823 18th St 6 Unit Apartment Building $596,559 CAD ($99,426 CAD/Unit) 7.57% Cap Rate Des Moines, IA 50314

This 6-unit multifamily opportunity features three 1-bedrooms and 3 studios with an average of 465 Sq. Ft. per unit. The property offers solid in-place income with average rents of $662.50/month with market rents in current condition at $762.50, supported by nearby rent comps. $7,200/year in additional cash flow. Built in 1900, the building is approximately 2,791 SF and positioned in the coveted Sherman Hill Neighborhood, a very desirable central Des Moines location near medical centers, schools, and major employers.
At the $429,000 asking price, the property delivers a 7.57% proforma cap rate and a competitive basis of just $71,500 per unit. With stable 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.