Historic 8-Unit Apartment
For Sale
$1,000,000
3612 Ingersoll Ave Des, Des Moines, IA 50312
Updated units, a new boiler, and a mix of one- and two-bedroom layouts distinguish this historic multifamily property.
Property Size10,653 SF
Price / SF$93.87
Days on Market195
Property Features for 3612 Ingersoll Ave Des
General Information
Standard status
Active
Size
10,653 SF
Property subtype
MultiFamily Apartments
Zoning
MX2
Occupancy
50%
Units
Unit Mix
6 x 2BR, 2 x 1BR
Multifamily Units
8
Building Details
Building Size
10,653 SF
Year Built
1912
Buildings
1
Listing Agency:
Better Commercial - Remax Concepts
(319) 231-1160
Listed By:
Chase Keller · License #S63136000
(319) 231-1160
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 31
Last Checked: Aug 29 at 1:15PM
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 Better Commercial - Remax Concepts
Investment Insights
Based on property information with market context.
This historic apartment property contains 10,653 SF and eight units, comprising six two-bedroom residences and two one-bedroom residences. Constructed in 1912, the building combines an older structure with unit updates and a recently installed boiler. The two-bedroom layouts may offer flexibility for conversion to three-bedroom units, as described in the property information.
The building is located at 3612 Ingersoll Ave in Des Moines, Iowa, within the Ingersoll and Grand corridor. MX2 zoning is in place, and current occupancy is 50%.
The building is located at 3612 Ingersoll Ave in Des Moines, Iowa, within the Ingersoll and Grand corridor. MX2 zoning is in place, and current occupancy is 50%.
Key Highlights
- 10,653 SF historic apartment building with 8 units
- Unit mix includes six 2‑bedroom apartments and two 1‑bedroom apartments
- Built in 1912
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
$88,790
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
8.88%
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%
$1,775,800
$1.8M
Cap Rate 7%
$1,268,429
$1.3M
Cap Rate 9%
$986,556
$986.6K
Market Conditions
NOI Build-Up for 10,653 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
$167.5K $15.72/SF
− Vacancy
−$6.0K −$0.57/SF
EGI
$161.4K $15.15/SF
− OpEx
−$72.6K −$6.82/SF
NOI
$88.8K $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%
$1,775,800
Cap Rate 7%
$1,268,429
Cap Rate 9%
$986,556
Alternative Uses
Best Use
Apartment 5plus
$1.27M
$1.11M – $1.48M
NOI $88,790 @ 7.0% cap · market cap 8.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.62M
$2.30M – $3.06M
NOI $183,654 @ 7.0% cap · market cap 18.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,004
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?
Apartment building - Updated units, a new boiler, and a mix of one- and two-bedroom layouts distinguish this historic multifamily property.
Where is this apartment building located?
The property is located at 3612 Ingersoll Ave Des Des Moines, IA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 10,653 SF historic apartment building with 8 units; Unit mix includes six 2‑bedroom apartments and two 1‑bedroom apartments; Built in 1912
