1419 E 40th St Des Moines

1419 E 40th St, Des Moines, IA

$230,000

Price

8.35%

Cap Rate

$19,197

NOI

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Street
Map
Overview
Cap Rate
8.35%
NOI
$19,197
Building Size
1,996 sqft
Lot Area
0.196 acres
Occupancy
50%
Units
2
Year Built
1983
Floors
2
Description

Great Off-Market 3 Bed Duplex Opportunity in Des Moines' East side.
$230,000
One unit is recently vacated. Occupied unit is on month to month at $700, rent comps are $1300. It needs a little work to get there, but it won't take much.
All utilities separated and tenants take care of Lawn & Snow.
Both units have all 3 bedrooms and bathroom on Upper Level, with the Living Room and Kitchen on the Main Level.
Built 1983. CapRate 8.5%
12.3% Cash on Cash Return after renovation
Buy before Interest Rates drop and buyer demand floods back into the market. Potential Seller paid Rate Buy-down available.

This Duplex is located on Des Moines' East side near Gray's Woods and Copper Creek Golf Club. Just off of University Ave, so close to all amenities important to tenants. And commuting is easy being about 6 minutes to both Interstate 235 and Hwy 65. Less than 10 minutes to Downtown.

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. 

Highlights
  • Price: $230,000
  • Both 3-Bed, 1-Bath units
  • All Utilities Separated
  • Proforma CapRate: 8.5%
  • CoC Return: 14.5% with IRBD
  • Interest Rate Buydown possible
Documents
Location
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