Boutique Apartment Building with
421 College Avenue Des Moines, IA 50314
For Sale
Contact for pricing
Multi-family community with one-bedroom apartments and immediate access to I-235 and I-80.
Property Size10,762 SF
Price / SF$155.64
Days on Market42
Property Features for 421 College Avenue
General Information
- Standard status
- Active
- Size
- 10,762 SF
- Property subtype
- Retail, Multifamily
Building Details
- Year Built
- 1971
Listing Agency:
Ferguson Commercial Real Estate Services
(515) 440-0400
Listed By:
Pat Schneider · License #IA S36434000
Source:
Crexi
Added: Jun 12
Changed: Jul 21
Last Checked: Jul 21 at 12:32PM
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 Ferguson Commercial Real Estate Services
Investment Insights
Based on property information with market context.
The 421 at College is a boutique multi-family community featuring one-bedroom apartments. The property is described as a comfortable, well-connected option within the Riverbend/Sixth Avenue Corridor in northern Des Moines.
Public remarks note immediate access to I-235 and I-80, placing downtown entertainment and the Des Moines International Airport within minutes. The property is also positioned in a historic neighborhood setting.
Public remarks note immediate access to I-235 and I-80, placing downtown entertainment and the Des Moines International Airport within minutes. The property is also positioned in a historic neighborhood setting.
Key Highlights
- 1971‑built boutique multi‑family community
- Offers luxury 1‑bedroom apartments
- Located at 421 College Ave
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 | $169.2k | $15.72 |
| − Vacancy | −$6.1k | −$0.57 |
| EGI | $163.1k | $15.15 |
| − OpEx | −$73.4k | −$6.82 |
| NOI | $89.7k | $8.33 |
10,762 SF · lease $15.72/SF/yr · vacancy 3.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.49M
NOI $89,699 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.65M
$2.32M – $3.09M
NOI $185,533 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
The 421
Property Management Company
FAQs
What type of property is this?
Apartment building - Multi-family community with one-bedroom apartments and immediate access to I-235 and I-80.
Where is this apartment building located?
The property is located at 421 College Avenue Des Moines, IA.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: 1971‑built boutique multi‑family community; Offers luxury 1‑bedroom apartments; Located at 421 College Ave
