121 12Th StDes Moines, IA 50309

Property Details for 121 12Th St

Year built

2017

Construction

FRAME

Lot size

0.40 AC

Property size (Sq ft)

28,498 SF

Zone code

C-3

Property type

Apartment buildings

APN

020/01646-002-001

APU

2001646002001

Description

This exceptional Class A, 26-unit apartment building, known as Station 121, presents a compelling investment opportunity in Des Moines, Iowa's desirable Western Gateway neighborhood. Completed in 2018, this multifamily conversion boasts 19,500 square feet of net rentable space across a two-story building. Each of the 26 units offers a unique floor plan, showcasing original architectural details. The property benefits from a prime location, surrounded by major employers including Dotdash Meredith, Wellmark Blue Cross Blue Shield, Nationwide Insurance, EMC Insurance, Principal Financial Group, Maverik, Iowa Methodist Medical Center, and UnityPoint Health. Further enhancing its appeal, American Equity's new headquarters (approximately 650 employees) and the City of Des Moines' new offices are located just one block away. Residents enjoy easy walkability to downtown Des Moines' vibrant coffee shops, restaurants, and entertainment venues. A significant advantage is the property tax abatement, extending until 2028. The asking price is $4,000,000, translating to $153,846.15 per unit. This stabilized investment presents a rare opportunity to acquire a high-quality asset in a thriving urban core. The property is located at 121 12th St, Des Moines, IA 50309.

• CAP approach

  CAP return

  Valuation

  6%

  $6,161,626

  6.5%

  $5,687,654

  7%

  $5,281,394

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,254,534

  Geo Method

  $2,254,534

• Alternative Use

  Use

  Valuation

  Residential

  $5,687,654

  Hospitality

  $5,209,861

  Educational

  $4,334,544

  Medical

  $4,483,615

  Retail

  $6,742,623

Location Insight

City

Des Moines

County

Polk

State

Iowa

Latitude

41.5827

Longitude

-93.6312

CBSA code

19780

CBSA name

DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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