1077 27th St Des Moines, IA 50311
Drake NeighborhoodEstimated Value: $231,710 - $241,000
--
Bed
5
Baths
2,563
Sq Ft
$92/Sq Ft
Est. Value
Highlights
- 5 Kitchens
- No HOA
- Hot Water Heating System
About This Home
As of November 2023Don't miss this opportunity to own a versatile 5-plex in Des Moines! Well-maintained with a mix of 2-bed, 1-bed, and efficiency units. Each unit has its own bathroom and kitchen.
Just 2 blocks from campus at Drake University. Walkability in this area is fantastic. Tenants are able to walk the couple blocks to campus, or the many restaurants and shops along University Ave. You’re also directly in the center of the whole metro, so getting anywhere is going to be a breeze. 5 blocks to the Interstate, Only a mile from Downtown. Also Plenty of off-street parking for tenants.
The opportunity on this property is huge. 3 of the units are rented, leaving the other two units open multiple strategies for the new buyer. Traditional long term rentals, Drake University students, short term rentals, medium term rentals like traveling nurses, you’re less than 2 miles to all three large hospitals downtown.
It’s an older property, but this has been well maintained and in go
This property offers a good mix of units. One two bedroom unit, two One Beds, and two studios.
Asking price on this is only $240,000. This puts the Caprate at 8.75%, cash on cash return of just shy of 12%, that includes everything, property management, utilities, maintenance taxes, insurance, CapEx reserves. If you’re doing short or medium term rental, those numbers are going to look even better.
Rental Certification renewed earlier this year.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $4,904
Year Built
- Built in 1913
Lot Details
- 7,920 Sq Ft Lot
- Lot Dimensions are 60x132
Home Design
- Asphalt Shingled Roof
Interior Spaces
- 2,563 Sq Ft Home
- 3-Story Property
- 5 Kitchens
- Unfinished Basement
Utilities
- Window Unit Cooling System
- Hot Water Heating System
Listing and Financial Details
- Assessor Parcel Number 03005005000000
Community Details
Overview
- No Home Owners Association
- 5 Units
Building Details
- Operating Expense $1,694
- Gross Income $3,443
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Jul 27, 2023
Closed on
Nov 20, 2023
Sold by
Buckingham Assets Llc
Bought by
Pare Jason
Seller's Agent
Chase Keller
CHASE Collective
Buyer's Agent
Chase Keller
CHASE Collective
List Price
$240,000
Sold Price
$220,000
Premium/Discount to List
-$20,000
-8.33%
Views
123
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$16,355
Avg. Annual Appreciation
4.38%
Original Mortgage
$176,000
Outstanding Balance
$173,864
Interest Rate
7.63%
Mortgage Type
New Conventional
Estimated Equity
$61,541
Purchase Details
Closed on
May 28, 2015
Sold by
Walsh Robert F and Walsh Anne E
Bought by
Buckingham Assets Llc
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$108,750
Interest Rate
3.64%
Mortgage Type
Commercial
Purchase Details
Closed on
Sep 17, 2008
Sold by
Raabe Lisa C
Bought by
Walsh Robert F and Walsh Anne E
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$75,000
Interest Rate
6.55%
Mortgage Type
Commercial
Similar Home in Des Moines, IA
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Pare Jason | $220,000 | None Listed On Document | |
| Buckingham Assets Llc | $145,000 | None Available | |
| Walsh Robert F | $124,500 | None Available |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | Grove Holdings Llc | $176,000 | |
| Previous Owner | Buckingham Assets Llc | $108,750 | |
| Previous Owner | Walsh Robert F | $75,000 |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 11/20/2023 11/20/23 | Sold | $220,000 | -8.3% | $86 / Sq Ft |
| 09/20/2023 09/20/23 | Pending | -- | -- | -- |
| 08/25/2023 08/25/23 | For Sale | $240,000 | 0.0% | $94 / Sq Ft |
| 08/09/2023 08/09/23 | Pending | -- | -- | -- |
| 07/27/2023 07/27/23 | For Sale | $240,000 | -- | $94 / Sq Ft |
Source: Des Moines Area Association of REALTORS®
Tax History Compared to Growth
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $4,308 | $219,000 | $21,800 | $197,200 |
| 2023 | $4,196 | $219,000 | $21,800 | $197,200 |
| 2022 | $4,904 | $178,000 | $18,200 | $159,800 |
| 2021 | $4,360 | $178,000 | $18,200 | $159,800 |
| 2020 | $4,896 | $146,000 | $16,600 | $129,400 |
| 2019 | $4,286 | $146,000 | $16,600 | $129,400 |
| 2018 | $4,558 | $121,000 | $16,600 | $104,400 |
| 2017 | $4,272 | $121,000 | $16,600 | $104,400 |
| 2016 | $4,454 | $109,000 | $14,000 | $95,000 |
| 2015 | $4,454 | $109,000 | $14,000 | $95,000 |
| 2014 | $4,338 | $97,000 | $14,000 | $83,000 |
Source: Public Records
Agents Affiliated with this Home
-
Chase Keller
C
Seller's Agent in 2023
Chase Keller
CHASE Collective
(319) 231-1160
4 in this area
24 Total Sales
-
Elizabeth Keller
Seller Co-Listing Agent in 2023
Elizabeth Keller
CHASE Collective
(515) 423-5607
16 in this area
311 Total Sales
Map
Source: Des Moines Area Association of REALTORS®
MLS Number: 679163
APN: 030-05005000000
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