Four-Unit Apartment
For Sale
Contact for pricing
Pending
842 16th Street, Des Moines, IA 50314
Four 1BR/1BA units feature in-unit washers/dryers and kitchenettes, with all units currently leased.
Property Size3,070 SF
Days on Market126
Property Features for 842 16th Street
General Information
Standard status
Pending
Size
3,070 SF
Property subtype
Multifamily
Zoning
R-3
Occupancy
100%
Investment Type
Stabilized
Additional Details
Multifamily Units
4
Building Details
Year Built
1893
Year Renovated
2023
Buildings
1
Units
4
Tenancy
Multi
Listing Agency:
Stanbrough Realty
Listed By:
Ross Quintero · License #S63415000
(515) 689-2612
Source:
Crexi
Added: May 6
Changed: Aug 8
Last Checked: Aug 3 at 3:42PM
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 Stanbrough Realty
Investment Insights
Based on property information with market context.
This charming four-unit apartment building offers all 1BR/1BA layouts. Each unit includes in-unit washers/dryers and full kitchenettes, along with hardwood flooring, full tub/shower bathrooms, fireplaces, built-in bookshelves, and large windows designed to bring in natural light. Bedrooms are described as large, and the property is presented as fully occupied with all units 100% leased.
The building is located in the Sherman Hill neighborhood of Des Moines. The offering includes a total property size of 3,070 square feet.
From a tenant-readiness standpoint, the unit interiors are described as well-equipped with dedicated laundry, kitchenettes, and in-unit bathroom facilities, while common living areas include hardwood flooring and fireplace features.
The building is located in the Sherman Hill neighborhood of Des Moines. The offering includes a total property size of 3,070 square feet.
From a tenant-readiness standpoint, the unit interiors are described as well-equipped with dedicated laundry, kitchenettes, and in-unit bathroom facilities, while common living areas include hardwood flooring and fireplace features.
Key Highlights
- 4‑unit apartment building built in 1893
- All units are 1BR/1BA (750 SF each) with full kitchenettes
- In‑unit washers/dryers in every unit
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
$28,642
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
8.81%
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%
$572,840
$572.8K
Cap Rate 7%
$409,171
$409.2K
Cap Rate 9%
$318,244
$318.2K
Market Conditions
NOI Build-Up for 3,070 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
$42.4K $13.80/SF
− Vacancy
−$1.4K −$0.47/SF
EGI
$40.9K $13.33/SF
− OpEx
−$12.3K −$4.00/SF
NOI
$28.6K $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%
$572,840
Cap Rate 7%
$409,171
Cap Rate 9%
$318,244
Alternative Uses
Best Use
Multifamily LT 5
$409.2K
$358.0K – $477.4K
NOI $28,642 @ 7.0% cap · market cap 8.81%
Second Best
Apartment 5plus
$365.5K
$319.9K – $426.5K
NOI $25,588 @ 7.0% cap · market cap 7.87%
Theoretical Best
Office A
$756.1K
$661.6K – $882.1K
NOI $52,926 @ 7.0% cap · market cap 16.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,404
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four 1BR/1BA units feature in-unit washers/dryers and kitchenettes, with all units currently leased.
Where is this quadplex located?
The property is located at 842 16th Street Des Moines, IA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 4‑unit apartment building built in 1893; All units are 1BR/1BA (750 SF each) with full kitchenettes; In‑unit washers/dryers in every unit
