3333 Grand AveDes Moines, IA 50312

Property Details for 3333 Grand Ave

Year built

1941

Lot size

5.06 AC

Property size (Sq ft)

119,039 SF

Property type

Apartment buildings

Description

This exceptional 136-unit apartment building, built in 1941, presents a compelling investment opportunity. Located in Des Moines, Iowa, at 3333 Grand Ave (zip code 50312), this fee-simple property boasts a prime location within the highly desirable Ingersoll/Grand Corridor. The seven, three-story buildings encompass 119,039 square feet, with 92,560 square feet of net rentable space. The property sits on a 5.06-acre lot and includes 143 parking spaces. The R-4 zoning allows for multifamily use. The property's exceptional walkability is enhanced by its proximity to a full-service grocery store and Walgreens pharmacy, directly across the street. Numerous national and local restaurants, coffee shops, nightlife venues, and boutique stores are within easy walking distance. The Ingersoll/Grand Corridor is known for its diverse businesses, including retail, restaurants, and entertainment, and is considered one of the most affluent neighborhoods in the Des Moines metro area. Significant value-add potential exists through targeted interior renovations, mirroring successful strategies employed in nearby properties, which have achieved substantial rent premiums. These renovations, including updated kitchens and bathrooms, have proven effective in increasing rental income. The property's current occupancy and rental rates, combined with the potential for further upgrades, position it for double-digit cash-on-cash returns upon stabilization. The property's APN is 090-06460001000.

Location Insight

City

Des Moines

County

Polk

State

Iowa

Latitude

41.5849

Longitude

-93.662

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