Grand Avenue Multifamily
3103 Grand Avenue Des Moines, IA 50312
For Sale
$595,000
MULTI_FAMILY - Des Moines, IA
Property Size3,967 SF
Lot Size0.53 Acres
Price / SF$149.99
Days on Market92
Property Features for 3103 Grand Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-4
Bedrooms
9
Bathrooms
9
Rooms
Bedroom 9, Bathroom 8, Bathroom 6, Bedroom 2, Bathroom 7, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 9, Bedroom 8, Bedroom 5, Bedroom 4, Bedroom 6, Bathroom 2, Bedroom 7, Bathroom 1, Basement, Bathroom 4, Bathroom 5
Parking features
Garage
Appliances
Refrigerator, Stove
Standard status
Active
APN
09002175002000
Size
3,967 SF
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
-EX E 2.5F S225F & N75F- LT 9 BLK 2 GARVER PLACE
Tax Annual Amount
10300
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Electric (Heating)
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1913
Number of units
7
Flooring type
Vinyl, Carpet
Building materials
Brick, WoodSiding
Listing Agency:
RE/MAX Concepts-Ames
(515) 276-2872
Listed By:
Kyle Van Winkle · License #64228000
(515) 276-2872
Added: Apr 29
Changed: Jul 28
Last Checked: Jul 29 at 12:06PM
MLS# 739573
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.
Located along historic Grand Avenue in Des Moines, this multi-family property features 7 units and offers strong income potential in one of the city's most established and sought-after neighborhoods. The property benefits from excellent visibility, mature tree-lined streets, and proximity to downtown, Ingersoll dining, retail, cultural attractions and major employment centers. Tenants are drawn to the character, charm, and convenience this corridor consistently delivers. This well-maintained multi-family building with recently remodeled units presents immediate cash-flow possibilities. The property is situated on a 0.533-acre lot and is zoned R-4. The building has 3,967 square feet of space.
Key Highlights
- 7‑unit multi‑family property located along historic Grand Avenue in Des Moines
- Built in 1913 with brick and wood siding construction
- Public water and public sewer
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $62.4k | $15.72 |
| − Vacancy | −$2.2k | −$0.57 |
| EGI | $60.1k | $15.15 |
| − OpEx | −$27.1k | −$6.82 |
| NOI | $33.1k | $8.33 |
3,967 SF · lease $15.72/SF/yr · vacancy 3.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$472.3K
$413.3K – $551.1K
NOI $33,064 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$977.0K
$854.9K – $1.14M
NOI $68,390 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Multi-family property with strong income potential in desirable Grand Avenue.
Where is this apartment building located?
The property is located at 3103 Grand Avenue Des Moines, IA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 7‑unit multi‑family property located along historic Grand Avenue in Des Moines; Built in 1913 with brick and wood siding construction; Public water and public sewer
