Apartment Building With Historic
For Sale
$370,000
612 29th St, Des Moines, IA 50312
Multifamily asset near walkable retail, dining, coffee, shopping, and downtown amenities.
Property Size3,670 SF
Price / SF$100.82
Days on Market129
Property Features for 612 29th St
General Information
Standard status
Active
Size
3,670 SF
Property subtype
Multi-Family
Building Details
Year Built
1929
Tenancy
Multi
Listing Agency:
Realty ONE Group Impact
Listed By:
Sarah Shaffer (319) 621-6811
(319) 621-6811
Source:
Desmoineshomesforsale
Added: Jun 10
Changed: Oct 1
Last Checked: Oct 14 at 11:16PM
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 Realty ONE Group Impact
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Investment Insights
Based on property information with market context.
This 3670-square-foot apartment building at 612 29th St offers a multifamily configuration in an established Des Moines setting. The property is presented alongside historic architecture and mature, tree-lined streets, giving the asset a distinct neighborhood character.
The building is minutes from Ingersoll Avenue, with local dining, coffee, and food destinations accessible by walking or biking. Nearby shopping and downtown amenities add to the surrounding mix of services and attractions. The address places the property within a neighborhood defined by older architecture, mature landscaping, and proximity to established commercial activity.
The building is minutes from Ingersoll Avenue, with local dining, coffee, and food destinations accessible by walking or biking. Nearby shopping and downtown amenities add to the surrounding mix of services and attractions. The address places the property within a neighborhood defined by older architecture, mature landscaping, and proximity to established commercial activity.
Key Highlights
- 3670‑square‑foot apartment building
- Located at 612 29th St, Des Moines, IA
- Minutes from Ingersoll Avenue
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,589
Cap Rate
8.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$611,780
$611.8K
Cap Rate 7%
$436,986
$437.0K
Cap Rate 9%
$339,878
$339.9K
Market Conditions
NOI Build-Up for 3,670 SF
Gross rent
$57.7K $15.72/SF
− Vacancy
−$2.1K −$0.57/SF
EGI
$55.6K $15.15/SF
− OpEx
−$25.0K −$6.82/SF
NOI
$30.6K $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%
$611,780
Cap Rate 7%
$436,986
Cap Rate 9%
$339,878
Alternative Uses
Best Use
Apartment 5plus
$437.0K
$382.4K – $509.8K
NOI $30,589 @ 7.0% cap · market cap 8.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$903.9K
$790.9K – $1.05M
NOI $63,270 @ 7.0% cap · market cap 17.10%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
Explore this area
Business Placement
Demographics for 50312, IA
15,485
Population
8,285
Households
1.9
Avg Household Size
40
Median Age
62%
College-Educated
98%
High-School Grad
5.6 sq mi
ZIP Area
2,765
Density / Sq Mi
$82,720
Median Household Income
$54,862
Median Earnings
$1,057
Median Rent
$274,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily asset near walkable retail, dining, coffee, shopping, and downtown amenities.
Where is this apartment building located?
The property is located at 612 29th St Des Moines, IA.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: 3670‑square‑foot apartment building; Located at 612 29th St, Des Moines, IA; Minutes from Ingersoll Avenue
