35
See all 35 photos
$565,000
Est. payment /mo
6 Beds
6 Baths
4,320 SqFt
Active
2600 Cottage Grove Avenue Des Moines, IA 50311
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Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,320 sqft
Price per Sqft $130
MLS Listing ID 750308
Style Three Story
Bedrooms 6
Full Baths 6
HOA Y/N No
Year Built 1918
Annual Tax Amount $5,259
Lot Size 7,230 Sqft
Acres 0.166
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.
Location
State IA
County Polk
Area Des Moines West
Zoning R-3
Rooms
Basement Partially Finished
Interior
Cooling None
Fireplace No
Exterior
Community Features Sidewalks
Private Pool No
Building
Lot Description Irregular Lot
Entry Level Three Or More
Foundation Block
Level or Stories Three Or More
Schools
School District Des Moines Independent
Others
Tax ID 03004964003000
Monthly Total Fees $438
Acceptable Financing Cash, Conventional, FHA, VA Loan
Listing Terms Cash, Conventional, FHA, VA Loan
©2026 Des Moines Area Association of REALTORS®. All rights reserved.
Listed by Keller Williams Realty GDM
NEARBY SCHOOL & BUSINESS
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