2936 E Walnut St Des Moines, IA 50317
Fairground NeighborhoodEstimated payment $1,639/month
Highlights
- No HOA
- Forced Air Heating System
- Asbestos
About This Home
Here’s a great opportunity to own a 5-unit property just steps from the Iowa State Fairgrounds — a setup that doesn’t come along often. You’ll find a 4-plex plus a detached single-family home on one lot, giving you multiple income streams and plenty of flexibility. The property currently brings in $3,750/month in rent (units at $650, $650, $650, $850, and $950). The two upstairs units are long-term tenants, while the others offer room for rent increases or improvements over time. The landlord currently pays all utilities, providing a value-add opportunity for a new owner to transition to tenant-paid utilities and boost cash flow. There’s also tons of off-street parking, including extra income during the State Fair when parking demand goes up. If you’ve been looking for an affordable multifamily property with strong numbers and even stronger potential, this is it.
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1924
Lot Details
- 0.28 Acre Lot
Home Design
- Brick Foundation
- Asphalt Shingled Roof
- Asbestos
Interior Spaces
- 2,224 Sq Ft Home
- 2-Story Property
Parking
- Carport
- Gravel Driveway
Utilities
- Window Unit Cooling System
- Forced Air Heating System
Community Details
- No Home Owners Association
- Gross Income $3,750
Listing and Financial Details
- Assessor Parcel Number 05000800001000
Map
Home Values in the Area
Average Home Value in this Area
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 |
|---|---|---|---|---|
| 2025 | $5,548 | $305,000 | $34,400 | $270,600 |
| 2024 | $5,548 | $282,000 | $30,200 | $251,800 |
| 2023 | $5,398 | $282,000 | $30,200 | $251,800 |
| 2022 | $6,308 | $229,000 | $25,300 | $203,700 |
| 2021 | $5,614 | $229,000 | $25,300 | $203,700 |
| 2020 | $6,306 | $188,000 | $23,000 | $165,000 |
| 2019 | $5,524 | $188,000 | $23,000 | $165,000 |
| 2018 | $5,876 | $156,000 | $23,000 | $133,000 |
| 2017 | $5,526 | $156,000 | $23,000 | $133,000 |
| 2016 | $5,762 | $141,000 | $19,000 | $122,000 |
| 2015 | $5,762 | $141,000 | $19,000 | $122,000 |
| 2014 | $5,590 | $125,000 | $19,000 | $106,000 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 12/31/2025 12/31/25 | Pending | -- | -- | -- | |
| 11/04/2025 11/04/25 | For Sale | $225,000 | +4.7% | $101 / Sq Ft | |
| 08/27/2024 08/27/24 | Sold | $215,000 | +2.4% | $97 / Sq Ft | View Prior Sale |
| 07/28/2024 07/28/24 | Pending | -- | -- | -- | |
| 07/17/2024 07/17/24 | For Sale | $210,000 | -- | $94 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $215,000 | None Listed On Document | |
| Warranty Deed | $171,000 | None Listed On Document | |
| Warranty Deed | $94,500 | Itc | |
| Contract Of Sale | $95,000 | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $215,000 | Credit Line Revolving | |
| Previous Owner | $80,000 | Commercial | |
| Previous Owner | $75,000 | Seller Take Back |
Source: Des Moines Area Association of REALTORS®
MLS Number: 729659
APN: 050-00800001000
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