2117 Indianola Ave Des Moines, IA 50315
Property profile & analytics
2117 Indianola Ave, Des Moines, IA 50315
- Apartment buildings
- 5,376 SF
- 0.84 lot acres
Property ID
US25-2566137
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Apartment buildings
Property Details for 2117 Indianola Ave
- Year built
- 2018
- Construction
- FRAME
- Lot size
- 0.84 lot acres
- Zone code
- C-1
- Property type
- Apartment buildings
- APN
- 010/01096-001-000
- APU
- 1001096001000
Description
This exceptional 35-unit apartment complex presents a compelling value-add opportunity in Des Moines, Iowa. Located at 2117 Indianola Avenue, this property boasts a prime location just south of the Central Business District, offering convenient access to transportation, restaurants, and entertainment. The four, two-story buildings comprise 14,336 square feet on a 0.839-acre lot, with a current occupancy rate of 100%. Built in 1965 and renovated in 2022, the property features a mix of one-bedroom, one-bathroom units. The current Net Operating Income (NOI) is $181,841, with a pro-forma NOI of $215,276, reflecting a potential for significant income growth. The asking price is $2,350,000, representing a price per unit of $67,143 and a current cap rate of 7.74%, with a pro-forma cap rate of 9.16%. Significant recent improvements include new flooring, cabinets, doors, paint, baseboards, and cabinetry in 85% of the units. The remaining units offer a further opportunity to increase rental income. Additional features include central boiler heat, window AC units, four coin-operated laundry rooms (one per building), on-site maintenance/management garage, and recently replaced roofs (within the last three years). The property is zoned RES 3+ Units and offers substantial potential for appreciation due to its location and the opportunity for further renovations and rental rate increases. Surface parking is in excellent condition. This is a rare opportunity to acquire a well-located, value-add multifamily property with strong potential for immediate and long-term returns.
Value Estimations
based on Realmo’s proprietary methodology
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,035,000
- ML approach
- $1,985,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,354,000
Market price range: $413k - $1.35M
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Des Moines
- County
- Polk
- State
- Iowa
- Longitude
- -93.6118
- Latitude
- 41.5681
- CBSA code
- 19780
- CBSA name
- DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2020
$31,744
$155,000
$1,675,000
$1,830,000
-
$155,000
$1,675,000
$1,830,000
