4-Unit Quadplex Near Drake
For Sale
$285,000
3903 University Avenue Des, Des Moines, IA 50311
Occupied multifamily property with separately metered tenant utilities and owner-paid water service.
Property Size2,816 SF
Days on Market252
Property Features for 3903 University Avenue Des
General Information
Standard status
Active
Size
2,816 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$40,716
Multifamily Units
4
Amenities
Baseboard
Electric
Window Unit(s)
Refrigerator
Stove
Electricity Available, Natural Gas Available, Water Available, Asphalt, Shingle
Building Details
Building Size
2,816 SF
Year Built
1918
Listing Agency:
Greater Des Moines
Listed By:
Darson Grantham · License #S68402000
(515) 612-6013
Source:
Kw
Added: Feb 4
Changed: Oct 13
Last Checked: Oct 12 at 6:27PM
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 Greater Des Moines
Investment Insights
Based on property information with market context.
This four-unit multifamily property was built in 1918 and is currently occupied by tenants. Interior features include baseboard and electric heat, window units, refrigerators, and stoves. The exterior includes asphalt and shingle components, with electricity, natural gas, and water available.
The property is positioned near Drake University and downtown, providing an established urban setting for a residential income asset. The owner covers water usage, while tenants pay the other utilities. The property is located at 3903 University Avenue in Des Moines, Iowa.
The property is positioned near Drake University and downtown, providing an established urban setting for a residential income asset. The owner covers water usage, while tenants pay the other utilities. The property is located at 3903 University Avenue in Des Moines, Iowa.
Key Highlights
- Four‑unit property built in 1918
- Current tenants in place
- Owner pays water usage; tenants cover other utilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,471
Cap Rate
8.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$469,420
$469.4K
Cap Rate 7%
$335,300
$335.3K
Cap Rate 9%
$260,789
$260.8K
Market Conditions
NOI Build-Up for 2,816 SF
Gross rent
$44.3K $15.72/SF
− Vacancy
−$1.6K −$0.57/SF
EGI
$42.7K $15.15/SF
− OpEx
−$19.2K −$6.82/SF
NOI
$23.5K $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%
$469,420
Cap Rate 7%
$335,300
Cap Rate 9%
$260,789
Alternative Uses
Best Use
Multifamily LT 5
$375.3K
$328.4K – $437.9K
NOI $26,272 @ 7.0% cap · market cap 9.22%
Second Best
Apartment 5plus
$335.3K
$293.4K – $391.2K
NOI $23,471 @ 7.0% cap · market cap 8.24%
Theoretical Best
Office A
$693.5K
$606.8K – $809.1K
NOI $48,547 @ 7.0% cap · market cap 17.03%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
554
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Quadplex - Occupied multifamily property with separately metered tenant utilities and owner-paid water service.
Where is this quadplex located?
The property is located at 3903 University Avenue Des Des Moines, IA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Four‑unit property built in 1918; Current tenants in place; Owner pays water usage; tenants cover other utilities
