3612 Ingersoll Ave Des Moines, IA 50312

Property Details for 3612 Ingersoll Ave

Year built

1912

Lot size

0.50 lot acres

Property size

10,653 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a 10,653 square foot, eight-unit apartment building located at 3612 Ingersoll Ave, Des Moines, IA, 50312. The property, built in 1912 and renovated in 2015, boasts a prime location in the highly sought-after Ingersoll & Grand Corridor. Currently operating at 50% occupancy, this Class B multifamily building offers significant value-add potential. The eight units comprise six spacious two-bedroom units and two one-bedroom units, with the possibility of converting two-bedroom units into three-bedroom units. A recent $50,000 investment in a new boiler further enhances the property's appeal. The building sits on a 0.5-acre lot and is zoned MX2, allowing for flexible development opportunities. With a total asking price of $1,000,000 ($125,000 per unit), a price per square foot of $93.87, and a current NOI of $78,078 resulting in a 7.81% cap rate, this property represents a compelling investment in a strong Des Moines market characterized by low unemployment, population growth, and robust landlord protections. The Ingersoll and Grand Corridor is a vibrant area with a rich history and a growing appeal to both businesses and residents, making this a truly distinctive investment opportunity. The four-story building offers a blend of historical charm and modern updates, presenting a unique opportunity for an investor to capitalize on the burgeoning multifamily market in Des Moines.