NOT LISTED FOR SALE

2822 Cottage Grove Ave Des Moines, IA 50311

Drake Neighborhood

Estimated Value: $216,000 - $266,203

-- Bed
2 Baths
2,120 Sq Ft
$114/Sq Ft Est. Value

Last Sold February 13, 2023

Last sale price $222,222 $105 Per Sq Ft

Est. 8% increase in value since last sale

Current estimated payment $1,586/month

73 Days on Market

Highlights

  • 2 Kitchens
  • Laundry Room
  • Forced Air Heating and Cooling System
  • No HOA

About This Home

As of February 2023

Better Commercial is excited to bring you this Duplex with some good upside. 2822 Cottage Grove Ave in Des Moines. Location is huge on this Duplex Opportunity. Only 2 blocks from the center of campus of Drake University. Walkability in this area is fantastic. You’re also directly in the center of the whole metro, so getting anywhere is going to be a breeze. 6 blocks to the Interstate, Less than 2 miles from Downtown. Plenty of off-street parking for tenants.

This property has been recently renovated including windows, roof, gutters, some siding work and painting, flooring. HVAC has been updated and separated with central air.

Both units are occupied at $1000 a month with 12 month leases. While this property is cash flowing, there’s a lot of meat on the bone with getting rents pushed up to market level. Both units are 3 Bed, 1 Bath with around 1300sf, Market rent is $1200-1300. Tenants pay electric and gas, owner only has water/garbage. Coin Op Laundry available to tenants in the basement for additional income.

Asking price on this is $235,000, With getting rents pushed up, that’s a 8.1% Caprate and a 10.2% Cash on cash, that’s including property management, maintenance, and budgeting for CapEx.
Property Management is in place for an easy turnkey transition, or you can self-manage or bring on your own management.

Last Agent to Sell the Property

Chase Keller

CHASE Collective Listed on: 10/28/2022

Co-Listed By

Elizabeth Keller

CHASE Collective

Last Buyer's Agent

Chase Keller

CHASE Collective Listed on: 10/28/2022

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $2,938

Year Built

  • Built in 1890

Lot Details

  • 6,650 Sq Ft Lot
  • Lot Dimensions are 50x133

Home Design

  • Brick Foundation

Interior Spaces

  • 2,120 Sq Ft Home
  • 2-Story Property
  • 2 Kitchens
  • Laundry Room
  • Unfinished Basement

Utilities

  • Forced Air Heating and Cooling System

Listing and Financial Details

  • Assessor Parcel Number 09003714000000

Community Details

Overview

  • No Home Owners Association
  • 2 Units

Building Details

  • Operating Expense $413
  • Gross Income $2,000

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$2,938

Year Built

Built in 1890

Lot Details

0

Listing Details

  • Property Type: Multi-Family
  • Style: Two Story
  • Lp Amt Sq Ft: 108.49
  • Sp Amt Sq Ft: 104.82
  • Year Built: 1890
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Stories: 2

Interior Features

  • Refrigerators: 2
  • Stoves Total: 2
  • Basement Description: Unfinished
  • Sq Ft Bsmt: 498
  • Kitchens: 2
  • Laundry: Yes
  • Living Area Sq Ft: 2120
  • Total Sq Ft: 2120

Exterior Features

  • Foundation: Brick

Utilities

  • Air Conditioner: Central
  • Heat: Gas Forced Air
  • Separate Meters: Y

Condo/Co-op/Association

  • Association Fee: No

Fee Information

  • Total Expense: 413

Schools

  • School District: Des Moines Independent

Lot Info

  • Acres: 0.1530
  • Lot S F: 6650
  • Lot Size: 50X133
  • Assessor Parcel Number: 09003714000000
  • Zoning: N5

Rental Info

  • Deposit: Yes
  • Landlord Tenant Utilities: Electric Tenant, Gas Tenant, Water Landlord

Tax Info

  • Gross Taxes: 2938.00
  • Net Taxes: 2938.00

Multi Family

  • Total Units: 2

MLS Schools

  • School District: Des Moines Independent

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Oct 28, 2022
Closed on
Feb 2, 2023
Sold by
Hgn Properties Llc
Bought by
Pervez Usman and Azim Sabah
Seller's Agent
Chase Keller
CHASE Collective
Buyer's Agent
Chase Keller
CHASE Collective
List Price
$235,000
Sold Price
$222,222
Premium/Discount to List
-$12,778
-5.44%
Views
35
Current Estimated Value
$239,086

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$16,864
Avg. Annual Appreciation
2.37%
Original Mortgage
$166,667
Outstanding Balance
$162,457
Interest Rate
6.48%
Mortgage Type
New Conventional
Estimated Equity
$73,152

Purchase Details

Closed on
Nov 6, 2021
Sold by
Kaura Harkamal Singh and Kaur Guneet
Bought by
Hgn Properties Llc

