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Multifamily

The Birch

3120 Douglas Ave, Des Moines, IA 50310

Listing Price: $7,000,000

Cap Rate
6.50%
Number of Units
74
GRM
7.44
Price/Unit
$94,595
Price/Gross SF
$78.59
Gross SF
89,074

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire The Birch Apartments, a 74-unit multifamily community located in Des Moines, Iowa. Originally developed in 1977 and renovated in 2023, The Birch is primarily comprised of two-bedroom floor plans averaging 800 square feet. There is also a duplex on site that includes one- and two-bedroom suites with private entrances and yards. Over the past year, the property has undergone extensive exterior and interior renovations to improve the asset and increase the aesthetic appeal of the property. Property enhancements include interior upgrades in 38 units, a freshly painted exterior, ample landscaping, striped parking lot, and upgraded entrances and hallways. With the extensive list of capital improvements and a proven-out value-add program, The Birch offers the next investor a clean slate to continue renovations while enjoying strong cash flow from day one of ownership.

Investment Highlights

  • Newly Renovated with Ample Upside Potential
  • Top Performing Market (DSM Stats)
  • Strong Demographic and Employment Drivers
  • Below-Average Rent-to-Income Ratio Supports Future Rent Growth
  • Midwestern Markets Continue to Outperform National Averages

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) IA: B63379000

    Iowa

Listing Price: $7,000,000

Cap Rate
6.50%
Number of Units
74
GRM
7.44
Price/Unit
$94,595
Price/Gross SF
$78.59
Gross SF
89,074

Investment Highlights

  • Newly Renovated with Ample Upside Potential
  • Top Performing Market (DSM Stats)
  • Strong Demographic and Employment Drivers
  • Below-Average Rent-to-Income Ratio Supports Future Rent Growth
  • Midwestern Markets Continue to Outperform National Averages

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire The Birch Apartments, a 74-unit multifamily community located in Des Moines, Iowa. Originally developed in 1977 and renovated in 2023, The Birch is primarily comprised of two-bedroom floor plans averaging 800 square feet. There is also a duplex on site that includes one- and two-bedroom suites with private entrances and yards. Over the past year, the property has undergone extensive exterior and interior renovations to improve the asset and increase the aesthetic appeal of the property. Property enhancements include interior upgrades in 38 units, a freshly painted exterior, ample landscaping, striped parking lot, and upgraded entrances and hallways. With the extensive list of capital improvements and a proven-out value-add program, The Birch offers the next investor a clean slate to continue renovations while enjoying strong cash flow from day one of ownership.

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): IA: B63379000

    Iowa

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