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 Market87
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: Oct 9
Last Checked: Oct 16 at 8:16AM
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
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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 / Yr
$118,820
Cap Rate
8.58%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Current Use
Lease Details
24
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
292
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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
