4001 University Ave Des Moines, IA 50317

This exceptional 8-unit apartment building presents a compelling value-add investment opportunity in Des Moines, Iowa. Located at 4001 E University Ave, this two-story, 5,686 square foot property sits on a 20,716 square foot lot (APN: 782305101004) and boasts a desirable location near Gray's Woods and Copper Creek Golf Club, with easy access to I-235 and Hwy 65, and less than a 10-minute commute to downtown. Built in 1971 and renovated in 2024, the property currently enjoys an 87.5% occupancy rate with a Net Operating Income (NOI) of $48,407 and a projected NOI of $57,730. The asking price is $640,000, representing a price per unit of $80,000 and a current cap rate of 7.56%, with a pro-forma cap rate of 9.02%. All units are two-bedroom apartments, and the property features ample parking and a spacious greenspace with a patio. The seller is implementing a Ratio Utility Billing System (RUBS) for utilities, further enhancing the property's income potential. Currently, water is on RUBS, with heat implementation underway. Most units are month-to-month leases, offering flexibility for the new owner. The property's strong performance, prime location, and recent renovations make it an attractive investment with significant upside potential. Only one unit is currently vacant, undergoing renovation. This property is zoned NX1.