Six-Unit Apartment
823 18th St Des Moines, IA 50314
For Sale
Contact for pricing
Six-unit multifamily building with three 1-bedroom units and three studios.
Property Size2,791 SF
Price / SF$153.71
Days on Market114
Property Features for 823 18th St
General Information
- Standard status
- Active
- Size
- 2,791 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1900
Listing Agency:
Midwest Investment Brokers
Listed By:
Chandler Martin · License #IA B65013000
Source:
Crexi
Added: Apr 2
Changed: Jul 23
Last Checked: Jul 23 at 2:57AM
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 Midwest Investment Brokers
Investment Insights
Based on property information with market context.
This 6-unit multifamily property consists of three 1-bedroom apartments and three studio apartments. The building was built in 1900 and has an approximate total size of 2,791 square feet, with average unit sizes of about 465 square feet.
The property is located in the Sherman Hill Neighborhood in central Des Moines, described as being near medical centers, schools, and major employers.
Current in-place income is supported by average rents of $662.50 per month and market rents of $762.50 in current condition. The offering is presented as a stable income opportunity with additional projected cash flow of $7,200 per year.
The property is located in the Sherman Hill Neighborhood in central Des Moines, described as being near medical centers, schools, and major employers.
Current in-place income is supported by average rents of $662.50 per month and market rents of $762.50 in current condition. The offering is presented as a stable income opportunity with additional projected cash flow of $7,200 per year.
Key Highlights
- 6‑unit multifamily building with three 1‑bedroom units and three studios
- Built in 1900; approximately 2,791 SF total building area
- Average rent of $662.50/month; market rents in current condition of $762.50/month based on nearby comps
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $43.9k | $15.72 |
| − Vacancy | −$1.6k | −$0.57 |
| EGI | $42.3k | $15.15 |
| − OpEx | −$19.0k | −$6.82 |
| NOI | $23.3k | $8.33 |
2,791 SF · lease $15.72/SF/yr · vacancy 3.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$332.3K
$290.8K – $387.7K
NOI $23,262 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$687.4K
$601.5K – $801.9K
NOI $48,116 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Multifamily property - Six-unit multifamily building with three 1-bedroom units and three studios.
Where is this multifamily property located?
The property is located at 823 18th St Des Moines, IA.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: 6‑unit multifamily building with three 1‑bedroom units and three studios; Built in 1900; approximately 2,791 SF total building area; Average rent of $662.50/month; market rents in current condition of $762.50/month based on nearby comps
