2936 E Walnut Street, Des Moines, IA 50317

• 2,224 sqft

Property Description

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.

Listing Status:

Active

Date Added:

November 4, 2025 at 06:00AM

Listing Office:

RE/MAX Real Estate Center : (515) 232-4663

Listing Agent:

Escher, Jake : (515) 232-4663

MLS ID:

729659

Interior

• Basement: Partially Finished
• A/C: Window Unit(s)
• Heating: Forced AirGasNatural Gas

Exterior

• Style: Two Story
• Parking: Carport

Construction

• Roofing: AsphaltShingle
• General: Asbestos2Brick/Mortar

Location

• Road/Access: Concrete
• Originating MLS: DMAAR_DM
• School District: Des Moines Independent
• County: Polk

Lot

• Zoning: N3CLT 23 & W OF A LN BEG NE COR THN S 67F W 15F SW TO PT 10.95F E & 47F N OF SW COR THN S TO S LN W 10.95F TO SW COR LT 24 BLK 4 ELBERT & YORKS05000800001000

Utilities

• Utilities: Electricity AvailableNatural Gas AvailableWater AvailableElectricity on Property
• Water: Public
• Sewer: Public Sewer

Financial

• Source: DMAAR_DM

This listing courtesy of Escher, Jake, RE/MAX Real Estate Center