Sherman Hill Multifamily Investment Opportunity

658 18th St, Des Moines, IA 50314

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For Sale

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Six-unit property in Des Moines' Historic Sherman Hill neighborhood.

Type:Multifamily

Property size:

2,988 SF

Price / SF:

$158/SF

HighLights

Located in the highly sought‑after Historic Sherman Hill Neighborhood.
Strong existing cash flow.
Value‑add opportunity through monetizing basement laundry and implementing bill‑backs for water, sewer, and trash.
Attractive features such as hardwood floors in living areas.
Many units include cozy gas fireplaces.
Property exudes character and charm (built in 1880, converted to apartments in 1959).

We can help!

Contact an agent

Joseph Bergman

For Sale

Contact for pricing

Six-unit property in Des Moines' Historic Sherman Hill neighborhood.

Type:Multifamily

Property size:

2,988 SF

Price / SF:

$158/SF

Added:: Feb 4, 2026
Days on Market:: 146
Last Refresh:: Mar 17 at 1:15 pm

Property Features for 658 18th St

General Information

Standard status: Active
Size: 2,988 SF
Property subtype: Multifamily

Building Details

Year Built: 1880

We can help!

Contact an agent

Joseph Bergman

Listing office JLL - Des Moines, Iowa

Listing date Feb 4, 2026

Source Crexi

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 JLL - Des Moines, Iowa

HighLights

Located in the highly sought‑after Historic Sherman Hill Neighborhood.
Strong existing cash flow.
Value‑add opportunity through monetizing basement laundry and implementing bill‑backs for water, sewer, and trash.
Attractive features such as hardwood floors in living areas.
Many units include cozy gas fireplaces.
Property exudes character and charm (built in 1880, converted to apartments in 1959).

Overview

Located in the Historic Sherman Hill Neighborhood of Des Moines, Iowa, the property at 658 18th Street is a six-unit multifamily building. Constructed originally in 1880 and converted into apartments in 1959, the property features hardwood floors in the living areas. Many units include gas fireplaces. The property offers an opportunity to optimize returns by monetizing the basement laundry and implementing bill-backs for water, sewer, and trash services. The building has a property size of 2988 square feet.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$47.0k	$15.72
− Vacancy	−$1.7k	−$0.57
EGI	$45.3k	$15.15
− OpEx	−$20.4k	−$6.82
NOI	$24.9k	$8.33

2,988 SF · lease $15.72/SF/yr · vacancy 3.60% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$355.8K

$311.3K – $415.1K (±1% cap)

NOI $24,904 @ 7.0% cap · market cap 5.24%

Second Best

—

no second resolved use

Theoretical Best

Office A

$735.9K

$643.9K – $858.5K (±1% cap)

NOI $51,512 @ 7.0% cap · market cap 10.84%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Location Insight

Map
Local Demand

City: Des Moines
County: Polk
State: Iowa
Longitude: -93.6415998
Latitude: 41.5886306

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For sale
Apartment buildings
IA
Des Moines
50314
658 18th St

What type of property is this?

Apartment building - Six-unit property in Des Moines' Historic Sherman Hill neighborhood.

Where is this apartment building located?

The property is located at 658 18th St Des Moines, IA.

What is the asking price?

The asking price for this property is $475,000.

What are key features of this property?

This property features: Located in the highly sought‑after Historic Sherman Hill Neighborhood.; Strong existing cash flow.; Value‑add opportunity through monetizing basement laundry and implementing bill‑backs for water, sewer, and trash.