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    3333 Grand Ave Des Moines, IA 50312

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    For Sale
    Contact for pricing

    136-unit apartment building, prime location

    Property size:
    119,039 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 136-unit apartment building, built in 1941, presents a compelling investment opportunity. Located in Des Moines, Iowa, at 3333 Grand Ave (zip code 50312), this fee-simple property boasts a prime location within the highly desirable Ingersoll/Grand Corridor. The seven, three-story buildings encompass 119,039 square feet, with 92,560 square feet of net rentable space. The property sits on a 5.06-acre lot and includes 143 parking spaces. The R-4 zoning allows for multifamily use. The property's exceptional walkability is enhanced by its proximity to a full-service grocery store and Walgreens pharmacy, directly across the street. Numerous national and local restaurants, coffee shops, nightlife venues, and boutique stores are within easy walking distance. The Ingersoll/Grand Corridor is known for its diverse businesses, including retail, restaurants, and entertainment, and is considered one of the most affluent neighborhoods in the Des Moines metro area. Significant value-add potential exists through targeted interior renovations, mirroring successful strategies employed in nearby properties, which have achieved substantial rent premiums. These renovations, including updated kitchens and bathrooms, have proven effective in increasing rental income. The property's current occupancy and rental rates, combined with the potential for further upgrades, position it for double-digit cash-on-cash returns upon stabilization. The property's APN is 090-06460001000.

    Property Features for 3333 Grand Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    119,039 SF
    Lot Size
    220,414 SF

    Building Details

    Year Built
    1941
    Buildings
    7
    Stories
    3
    Units
    136

    HighLights

    • 136‑unit apartment building in Des Moines, IA (50312), located at 3333 Grand Ave, offering significant value‑add potential through interior renovations resulting in $300+ rent premiums.
    • Prime location in the desirable Ingersoll/Grand Corridor, near amenities and new construction projects commanding high rents.
    • Projected double‑digit cash‑on‑cash return upon stabilization by completing planned interior unit renovations (80% of units remaining).
    Property Profile Location Intelligence

    Current Use by Public Records

    Windsor Terrrace Apartments Apartment Complex Cluney Photo Photographer Building 7E Apartment Building

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.6619705
    Latitude
    41.5849426

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    FAQs

    What type of property is this?
    Multifamily property - 136-unit apartment building, prime location
    Where is this multifamily property located?
    The property is located at 3333 Grand Ave Des Moines, IA.
    What are key features of this property?
    This property features: 136-unit apartment building in Des Moines, IA (50312), located at 3333 Grand Ave, offering significant value-add potential through interior renovations resulting in $300+ rent premiums.; Prime location in the desirable Ingersoll/Grand Corridor, near amenities and new construction projects commanding high rents.; Projected double-digit cash-on-cash return upon stabilization by completing planned interior unit renovations (80% of units remaining).
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3333 Grand Ave Des Moines, IA 50312
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