF
Lot Size0.26 Acres
Price / SF$108.41
Days on Market96
Property Features for 2931 Kingman Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1-60
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 2, Bedroom 3, Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 6, Bathroom 5, Bedroom 4, Bathroom 3, Basement, Bathroom 4
Parking features
Garage
Appliances
Refrigerator
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
From University, take 31st Street to Kingman. You can park in tenant unit 3 spot or on street. Do not park in alley.
Subdivision
Des Moines West
Standard status
Active
APN
09003767000000
Size
3,367 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Description
E 1/2 LOT 172 & ALL LOT 173 KINGMAN PLACE
Tax Annual Amount
5120
Legal Description
E 1/2 LOT 172 & ALL LOT 173 KINGMAN PLACE
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1909
Floors in Building
3
Number of units
5
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Realty ONE Group Impact
(515) 446-7524
Listed By:
Meghan O'Brien
(515) 554-5312
Added: May 7
Changed: Aug 3
Last Checked: Aug 10 at 10:06AM
MLS# 740269
Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5-unit apartment building sits on a 0.2583-acre lot and totals 3,367 square feet. Built in 1909, the property includes assigned off-street parking for each unit and a detached car garage. Each unit is served by its own 200 amp electric service metered separately.
The units have been updated with fresh paint, carpet, and the majority of hardwood flooring refinished. Heating is provided by natural gas forced-air systems, and the property is served by public water and public sewer. The roof is shingle and asphalt.
With its unit-by-unit electric metering and on-site parking configuration, the property is set up for tenants who want independent utilities and convenient parking.
The units have been updated with fresh paint, carpet, and the majority of hardwood flooring refinished. Heating is provided by natural gas forced-air systems, and the property is served by public water and public sewer. The roof is shingle and asphalt.
With its unit-by-unit electric metering and on-site parking configuration, the property is set up for tenants who want independent utilities and convenient parking.
Key Highlights
- Five‑unit apartment building on 0.2583‑acre lot with 3,367 square feet
- Assigned off‑street parking for each unit plus a detached car garage
- 200 amp electric service metered 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
Lease Details
5
Residential units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - R1-60 zoned five-unit apartment building with assigned off-street parking per unit and a detached car garage.
Where is this apartment building located?
The property is located at 2931 Kingman Boulevard 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: Five‑unit apartment building on 0.2583‑acre lot with 3,367 square feet; Assigned off‑street parking for each unit plus a detached car garage; 200 amp electric service metered to each unit
