3612 Ingersoll AveDes Moines, IA 50312

This exceptional investment opportunity presents a 10,653 square foot, eight-unit apartment building located at 3612 Ingersoll Ave, Des Moines, IA, 50312. The property, built in 1912 and renovated in 2015, boasts a prime location in the highly sought-after Ingersoll & Grand Corridor. Currently operating at 50% occupancy, this Class B multifamily building offers significant value-add potential. The eight units comprise six spacious two-bedroom units and two one-bedroom units, with the possibility of converting two-bedroom units into three-bedroom units. A recent $50,000 investment in a new boiler further enhances the property's appeal. The building sits on a 0.5-acre lot and is zoned MX2, allowing for flexible development opportunities. With a total asking price of $1,000,000 ($125,000 per unit), a price per square foot of $93.87, and a current NOI of $78,078 resulting in a 7.81% cap rate, this property represents a compelling investment in a strong Des Moines market characterized by low unemployment, population growth, and robust landlord protections. The Ingersoll and Grand Corridor is a vibrant area with a rich history and a growing appeal to both businesses and residents, making this a truly distinctive investment opportunity. The four-story building offers a blend of historical charm and modern updates, presenting a unique opportunity for an investor to capitalize on the burgeoning multifamily market in Des Moines.