3325 1st St Des Moines

Description:

3325 1st Street, Des Moines, IA 50313 Turnkey Brick Duplex with Strong Upside — Just North of Downtown Des Moines This solid, well-maintained brick duplex offers an immediate opportunity for investors or owner-occupants looking to step into a stable property with major upside. Each unit features 2 bedrooms and 1 bathroom across roughly 915 square feet, plus private basement access with shared laundry. Hardwood floors are in great shape throughout the upper level, and a new roof and windows (2020), along with updated HVAC, mean the big-ticket items have already been handled — leaving a low-maintenance investment for years to come. Both units are currently tenant-occupied on month-to-month leases, giving the next owner full flexibility to keep long-term tenants, adjust rents, or reposition the property for short- or mid-term rentals. Each tenant pays their own gas and electric, along with water and garbage, and handles lawn care and snow removal, making this a simple property to manage. One unit also features a spacious three-season porch, adding bonus living space and extra appeal. The property includes a two-car garage (one stall per unit) and sits on a corner lot of 0.15 acres. Current rents are well below market at $785 per unit, with potential to reach around $1,100 per unit, bringing the projected NOI north of $18,000 once stabilized (vs. current NOI of ~$11,700). Located just two miles from downtown Des Moines and its major hospitals, this property is ideally positioned for traveling nurse housing, executive rentals, or long-term tenants alike. Easy access to Interstate 35 and 235 in every direction makes commuting effortless, and the surrounding Oak Park / Highland Park neighborhood offers the charm of a classic Des Moines community with quick access to local shops, restaurants, and parks. With the seller relocating out of state, this duplex is priced well below market at $190,000 — and opportunities like this don’t last long. Act quickly — this deal will move fast and likely above asking.


Located just two miles from downtown Des Moines and its major hospitals, this property is ideally positioned for traveling nurse housing, executive rentals, or long-term tenants alike. Easy access to Interstate 35 and 235 in every direction makes commuting effortless, and the surrounding Oak Park / Highland Park neighborhood offers the charm of a classic Des Moines community with quick access to local shops, restaurants, and parks. 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. 


Solid brick duplex with (2) 2-bed/1-bath units, each approx. 915 SF Both units occupied on month-to-month leases for maximum flexibility Tenants pay all utilities (gas, electric, water, garbage) and handle lawn/snow New roof and windows (2020) + updated HVAC — low future cap-ex Private basement access with shared laundry for each unit Two-car garage (one stall per unit) + corner lot on 0.15 acres One unit features a large three-season porch Current rents: $785 per unit | Market potential: ≈ $1,100 per unit Projected NOI: ≈ $18,000 (stabilized) vs. current ≈ $11,700 Prime location: 2 miles from downtown & hospitals — ideal for traveling-nurse MTR/STR strategy