1118 & 1120 26th St, Des Moines 2 Multifamily Properties Offered at $1,108,860 CAD in Des Moines, IA

This multifamily opportunity includes a 4-Unit and a duplex available as a portfolio or separately. 1118 26th St has one studio, two 1-Beds and a 2-Bedroom unit. 1118 offers solid in-place income with average rents of $771.25/month and market rents in current condition at $822.50, supported by nearby rent comps. 1120 26th St is a duplex with both sides having 6 bedrooms, 3 bathrooms and laundry in the unit. Currently, they're rented out at $2,650/side and upon lease renewal we expect $2,780/side. Both properties were built in 1893, 1118 with approximately 1,930 SF and 1120 with 4,181 SF and positioned in the Drake Neighborhood, a very desirable central Des Moines location near medical centers, schools, and major employers. The properties are a short 1-2 minute walk from the Drake Campus.
At the $799,000 asking price, the property delivers a 7.3% proforma cap rate and stable in place cash flow, strong tenant demand, and long-term value appreciation in the growing Des Moines market. This asset is well-suited for both local and out-of-state investors seeking reliable returns and appreciation.