Des Moines Four-Unit Apartment
983 26th St, Des Moines, IA 50312
Well-maintained four-unit apartment building in Des Moines' Drake neighborhood.
Type:Multifamily
Property size:
2,160 SFPrice / SF:
$120/SF- Added:
- Feb 3, 2026
- Days on Market:
- 117
- Last Refresh:
- Mar 17 at 1:15 pm
Property Features for 983 26th St
General Information
- Standard status
- Active
- Size
- 2,160 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1900
Listing agent Kaden Smith License #S73068000
Listing office York Companies
Listing date Feb 3, 2026
Source Crexi
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 York Companies
HighLights
- Solid in‑place cash flow with long‑term tenants.
- Located in the Drake neighborhood, an area with consistent rental demand and strong long‑term growth fundamentals.
- Four‑unit building (all 1‑bed 1‑bath).
- Located within the Invest DSM area, providing additional upside potential.
- Proximity to Drake University, downtown Des Moines, major employment centers, and public transit.
- Well‑maintained property.
Overview
The property at 983 26th Street is a well-maintained four-unit apartment building. Each unit features one bedroom and one bathroom. Located in the Drake neighborhood of Des Moines, the area benefits from consistent rental demand and strong long-term growth fundamentals. The property offers in-place cash flow with long-term tenants. The building's location within the Invest DSM area provides additional upside potential through continued neighborhood reinvestment and improvement initiatives. The Drake area is popular among renters due to its proximity to Drake University, downtown Des Moines, major employment centers, and public transit. This property is suitable for investors seeking a proven, income-producing property in a central Des Moines location. The property size is 2160 square feet.
Local Financial Insights For Multifamily LT 5
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 | $29.8k | $13.80 |
| − Vacancy | −$1.0k | −$0.47 |
| EGI | $28.8k | $13.33 |
| − OpEx | −$8.6k | −$4.00 |
| NOI | $20.2k | $9.33 |
2,160 SF · lease $13.80/SF/yr · vacancy 3.42% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$287.9K
$251.9K – $335.9K
NOI $20,152 @ 7.0% cap · market cap 7.75%
Second Best
Apartment 5plus
$257.2K
$225.0K – $300.1K
NOI $18,003 @ 7.0% cap · market cap 6.92%
Theoretical Best
Office A
$532.0K
$465.5K – $620.6K
NOI $37,238 @ 7.0% cap · market cap 14.32%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Des Moines
- County
- Polk
- State
- Iowa
- Longitude
- -93.6518618
- Latitude
- 41.5949465
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Well-maintained four-unit apartment building in Des Moines' Drake neighborhood.
Where is this quadplex located?
The property is located at 983 26th St Des Moines, IA.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Solid in‑place cash flow with long‑term tenants.; Located in the Drake neighborhood, an area with consistent rental demand and strong long‑term growth fundamentals.; Four‑unit building (all 1‑bed 1‑bath).
