Boutique Apartment Building with
For Sale
$1,675,000
421 College Ave, Des Moines, IA 50314
Multi-family community with one-bedroom apartments and immediate access to I-235 and I-80.
Property Size10,752 SF
Days on Market130
Property Features for 421 College Ave
General Information
Standard status
Active
Size
10,752 SF
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Building Details
Building Size
10,752 SF
Year Built
1971
Listing Agency:
Ferguson Commercial Real Estate Services
Listed By:
Nathan Petsche · License #S70663000
(515) 867-4964
Source:
Fergusoncres
Added: Jun 16
Changed: Oct 15
Last Checked: Oct 20 at 6:42PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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
Estimated NOI and Cap Rate
NOI / Yr
$89,615
Cap Rate
5.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,792,300
$1.8M
Cap Rate 7%
$1,280,214
$1.3M
Cap Rate 9%
$995,722
$995.7K
Market Conditions
NOI Build-Up for 10,752 SF
Gross rent
$169.0K $15.72/SF
− Vacancy
−$6.1K −$0.57/SF
EGI
$162.9K $15.15/SF
− OpEx
−$73.3K −$6.82/SF
NOI
$89.6K $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%
$1,792,300
Cap Rate 7%
$1,280,214
Cap Rate 9%
$995,722
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.49M
NOI $89,615 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.65M
$2.32M – $3.09M
NOI $185,361 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
575
Businesses Nearby
Explore this area
Business Placement
Demographics for 50314, IA
11,764
Population
4,780
Households
2.5
Avg Household Size
31
Median Age
15%
College-Educated
72%
High-School Grad
2.5 sq mi
ZIP Area
4,706
Density / Sq Mi
$38,511
Median Household Income
$30,314
Median Earnings
$977
Median Rent
$146,700
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
Frequently Asked Questions
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 Ave 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
