Turnkey Multifamily
543 53rd Street, Des Moines, IA 50312
MULTI_FAMILY - Des Moines, IA
Property size:
4,025 SFLot size:
0.16 AcresPrice / SF:
$124/SF- Added:
- Apr 29, 2026
- Days on Market:
- 47
- Last Refresh:
- Jun 14 at 1:06 am
Property Features for 543 53rd Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R1-80
- Bedrooms
- 6
- Bathrooms
- 5
- Rooms
- Bathroom 3, Basement, Bedroom 1, Bedroom 3, Bathroom 4, Bedroom 6, Bedroom 5, Bathroom 5, Bathroom 1, Bathroom 2, Bedroom 4, Bedroom 2
- Parking features
- Garage
- Interior features
- CableTv, WindowTreatments
- Appliances
- Cooktop, Dryer, Dishwasher, Microwave, Refrigerator, Stove, Washer
- Standard status
- Active
- 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, Natural Gas, Heat Pump (Heating), 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
- Asphalt, Shingle
Listing agent Pennie Carroll License #F05964000 (515) 490-8025
Listing office Pennie Carroll & Associates 3232 Hubbell Ave, Des Moines, IA (515) 490-8025
Listing date Apr 29, 2026
MLS# 739522
Listing URL
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.
HighLights
- Turn‑of‑the‑century multifamily built in 1916 with approx. 4,000+ finished SF and 5 units total
- Unit mix: four 1‑bedroom units and one 2‑bedroom unit
- Owner’s apartment features remodeled interior with hardwood floors and quartz counters
- Kitchen appliance package includes cooktop, stove, refrigerator, microwave, dishwasher, plus washer and dryer
- Heating and utilities include heat pump, natural gas, forced air, and electric heating; water and sewer are public
- Parking includes a 2+ car attached garage plus on‑street and off‑street parking; coin laundry for tenants
Overview
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.
Local 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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Des Moines
- County
- Polk
- State
- Iowa
- Longitude
- -93.689849
- Latitude
- 41.58563
Nearby Similar for Sale
FAQs
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: Turn‑of‑the‑century multifamily built in 1916 with approx. 4,000+ finished SF and 5 units total; Unit mix: four 1‑bedroom units and one 2‑bedroom unit; Owner’s apartment features remodeled interior with hardwood floors and quartz counters
