5201 9Th St Des Moines, IA 50315

Property Details for 5201 9Th St

Year built

1971

Property size

59,400 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents The Quarters on 9th, a stabilized 84-unit apartment building located at 5201 SW 9th St, Des Moines, IA 50315. Boasting a desirable location just six minutes from the central business district and four minutes from Des Moines International Airport, this property offers significant potential for strong returns. The building, comprised of three, three-story structures, encompasses 59,400 square feet on a 3,105 square foot lot. Built in 1971 and extensively renovated in 2023 with $1.2 million in improvements, the property currently enjoys a 95.03% occupancy rate, generating a substantial net operating income (NOI) of $459,314 and a 7.00% cap rate. The asking price is $6,500,000, translating to $77,380 per unit. Recent renovations encompassed approximately 77% of the units. Tenants are responsible for their own electricity costs. The property benefits from its proximity to national retailers and public transportation, making it an attractive option for renters. This represents a compelling opportunity to capitalize on Des Moines's robust growth, fueled by a low cost of living and significant corporate relocations, particularly in the burgeoning data center sector. The property's strong performance metrics and strategic location make it an ideal addition to any investment portfolio.