2117 Indianola Ave Des Moines, IA 50315

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.