The Wright Apartments

Highlights

• - 10,653 SF historic building with 8 units
• - Built in 1912, blending character with modern potential
• - Zoned MX2 for flexible development opportunities
• - Prime location in the Des Moines area
• - 50% occupancy, offering immediate upside potential
• - Brand new $50k boiler recently installed
• - Six large 2-bedroom units and two 1-bedroom units
• - Many updates to units, enhancing appeal and marketability
• - Potential to easily convert 2-bedroom units to 3-bedroom units

Description

Welcome to 3612 Ingersoll Ave, Des Moines, IA, an exceptional investment opportunity in the heart of the highly sought after Ingersoll & Grand Corridor, one of the most coveted locations in the Des Moines metro.

This historic property features a 10,653 SF building with 8 units, including six large 2-bedroom units and two 1-bedroom units, offering an ideal mix of living spaces. Many updates have been made to the units, enhancing their appeal and marketability. The potential for the 2-bedroom units to be easily converted to 3-bedroom units adds further flexibility and value to this remarkable investment.

Built in 1912 and zoned MX2, this property offers a unique blend of historical charm and modern development opportunities. With 50% occupancy and a brand new $50k boiler, there's significant room for immediate upside.

Don't miss out on the chance to add this distinctive, well-located property to your portfolio and capitalize on the burgeoning multifamily and low-rise/garden investment market in the Des Moines area.

The Ingersoll and Grand corridor holds a rich historical significance as one of the most sought-after areas for tenants and businesses. Its recent surge in popularity solidifies its position as one of the most desirable locations in the entire metro area. This vibrant district boasts a blend of modern amenities and historic charm, attracting a diverse array of businesses and tenants. With its central location and growing appeal, the Ingersoll and Grand corridor stands as a testament to Des Moines' evolving commercial landscape.

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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