1120 23rd Street is strategically situated in Des Moines, IA just one mile from downtown and adjacent to Drake University. This prime location offers tenants convenient access to the city’s central business district and the university’s cultural and educational amenities. Des Moines serves as a major employment hub, home to leading employers such as Wells Fargo, Hy-Vee, Principal Financial Group, UnityPoint Health, MercyOne, and John Deere. The proximity to these major institutions enhances the property’s appeal to working professionals and university affiliates alike. Located just blocks from Interstate 235, this property offers excellent connectivity to the entire metro area. Ample on-site parking—an uncommon feature in the Drake neighborhood—adds further convenience and value. This central location attracts a diverse tenant base and offers strong upside in one of Des Moines’ most desirable submarkets Current ownership has held and self-managed this property since acquiring the building in 2021. Over the past five years, they’ve made significant capital improvements, including 4 complete unit remodels, egress, stairs, fixtures, doors, and new gas meters and plumbing. The unit remodels include paint, flooring, cabinets, vanities, doors, fixtures, appliances, and lighting at an average of $12,000 per unit. All units are on 12-month leases, and 5 of the 6 units pay RUBs, Pet fees, and internet, ranging from $100-$130 per month of additional rental income. There is immediate upside potential at this property by finishing what the current ownership started and remodeling the remaining two units. New laundry machines were added to the property within the last 12 months.