1123 24th St

Highlights

• Rare 4-plex by Drake University
• Completely Renovated in 2022
• 100% Occupied and Cashflowing
• Proforma NOI: $29,530
• CapRate: 7.29%
• 1 Block to Drake University & 1 Mile to Downtown

Description

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.

This rare 4-plex is only 3 blocks from campus at Drake University. Walk-ability in this area is fantastic. Tons of restaurants and entertainment in walking distance. 5 Blocks from Interstate 235 and about 1 mile to Downtown. And this property is in the center of the metro, so getting anywhere is a breeze. Plenty of off-street parking.

Des Moines is a very stable real estate market compared to many other areas. With extremely low unemployment, growing jobs and population Des Moines offers a lot of long-term potential for investors. Iowa is one of the best states for landlord protections and is a friendly state to do business. Des Moines has been increasing in population and jobs as well because of the low cost of living, but the high standard of living.
A vibrant gem in the heart of the prairie, Des Moines is named for the river that snakes through the city. This is Iowa's capital (and the county seat of Polk County), and it is filled with things to do. From concerts at the historic Salisbury House to the collections at Des Moines Art Center, and from the 81 miles of hiking and biking trails to the Greater Des Moines Botanical Gardens, Des Moines offers so much that it was named one of the top 10 cities in which to live by US News.
Home to such companies as John Deere, Pioneer, Corteva, Meredith Corporation, Wells Fargo, Voya Financial, and Principal Financial Group, Des Moines is considered one of the nation's wealthiest cities.
Greater Des Moines is vibrant, growing and experiencing tremendous momentum. Metrics such as gross domestic product growth, population growth and employment growth show DSM as one of the strongest metros in the Midwest. Greater Des Moines is home to many business successes and has received numerous accolades over the past several years. These recognitions include being named one of the top 10 best cities to live and work, one of the best cities for jobs, one of the top 10 places with the most job opportunities per capita and a top metro for economic development projects. Such accomplishments can be attributed to DSM’s talented workforce, impressive education ranking and strong business economy.

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