Turnkey Multifamily
543 53rd Street Des Moines, IA 50312
For Sale
$499,500
Pending
MULTI_FAMILY - Des Moines, IA
Property Size4,025 SF
Lot Size0.16 Acres
Days on Market92
Property Features for 543 53rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1-80
Bedrooms
6
Bathrooms
5
Rooms
Bedroom 6, Bedroom 2, Bedroom 4, Bathroom 1, Basement, Bedroom 5, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 3
Parking features
Garage
Interior features
CableTv, WindowTreatments
Appliances
Cooktop, Dryer, Dishwasher, Microwave, Refrigerator, Stove, Washer
Standard status
Pending
APN
09002462000000
Size
4,025 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
N 75F W 90F LOT 10 ORP LOTS 19 THRU 24, 37 THRU 40, 42 & 43 GRAND AVE HEIGHTS
Tax Annual Amount
7357
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Heat Pump (Heating), Natural Gas, Electric (Heating)
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1916
Flooring type
Hardwood, Tile
Building materials
Brick, Stucco
Roof type
Shingle, Asphalt
Listing Agency:
Pennie Carroll & Associates
(515) 490-8025
Listed By:
Pennie Carroll · License #F05964000
(515) 490-8025
Added: Apr 29
Changed: Jul 11
Last Checked: Jul 29 at 1:06PM
MLS# 739522
Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Turnkey five-unit multifamily built for straightforward ownership. The property includes four one-bedroom units and one two-bedroom unit, plus an owner’s apartment that has been completely remodeled. Interior features in the owner’s space include hardwood floors, quartz counters, updated cabinetry and fixtures, and stainless appliances. The layout includes a hallway leading past a full bathroom to the bedroom, with a walk-in closet and built-in custom clothing shelving. Additional improvements noted include newer windows, designer light fixtures, and functional tenant support through coin laundry. Storage is available via a lower level and a 2+ car attached garage, and parking is provided through a combination of on-street and off-street options.
Located in the Waterbury neighborhood of Des Moines, the property is described as being within walking distance of public transportation and minutes to shopping and dining at the Avenues of Ingersoll and Grand. The listing also states an easy commute to downtown and I-235 toward the suburbs.
Designed for investors seeking immediate operational readiness, this configuration supports a mix of one- and two-bedroom demand. With coin laundry already in place and remodeling completed in the owner’s unit, the property is positioned to appeal to buyers looking to acquire a stable, turnkey income asset and continue building long-term value.
Located in the Waterbury neighborhood of Des Moines, the property is described as being within walking distance of public transportation and minutes to shopping and dining at the Avenues of Ingersoll and Grand. The listing also states an easy commute to downtown and I-235 toward the suburbs.
Designed for investors seeking immediate operational readiness, this configuration supports a mix of one- and two-bedroom demand. With coin laundry already in place and remodeling completed in the owner’s unit, the property is positioned to appeal to buyers looking to acquire a stable, turnkey income asset and continue building long-term value.
Key Highlights
- 5‑unit multifamily with four 1‑bedroom units and one 2‑bedroom unit; over 4,000 finished sqft
- Total rent roll potential for all 5 units near $6,000
- Owner’s apartment remodeled with hardwood floors, quartz counters, new cabinets and sink, and a walk‑in closet
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 | $63.3k | $15.72 |
| − Vacancy | −$2.3k | −$0.57 |
| EGI | $61.0k | $15.15 |
| − OpEx | −$27.4k | −$6.82 |
| NOI | $33.5k | $8.33 |
4,025 SF · lease $15.72/SF/yr · vacancy 3.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$479.2K
$419.3K – $559.1K
NOI $33,547 @ 7.0% cap · market cap 6.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$991.3K
$867.4K – $1.16M
NOI $69,390 @ 7.0% cap · market cap 13.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey five-unit property with coin laundry and dedicated storage in an established residential setting.
Where is this apartment building located?
The property is located at 543 53rd Street Des Moines, IA.
What is the asking price?
The asking price for this property is $499,500.
What are key features of this property?
This property features: 5‑unit multifamily with four 1‑bedroom units and one 2‑bedroom unit; over 4,000 finished sqft; Total rent roll potential for all 5 units near $6,000; Owner’s apartment remodeled with hardwood floors, quartz counters, new cabinets and sink, and a walk‑in closet
