5-Unit Apartment
New
For Sale
$550,000
739 17th Street, Des Moines, IA 50314
One- and two-bedroom residences are complemented by shared laundry, surface parking, and a full appliance package.
Property Size4,020 SF
Lot Size0.18 Acres
Price / SF$136.82
Days on Market4
Property Features for 739 17th Street
General Information
Standard status
Active
Size
4,020 SF
Net Rentable
4,020 SF
Lot size
0.18 Acres
Property subtype
Multifamily
Occupancy
100%
Financials
Asking Price
$550,000
Average Monthly Rent
$973
Site & Location
Neighborhood
Sherman Hill
Utilities to Site
Yes
Units
Unit Mix
2 x 1BR/1BA, 3 x 2BR/2BA
Multifamily Units
5
Individually Metered Utilities
electricity
Additional Details
Tenant in Place
Yes
Amenities
common laundry facilities
Building Details
Year Built
1924
Year Renovated
2019
Listing Agency:
CBRE - Des Moines
Listed By:
David Eckley · License #S65549000
(515) 314-1715
Source:
Cbre
Added: Oct 24
Changed: Oct 26
Last Checked: Oct 26 at 1:49PM
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 CBRE - Des Moines
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Investment Insights
Based on property information with market context.
Built in 1924 and renovated in 2019, this five-unit apartment property contains 4,020 rentable square feet. Its unit mix includes two one-bedroom, one-bathroom apartments and three two-bedroom, two-bathroom apartments, averaging 804 square feet each. Common laundry, surface parking, and refrigerators, ranges, dishwashers, and microwaves serve the property. Electricity is separately metered to residents; ownership pays for gas, water, sewer, and trash. The property is 100% occupied.
Key Highlights
- Five apartments totaling 4,020 rentable square feet
- Unit mix: 2 one‑bedroom/one‑bathroom units and 3 two‑bedroom/two‑bathroom units
- Average unit size of 804 SF
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,506
Cap Rate
6.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$670,120
$670.1K
Cap Rate 7%
$478,657
$478.7K
Cap Rate 9%
$372,289
$372.3K
Market Conditions
NOI Build-Up for 4,020 SF
Gross rent
$63.2K $15.72/SF
− Vacancy
−$2.3K −$0.57/SF
EGI
$60.9K $15.15/SF
− OpEx
−$27.4K −$6.82/SF
NOI
$33.5K $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%
$670,120
Cap Rate 7%
$478,657
Cap Rate 9%
$372,289
Alternative Uses
Best Use
Apartment 5plus
$478.7K
$418.8K – $558.4K
NOI $33,506 @ 7.0% cap · market cap 6.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$990.1K
$866.3K – $1.16M
NOI $69,304 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
5
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,867
Businesses Nearby
Explore this area
Business Placement
Demographics for 50314, IA
11,764
Population
4,780
Households
2.5
Avg Household Size
31
Median Age
15%
College-Educated
72%
High-School Grad
2.5 sq mi
ZIP Area
4,706
Density / Sq Mi
$38,511
Median Household Income
$30,314
Median Earnings
$977
Median Rent
$146,700
Median Home Value
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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 - One- and two-bedroom residences are complemented by shared laundry, surface parking, and a full appliance package.
Where is this apartment building located?
The property is located at 739 17th Street Des Moines, IA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Five apartments totaling 4,020 rentable square feet; Unit mix: 2 one‑bedroom/one‑bathroom units and 3 two‑bedroom/two‑bathroom units; Average unit size of 804 SF
