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 Market26
Property Features for 612 29th St
General Information
Standard status
Active
Size
3,670 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$6,503
Building Details
Tenancy
Multi
Listing Agency:
Realty ONE Group Impact
(319) 621-6811
Listed By:
Sarah Shaffer
(319) 621-6811
Source:
Exprealty
Added: Aug 5
Changed: Aug 20
Last Checked: Aug 29 at 12:05PM
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
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 = 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
$30,589
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
8.27%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
