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Archived almost 3 years ago

$425,000

7+ bd 4+ ba 2425 sqft

1123 24th St, Des Moines, IA 50311

Residential Quadplex

Current Rent **

$3,095

Projected Rent **

$3,425

Estimated Cap Rate *

Pro Only

Estimated Cash on Cash ROI *

Pro Only

Posted By:

Chase Keller

CCIM
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Unit 1 Details
  • Current Rent: $995
  • Bedroom: 3 bd
  • Bathroom: 1 ba
  • Square Footage: 850 sqft
  • Occupied: No
  • Needs Repairs: No
  • Off MLS: No
Unit 2 Details
  • Current Rent: $600
  • Bedroom: 1 bd
  • Bathroom: 1 ba
  • Square Footage: 400 sqft
  • Occupied: No
  • Needs Repairs: No
  • Off MLS: No
Unit 3 Details
  • Current Rent: $750
  • Bedroom: 2 bd
  • Bathroom: 1 ba
  • Square Footage: 700 sqft
  • Occupied: No
  • Needs Repairs: No
  • Off MLS: No
Unit 4 Details
  • Current Rent: $750
  • Bedroom: 1 bd
  • Bathroom: 1 ba
  • Square Footage: 475 sqft
  • Occupied: No
  • Needs Repairs: No
  • Off MLS: No

1123 24th St - 4-Plex

This property had a complete overhaul in 2022, completely gutting all units and replacing everything inside and out. All new separated heat, electric and plumbing. All new Mechanicals, New siding, windows, roof, porch. Everything! Property has security system in place. Coin-op laundry in basement common area.
Also a storage space that could be tapped for even more income.
All units currently occupied and cashflowing.
Building is 3 blocks from Drake University campus. Blocks from many restaurants and entertainment, making this site incredibly walkable. 5 blocks from Interstate 235 and about a mile from downtown.
Directly in the center of the metro, making commuting anywhere a breeze. Plenty of off-street parking for tenants.
Drake University area boasts a large Graduate Student population with obvious benefits, but the Drake neighborhood pulls tenants from much more than just the University. Location so close to downtown, close to Interstate and amazing walkability.
Value Add: Room to increase rents, add basement storage, allow pets for additional income.

Location:

1123 24th St, Des Moines, IA 50311

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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.

** Current rent and projected rent are provided by the lister.

† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.

‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.