HeatingBaseboard, Electric, Forced Air, Natural Gas, Hot Water
MLS #708987
Lot Size1.37 Acres
StatusActive
About 1359 24th St
Prime Multifamily Opportunity in the Drake University Area! This impressive investment comprises 47 units across five buildings, offering a rare chance to acquire a substantial, well-maintained asset in a highly sought-after location. Ample off-street parking, a premium amenity in the Drake area, enhances tenant appeal and adds value. Owned and operated for decades by dedicated sellers, the property has been meticulously maintained, ensuring reliability and consistent performance. With current rents below market rates, this property provides significant value-add potential. The month-to-month leases allow for a seamless transition for the next owner to implement rent increases and maximize revenue. Additional income opportunities include introducing laundry services, pet fees, and a RUBS (Ratio Utility Billing System) program. These enhancements can unlock greater profitability and long-term growth. The tenant base is stable and reliable, while recent upgrades ensure a modern living environment that attracts and retains renters. This property is a prime opportunity to capitalize on Des Moines' resilient multifamily market, offering steady cash flow and significant upside potential. Addresses: 1359 & 1337 24th St 1322 & 1340 23rd St 1411 22nd St (must be purchased together)
Property Details
Property Features
Property Information:
Year Built: 1967
Living Area: 8,064 SqFt
Listing Office:
Office Name: Keller Real Estate Services
Office Phone: (319) 231-1160
Listing Agent: Chase Keller
Interior Features
Bedroom and Bathroom Information:
Full Bathrooms: 39
Total Bedroom Count: 75
Lot Features
Lot Information:
Lot: Rectangular Lot
Lot Size: 1.37 Acres
Utilities
Utilities Information:
Heating: Baseboard, Electric, Forced Air, Natural Gas, Hot Water
Other
Directions Information:
Directions: Forest to 24th St, 23rd St & 22nd St
Price Information
Listing Price Info
Price Summary:
List Price: $4,000,000
Price Per SqFt: $496/SqFt
Tax Information:
Annual Amount: $15,964
Tax Year: 2021
What can I afford?
Understand what home price range makes sense for your budget.
Housing Market Comparison
See how this home compares to others in Des Moines, IA.
Calculate your estimated monthly expenses for this listing. Play with the values below to better understand your monthly payment and utilities.
$20K
Per Month
Principal & Interest
$19.9K
Home PriceThe dollar amount you pay for the home.
$
Interest RateMortgage interest rates fluctuate, but they're typically in the 5% to 9% range. Your rate will be calculated based on personal details including your credit score.
%
Down PaymentThe initial money paid at closing that is usually a percentage of the purchase price. Most loans require at least 3% down, but a 0% down payment may be possible if you're eligible for a VA or USDA loan.
$%
Loan TermThis is how long you'll pay on the loan. A longer term gives you smaller payments, while a shorter term saves you money on interest.
Property Taxes
$0
Property Taxes -Annual CostEvery homeowner pays taxes to their local government based on their home's value and the property tax rates for the county or city. Most areas charge property taxes semiannually.
$/ Year
Mortgage Insurance
$0
Mortgage Insurance -Monthly PremiumMortgage insurance helps secure a mortgage with a lower down payment. It typically costs 0.1% - 2% of your loan amount per year.
$/ Month
Homeowners Insurance
$67
Homeowners Insurance -Monthly PremiumMost homeowners pay about $1,000 a year for homeowners insurance, but the cost varies based on your location, home and coverage.
$/ Month
Homeowners Association (HOA)
$0
Homeowners Association -Monthly FeesHomeowners Association (HOA) fees can range from $30 per month to $500+ per month. Be sure to ask your agent about HOA fees on a home as it can impact your affordability or check the online home listing.
$/ Month
Utilities
$0
Utilities - Monthly CostYou'll need to budget for utilities as a homeowner, which typically includes water and sewer, gas and electric, internet and cable. Cost will depend on your location and the size of your home. On a monthly basis, Americans pay $239 - $442 per month.
