Share this with your friends
+16412040093
Realty ONE Group Impact
2600 Cottage Grove Avenue, Des Moines, IA 50311
- $565,000
- 6
- BD
- 6
- BA
- 4,320
- SqFt
- List Price
- $565,000
- Status
- ACTIVE
- MLS#
- 750308
- Year Built
- 1918
- Bedrooms
- 6
- Bathrooms
- 6
- Living Area
- 4,320
- Lot Size
- 7,246
- Region
- Des Moines West
Property Description
Generate $36,754 NOI from day one with a roadmap to drive NOI over $50,800 via a full short-term rental conversion. Positioned blocks from Drake University, this cash-flowing 6-unit asset is ideal for an investor looking to maximize cash flow and utilize the STR tax loophole. As detailed in the attached proforma, the property currently operates on a hybrid model (2 STRs, 4 long-term rentals) producing an Effective Gross Income of $75,727.71. Converting the remaining 4 units to STRs unlocks massive forced appreciation, pushing estimated valuation up to $726,034 (7.0% baseline cap rate) or $781,883 (6.5% cap rate). The building features updated 1-bed/1-bath units with neutral paint, wood-look flooring, white kitchens, and refreshed baths. Each unit offers separate living and dining areas, spacious bedrooms, and abundant light. Guests and tenants enjoy shared basement laundry, extra storage, a grassy side yard, and a shaded back area. With proximity to Drake Park, campus amenities, University Ave shops, and quick I-235 access, this is a turnkey, high-demand asset.
/u.realgeeks.media/teamelder/BlackElderRealEstateTeamLogo.png)
Additional Information
- Street Name
- Cottage Grove Avenue
- Agent Id
- 505591
- Basement
- Partially Finished
- Foundation
- Block
- Zip
- 50311
- Region
- Des Moines West
- Style
- Three Story
- City
- Des Moines
- Acres
- 0.17
- School District
- Des Moines Independent
- Zoning
- R-3
How much is your home worth?
...get instant property value now!
Mortgage Calculator
Listing courtesy of Keller Williams Realty GDM.
Data courtesy of the Des Moines Area Association of REALTORS