Furnished
New
For Sale
$310,000
686 34th St, Des Moines, IA 50312
Three-unit property with updated kitchens and baths, laundry facilities, off-street parking, and a deck.
Property Size1,993 SF
Price / SF$155.54
Days on Market6
Property Features for 686 34th St
General Information
Standard status
Active
Size
1,993 SF
Property subtype
Multi-Family
Additional Details
Furnished
Yes
Multifamily Units
3
Amenities
laundry
off-street parking
gas boiler heat
window A/C units
deck
Building Details
Year Built
1900
Listing Agency:
HomeCoin.com
Listed By:
Amy Jones
(888) 400-2513
Source:
Dsmsold
Added: Sep 2
Changed: Sep 6
Last Checked: Sep 7 at 12:13PM
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 HomeCoin.com
Investment Insights
Based on property information with market context.
Built in 1900, this three-unit property includes an owner’s residence that is being sold fully furnished. The residence offers one bedroom plus a nonconforming office or bonus room, with approximately 1,993 square feet across the property. Improvements include updated kitchens and bathrooms, laundry, off-street parking, and a deck. Heating is provided by a gas boiler, while cooling is handled by window A/C units rather than central air.
The property is located at 686 34th St in Des Moines, near Ingersoll. A city rental certificate is valid through 4/30/28, supporting continued operation as a residential income property.
The property is located at 686 34th St in Des Moines, near Ingersoll. A city rental certificate is valid through 4/30/28, supporting continued operation as a residential income property.
Key Highlights
- Three‑unit property with approximately 1,993 sq ft
- Owner unit sold fully furnished with 1 bedroom and a nonconforming office/bonus room
- Updated kitchens and baths
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
$18,594
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
6.00%
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%
$371,880
$371.9K
Cap Rate 7%
$265,629
$265.6K
Cap Rate 9%
$206,600
$206.6K
Market Conditions
NOI Build-Up for 1,993 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
$27.5K $13.80/SF
− Vacancy
−$941 −$0.47/SF
EGI
$26.6K $13.33/SF
− OpEx
−$8.0K −$4.00/SF
NOI
$18.6K $9.33/SF
Area
Des Moines, IA
Vacancy
3.42%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$371,880
Cap Rate 7%
$265,629
Cap Rate 9%
$206,600
Alternative Uses
Best Use
Multifamily LT 5
$265.6K
$232.4K – $309.9K
NOI $18,594 @ 7.0% cap · market cap 6.00%
Second Best
Apartment 5plus
$237.3K
$207.6K – $276.9K
NOI $16,611 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$490.8K
$429.5K – $572.7K
NOI $34,359 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,080
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with updated kitchens and baths, laundry facilities, off-street parking, and a deck.
Where is this triplex located?
The property is located at 686 34th St Des Moines, IA.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Three‑unit property with approximately 1,993 sq ft; Owner unit sold fully furnished with 1 bedroom and a nonconforming office/bonus room; Updated kitchens and baths
