2117 Indianola Ave Des Moines, IA 50315
- Apartment buildings
- 5,376 SF
- 0.84 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 2117 Indianola Ave
- Year built
- 2018
- Construction
- FRAME
- Lot size
- 0.84 lot acres
- Property size
- 5,376 SF
- 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 Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $2,035,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $2,040,000
- 6.5%
- $2,145,000
- 7%
- $2,140,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $2,380,000
- Geo Method
- $2,090,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,925,000
- Retail
- $2,045,000
- Mixed-Use
- $1,945,000
- Hospitality
- $1,965,000
- Educational
- $1,770,000
- Residential Income
- $2,370,000
- Energy
- $2,160,000
- Income-Based Land
- $2,145,000
- Food Service
- $2,415,000
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
