Remodeled 24-Unit Apartment
For Sale
Contact for pricing
4221 SE 13th Street, Des Moines, IA 50315
Three-story walk-up with 24 one-bedroom units, individually metered electric, and on-site surface parking.
Property Size14,256 SF
Lot Size0.65 Acres
Price / SF$97.15
Days on Market20
Property Features for 4221 SE 13th Street
General Information
Standard status
Active
Size
14,256 SF
Net Rentable
14,256 SF
Class
C
Total Parking Spaces
24
Lot size
0.65 Acres
Property subtype
Multifamily
Zoning
RX1 - Mixed Use District
Occupancy
91%
Investment Type
Stabilized
Units
Unit Mix
24 x 1BR/1BA
Multifamily Units
24
Additional Details
Utilities to Site
Yes
Amenities
surface parking
secured mailbox lobby
Building Details
Year Built
1971
Year Renovated
1994
Buildings
1
Stories
3
Units
24
Tenancy
Multi
Construction
walk-up
Listing Agency:
Stanbrough Realty
Listed By:
Joseph Bergman
Source:
Crexi
Added: Jul 24
Changed: Aug 8
Last Checked: Aug 11 at 7:18PM
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.
South View Apartments is a 24-unit workforce-housing community in a single three-story walk-up. The property totals 14,256 rentable square feet on a 0.65-acre parcel and was originally constructed in 1971. It underwent a complete remodel in 1994, including a new roof, new windows, and a full interior rebuild.
The community is uniformly comprised of 1-bedroom / 1-bath residences. All 24 units are 594 square feet and are individually metered for electric; residents reimburse utility usage through RUBS. The building also features a secured mailbox lobby and on-site surface parking.
As of the 07/09/2026 rent roll, the property is 91.7% physically occupied with 22 of 24 units leased. Twenty of the 22 occupied units are leased at or above the stated pro forma market rent.
The community is uniformly comprised of 1-bedroom / 1-bath residences. All 24 units are 594 square feet and are individually metered for electric; residents reimburse utility usage through RUBS. The building also features a secured mailbox lobby and on-site surface parking.
As of the 07/09/2026 rent roll, the property is 91.7% physically occupied with 22 of 24 units leased. Twenty of the 22 occupied units are leased at or above the stated pro forma market rent.
Key Highlights
- 24‑unit, single three‑story walk‑up apartment building
- 14,256 rentable SF on a 0.65‑acre parcel
- Built in 1971; completely remodeled in 1994 with new roof and windows
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
$118,820
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
8.58%
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%
$2,376,400
$2.4M
Cap Rate 7%
$1,697,429
$1.7M
Cap Rate 9%
$1,320,222
$1.3M
Market Conditions
NOI Build-Up for 14,256 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
$224.1K $15.72/SF
− Vacancy
−$8.1K −$0.57/SF
EGI
$216.0K $15.15/SF
− OpEx
−$97.2K −$6.82/SF
NOI
$118.8K $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%
$2,376,400
Cap Rate 7%
$1,697,429
Cap Rate 9%
$1,320,222
Alternative Uses
Best Use
Apartment 5plus
$1.70M
$1.49M – $1.98M
NOI $118,820 @ 7.0% cap · market cap 8.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.51M
$3.07M – $4.10M
NOI $245,769 @ 7.0% cap · market cap 17.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
292
Businesses Nearby
Explore this area
Business Placement
Demographics for 50315, IA
36,693
Population
16,579
Households
2.2
Avg Household Size
36
Median Age
18%
College-Educated
87%
High-School Grad
10.3 sq mi
ZIP Area
3,562
Density / Sq Mi
$62,036
Median Household Income
$41,311
Median Earnings
$977
Median Rent
$164,000
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 - Three-story walk-up with 24 one-bedroom units, individually metered electric, and on-site surface parking.
Where is this apartment building located?
The property is located at 4221 SE 13th Street Des Moines, IA.
What is the asking price?
The asking price for this property is $1,385,000.
What are key features of this property?
This property features: 24‑unit, single three‑story walk‑up apartment building; 14,256 rentable SF on a 0.65‑acre parcel; Built in 1971; completely remodeled in 1994 with new roof and windows
