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2600 Cottage Grove Avenue, Des Moines, IA 50311

Des Moines
Local realty services provided by:CENTURY 21 Signature Real Estate
2600 Cottage Grove Avenue,Des Moines, IA 50311
$565,000
  • 6 Beds
  • 6 Baths
  • 4,320 sq. ft.
  • Multi-family
  • Active
Listed by: darson grantham, eric fitzgerald
Office: keller williams realty gdm
MLS#:750308
Source:IA_DMAAR

Price summary

  • Price:$565,000
  • Price per sq. ft.:$130.79

About this home

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,...

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Home facts

  • Year built:1918
  • Listing ID #:750308
  • Added:8 day(s) ago
  • Updated:October 23, 2026 at 05:47 PM

Rooms and interior

  • Bedrooms:6
  • Total bathrooms:6
  • Full bathrooms:6
  • Basement:Yes
  • Basement Description:Partially Finished
  • Living area:4,320 sq. ft.

Structure and exterior

  • Year built:1918
  • Building area:4,320 sq. ft.
  • Lot area:0.17 Acres
  • Lot Features:Irregular Lot
  • Architectural Style:Three Story
  • Construction Materials:Stucco
  • Foundation Description:Block
  • Levels:3 Story

Finances and disclosures

  • Price:$565,000
  • Price per sq. ft.:$130.79
  • Tax amount:$5,259

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