$/ Month
Recommended Financing
30-Year Fixed
Rate/APR
7.5% / 6.68%
Total Monthly Payment
$12K
Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
3
/10
King Elementary School
1849 Forest Ave
Distance between this listing and this school0.38 miles
Public District Grades KG-5
1
/10
Edmunds Elementary School
950 15th St
Distance between this listing and this school0.82 miles
Public District Grades KG-5
1
/10
Monroe Elementary School
2250 30th St
Distance between this listing and this school0.89 miles
Public District Grades KG-5
Nearby Schools
4
/10
Callanan Middle School
3010 Center St
Distance between this listing and this school0.99 miles
Public District Grades 6-8
1
/10
Harding Middle School
203 E Euclid Ave
Distance between this listing and this school2.38 miles
Public District Grades 6-8
4
/10
Merrill Middle School
5301 Grand Ave
Distance between this listing and this school2.50 miles
Public District Grades 6-8
Nearby Schools
3
/10
North High School
501 Holcomb Ave
Distance between this listing and this school1.67 miles
Public District Grades 9-12
3
/10
Roosevelt High School
4419 Center St
Distance between this listing and this school1.68 miles
Public District Grades 9-12
2
/10
East High School
815 E 13th St
Distance between this listing and this school2.55 miles
The neighbors living near this home have an average income of $21,712. Residents of Des Moines, IA typically earn less than $35k each year. The majority of families are single, no kids. Residents of this area typically have high school diploma education.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 1359 24th St
What is the listing price of this property?
The listing price of 1359 24th St property is $4,000,000.
What type of property is this?
The property 1359 24th St is a house located in Des Moines, Iowa, 50311.
Is this property for sale now?
Active Listing: 1359 24th St is For Sale (Active/New) which means the seller is accepting offers.
What is the annual property tax for this property?
According to the records, the last property tax for 2021 is $15,964 (source: MLS/based on county public records data).
How many bedrooms and bathrooms does this property have?
The property at 1359 24th St has 75 bedrooms and 39 bathrooms.
What is the square footage of this property?
The property 1359 24th St is 8,064 SqFt (source: MLS/tax record).
Which year was this property built?
The year of construction for 1359 24th St is 1967.
By checking this box and submitting your personal information, you agree to our Terms of Use and Privacy Policy. You also expressly consent to having Rocket Homes Real Estate LLC, its Family of Companies, Rocket Homes Network Partners, and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system, AI voice, or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry. You do not have to agree to receive such calls or messages as a condition of getting any services from Rocket Homes Real Estate, LLC or its partners. By communicating with us by phone, you consent to calls being recorded and monitored. You also agree that we can share your personal data and contact information with third parties such as mortgage partners, partner companies, and affiliates, and that these parties may use your personal data and contact information for marketing and analytic purposes, and to improve your experience.
This home is located at 1359 24th St in Des Moines, IA and zip code 50311 in the Carpenter (and Drake) neighborhood. This 8,064 square foot home, which was built in 1967, sits on a 1.37 acre lot. Features: 75 bedrooms, 39 bathrooms. It has been listed on Rocket Homes since December 12, 2024 and is currently priced at $4,000,000.
In November 2024, from all listings sold in Des Moines, IA there were more than 34 sold above asking price, over 122 sold below and more than 49 were sold right at the asked price. The inventory of homes for sale in Des Moines, IA between October 2024 and November 2024 decreased by 5.2%. The median list price of listings available in November 2024 was $215,000, while the average time on the real estate market was 34 days.
From Rocket Homes Real Estate and based on county public records data.
Soccer
Soccer
Pro Wrestling
NBA/WNBA
Forever 21
Burlington
Express/Express For Men
Dominos Pizza
Cicis Pizza
Starbucks
Mazda
Pontiac
Buick
Rhythmic Contemporary Hits
Urban Contemporary