Listed by Lepic-Kroeger, REALTORS
$3,650,000
732,736,740 Michael Street Iowa City, IA 52246
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 16,128
Units 42
Cap Rate 5.93%
NOI $216,340
Occupancy 100%
Broker Co-Op Yes
Buildings 3
Acreage 1.050
Zoning RES
Investment Type Value Add
Multifamily | 42 Units | $86,905/unit
Marketing description
42 multifamily units are available, comprising 3 buildings with 14 units each. There are 36 one-bedroom, one-bath units and 6 studio units. The roofs were replaced in 2018, and various improvements have been made to the units, including new carpet, updated kitchens, and new tubs in many of the units. The property is conveniently located near UIHC and the West University of Iowa campus, within walking distance of Kinnick Stadium. Rents have steadily increased. Tenants are transitioning to RUBS for utility payments as they move into their new lease terms.
Listing Contacts
Listed by Lepic-Kroeger, REALTORS
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$216,340.00
$18,028.33/mo
Valuation Metrics
0
DSCR
5.93%
Cap Rate
5.93%
ROI
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