Value-Add Multifamily Apartment
3710 56TH ST Des Moines, IA 50310
For Sale
Contact for pricing
29-unit apartment building offers studio through two-bedroom layouts, including a premium 2BR/2BA unit.
Property Size23,184 SF
Price / SF$92.26
Days on Market81
Property Features for 3710 56TH ST
General Information
- Standard status
- Active
- Size
- 23,184 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1970
Listing Agency:
Stanbrough Realty
(515) 689-2612
Listed By:
Joshua Kirby · License #S72206000
Source:
Crexi
Added: May 4
Changed: Jul 22
Last Checked: Jul 23 at 10:33AM
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 Stanbrough Realty
Investment Insights
Based on property information with market context.
The Flats on 56th is a well-located value-add multifamily property with 29 units under one roof. The unit mix includes studio, one-bedroom, and two-bedroom apartments, highlighted by a premium 2BR/2BA unit.
The property is located at 3710 56th St in Des Moines, providing immediate access to the Merle Hay Mall corridor, a major retail and employment hub anchored by national retailers, grocery stores, and daily-needs conveniences.
For investors, the combination of in-place rental housing and a unit mix spanning studios to two-bedrooms supports a straightforward approach to improving interiors and optimizing operations.
The property is located at 3710 56th St in Des Moines, providing immediate access to the Merle Hay Mall corridor, a major retail and employment hub anchored by national retailers, grocery stores, and daily-needs conveniences.
For investors, the combination of in-place rental housing and a unit mix spanning studios to two-bedrooms supports a straightforward approach to improving interiors and optimizing operations.
Key Highlights
- 29‑unit apartment building (Flats on 56th) at 3710 56th St in the Des Moines MSA
- Year built: 1970; one‑roof multifamily asset with studio, 1‑bedroom, and 2‑bedroom layouts
- Unit mix includes a premium 2BR/2BA unit, plus additional studio and one‑bedroom apartments
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 | $364.5k | $15.72 |
| − Vacancy | −$13.1k | −$0.57 |
| EGI | $351.3k | $15.15 |
| − OpEx | −$158.1k | −$6.82 |
| NOI | $193.2k | $8.33 |
23,184 SF · lease $15.72/SF/yr · vacancy 3.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.76M
$2.42M – $3.22M
NOI $193,233 @ 7.0% cap · market cap 9.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.71M
$5.00M – $6.66M
NOI $399,685 @ 7.0% cap · market cap 18.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
The Flats on 56th
Apartment Building
FAQs
What type of property is this?
Apartment building - 29-unit apartment building offers studio through two-bedroom layouts, including a premium 2BR/2BA unit.
Where is this apartment building located?
The property is located at 3710 56TH ST Des Moines, IA.
What is the asking price?
The asking price for this property is $2,139,000.
What are key features of this property?
This property features: 29‑unit apartment building (Flats on 56th) at 3710 56th St in the Des Moines MSA; Year built: 1970; one‑roof multifamily asset with studio, 1‑bedroom, and 2‑bedroom layouts; Unit mix includes a premium 2BR/2BA unit, plus additional studio and one‑bedroom apartments
