3333 Grand Ave Des Moines, IA 50312

This exceptional 136-unit apartment building, built in 1941, presents a compelling investment opportunity. Located in Des Moines, Iowa, at 3333 Grand Ave (zip code 50312), this fee-simple property boasts a prime location within the highly desirable Ingersoll/Grand Corridor. The seven, three-story buildings encompass 119,039 square feet, with 92,560 square feet of net rentable space. The property sits on a 5.06-acre lot and includes 143 parking spaces. The R-4 zoning allows for multifamily use. The property's exceptional walkability is enhanced by its proximity to a full-service grocery store and Walgreens pharmacy, directly across the street. Numerous national and local restaurants, coffee shops, nightlife venues, and boutique stores are within easy walking distance. The Ingersoll/Grand Corridor is known for its diverse businesses, including retail, restaurants, and entertainment, and is considered one of the most affluent neighborhoods in the Des Moines metro area. Significant value-add potential exists through targeted interior renovations, mirroring successful strategies employed in nearby properties, which have achieved substantial rent premiums. These renovations, including updated kitchens and bathrooms, have proven effective in increasing rental income. The property's current occupancy and rental rates, combined with the potential for further upgrades, position it for double-digit cash-on-cash returns upon stabilization. The property's APN is 090-06460001000.