Purchase Details

Listed on
Dec 7, 2020
Closed on
May 4, 2021
Sold by
Schmitz David J and Schmitz Teresa R
Bought by
Kaura Harkamal Singh and Kaur Guneet
Seller's Agent
Tim Hegwood
PMI Realty Central Iowa
Buyer's Agent
Elizabeth Keller
CHASE Collective
List Price
$195,000
Sold Price
$183,000
Premium/Discount to List
-$12,000
-6.15%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
6.08%
Original Mortgage
$137,250
Interest Rate
3.1%
Mortgage Type
New Conventional

Purchase Details

Listed on
Jul 31, 2019
Closed on
Sep 5, 2019
Sold by
Schweitzer Robert L and The Robert L Schweitzer Trust
Bought by
Schmitz David J and Schmitz Teresa R
Seller's Agent
Paul Walter
RE/MAX Concepts
Buyer's Agent
Tim Hegwood
PMI Realty Central Iowa
List Price
$120,000
Sold Price
$112,000
Premium/Discount to List
-$8,000
-6.67%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
34.42%
Original Mortgage
$113,000
Interest Rate
3.7%
Mortgage Type
Future Advance Clause Open End Mortgage

Purchase Details

Closed on
Nov 4, 2010
Sold by
Schweitzer Robert L
Bought by
Schweitzer Robert L
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Pervez Usman $222,500 --
Hgn Properties Llc -- None Available
Kaura Harkamal Singh $183,000 First American Mortgage Sln
Schmitz David J $112,000 None Available
Schweitzer Robert L -- None Available
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Pervez Usman $166,667
Previous Owner Kaura Harkamal Singh $137,250
Previous Owner Schmitz David J $113,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
02/13/2023 02/13/23 Sold $222,222 -3.4% $105 / Sq Ft
01/09/2023 01/09/23 Pending -- -- --
11/12/2022 11/12/22 Price Changed $230,000 -2.1% $108 / Sq Ft
10/28/2022 10/28/22 For Sale $235,000 +28.4% $111 / Sq Ft
05/04/2021 05/04/21 Sold $183,000 -6.2% $70 / Sq Ft
03/22/2021 03/22/21 Pending -- -- --
12/07/2020 12/07/20 For Sale $195,000 +74.1% $74 / Sq Ft
09/06/2019 09/06/19 Sold $112,000 -6.7% $53 / Sq Ft
08/31/2019 08/31/19 Pending -- -- --
07/31/2019 07/31/19 For Sale $120,000 -- $56 / Sq Ft
Source: Des Moines Area Association of REALTORS®

Tax History Compared to Growth

Source: Public Records

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 $3,394 $172,500 $23,200 $149,300
2023 $2,718 $172,500 $23,200 $149,300
2022 $2,696 $115,300 $18,700 $96,600
2021 $2,490 $115,300 $18,700 $96,600
2020 $2,588 $99,800 $16,600 $83,200
2019 $2,594 $99,800 $16,600 $83,200
2018 $2,568 $96,500 $12,000 $84,500
2017 $2,372 $96,500 $12,000 $84,500
2016 $2,312 $87,700 $10,800 $76,900
2015 $2,312 $87,700 $10,800 $76,900
2014 $2,102 $82,100 $10,100 $72,000
Source: Public Records

Agents Affiliated with this Home

  • C

    Seller's Agent in 2023

    Chase Keller

    CHASE Collective

    (319) 231-1160

    4 in this area

    24 Total Sales

    Section Image
  • Elizabeth Keller

    Seller Co-Listing Agent in 2023

    Elizabeth Keller

    CHASE Collective

    (515) 423-5607

    16 in this area

    299 Total Sales

    Section Image
  • Liz Prue

    Buyer Co-Listing Agent in 2023

    Liz Prue

    RE/MAX

    (515) 423-5607

    7 in this area

    171 Total Sales

    Section Image

  • T

    Seller's Agent in 2021

    Tim Hegwood

    PMI Realty Central Iowa

    (515) 303-1027

    6 in this area

    33 Total Sales

    Section Image
  • Paul Walter

    Seller's Agent in 2019

    Paul Walter

    RE/MAX

    (515) 679-0005

    37 Total Sales

    Section Image
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Map

Source: Des Moines Area Association of REALTORS®

MLS Number: 662874

Des Moines Area Association of REALTORS®

APN: 090-03714000000

Iowa Polk County Des Moines 50311 Drake

2822 Cottage Grove Ave, Des Moines, IA

This home is located at 2822 Cottage Grove Ave, Des Moines, IA 50311 since 28 October 2022 and is currently estimated at $241,102, approximately $113 per square foot. This property was built in 1890. 2822 Cottage Grove Ave is a home located in Polk County with nearby schools including Hubbell Elementary, Callanan Middle School, and Roosevelt High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Des Moines Area Association of REALTORS® IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

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