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Theresa Grandquist

theresagrandquisthomes@gmail.com +1(515) 249-2201

$ 565,000

Est. payment | -/mo

6 Beds

6 Baths

4,320 SqFt

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$ 565,000

Est. payment | -/mo

Save

6 Beds

6 Baths

4,320 SqFt

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 4,320 sqft

Price per Sqft $130

MLS Listing ID 750308

Style Three Story

Bedrooms 6

Full Baths 6

HOA Y/N No

Year Built 1918

Annual Tax Amount $5,259

Lot Size 7,230 Sqft

Acres 0.166

Property Description

Generate $36,754 NOI from day one with a roadmap to drive NOI over $50,800 via a full short-term rental conversion. Positioned blocks from Drake University, this cash-flowing 6-unit asset is ideal for an investor looking to maximize cash flow and utilize the STR tax loophole. As detailed in the attached proforma, the property currently operates on a hybrid model (2 STRs, 4 long-term rentals) producing an Effective Gross Income of $75,727.71. Converting the remaining 4 units to STRs unlocks massive forced appreciation, pushing estimated valuation up to $726,034 (7.0% baseline cap rate) or $781,883 (6.5% cap rate). The building features updated 1-bed/1-bath units with neutral paint, wood-look flooring, white kitchens, and refreshed baths. Each unit offers separate living and dining areas, spacious bedrooms, and abundant light. Guests and tenants enjoy shared basement laundry, extra storage, a grassy side yard, and a shaded back area. With proximity to Drake Park, campus amenities, University Ave shops, and quick I-235 access, this is a turnkey, high-demand asset.

Location

State IA

County Polk

Area Des Moines West

Zoning R-3

Rooms

Basement Partially Finished

Interior

Cooling None

Fireplace No

Exterior

Community Features Sidewalks

Private Pool No

Building

Lot Description Irregular Lot

Entry Level Three Or More

Foundation Block

Level or Stories Three Or More

Schools

School District Des Moines Independent

Others

Tax ID 03004964003000

Monthly Total Fees $438

Acceptable Financing Cash, Conventional, FHA, VA Loan

Listing Terms Cash, Conventional, FHA, VA Loan

Listed by Keller Williams Realty GDM

Nearby Locations

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(515) 249-2201

theresagrandquisthomes@gmail.com

12345 University Ave, Clive, IA 50321

2600 Cottage Grove Avenue Des Moines, IA 50311

Theresa Grandquist

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

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2600 Cottage Grove Avenue