South View Apartments
24-Unit South Des Moines Apartments — Attractive Basis, RUBS Recovery, 92% Occupied
Marketing description
Stanbrough Realty Company is pleased to offer South View Apartments, a 24-unit workforce-housing community at 4221 SE 13th Street in the South Des Moines submarket. The property is a single three-story walk-up totaling 14,256 rentable square feet on a 0.65-acre parcel, originally constructed in 1971 and completely remodeled in 1994 with a new roof, new windows, and a full interior rebuild.
All 24 residences are 1-bedroom / 1-bath at 594 square feet - a homogeneous mix that simplifies leasing, turns, and capital planning. Units are individually metered for electric, and residents reimburse utility usage through RUBS. On-site surface parking and a secured mailbox lobby serve the building.
As of the 07/09/2026 rent roll the property is 91.7% physically occupied with 22 of 24 units leased. Twenty of the twenty-two occupied units are leased at or above the $650 pro forma market rent, and in-place rents run to $880.
Investment highlights
- Des Moines' citywide median gross rent is $1,090. South View's $650 pro forma rent is 60% of that - the metro's most affordable, most defensible price point, with the deepest applicant pool.
- Basis Below Assessed Value - Offered at $1,385,000 against a 2025 Polk County assessed value of $1,490,000 - a 7.0% discount, or $57,708 per unit and $97 per rentable square foot.
- All-1BR Mix - Twenty-four identical 594 SF 1BR/1BA homes. One floor plan means one turn spec, one appliance package, and the lowest per-unit make-ready cost in the class.
- Complete 1994 Remodel - Per Polk County Assessor records: new roof, new windows, and a complete interior remodel in 1994 against 1971 original construction. Condition rated Normal.
- RUBS Already In Place - Water, sewer, and trash are recovered from residents through RUBS. The reimbursement mechanism is contractual and operating - not a projected implementation.
- Mark-to-Market Headroom - Comparable South Des Moines 1-bedroom product asks $680-$820 per month at an average $1.17/SF. South View underwrites to $650 and $1.09/SF. The delta is unmodeled upside.
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