Quiet Cove Apartments
Multifamily | 11 Units | $41,809/unit
Marketing description
Quiet Cove: Well-maintained 11-unit multifamily in Gowrie, IA — 10 one-bedroom + 1 two-bedroom units in excellent condition. 10 units leased (~90.9% occupancy) generating steady income; 11th unit under remodel (new flooring) for quick market-rate re-rental — immediate upside. Situated on over 1 acre with: 18x14 storage/conference room, community room with kitchen and bath (potential 12th unit conversion, subject Quiet Cove: Well-maintained 11-unit multifamily in Gowrie, IA — 10 one-bedroom + 1 two-bedroom units in excellent condition. 10 units leased (~90.9% occupancy) generating steady income; 11th unit under remodel (new flooring) for quick market-rate re-rental — immediate upside. Situated on over 1 acre with: 18x14 storage/conference room, community room with kitchen and bath (potential 12th unit conversion, subject to approvals), on-site laundry (2 washers/2 dryers), and 17 dedicated parking spots. Low-maintenance cash flow in a quiet community. Owners are licensed Real Estate Brokers in the State of Iowa. Showing by appointment only with 24-hour notice.o approvals), on-site laundry (2 washers/2 dryers), and 17 dedicated parking spots. Low-maintenance cash flow in a quiet community. Owners are licensed Real Estate Brokers in the State of Iowa. Showing by appointment only with 24-hour notice.
Investment highlights
11-unit multifamily (10 one-bedroom, 1 two-bedroom) on 1.14 acres in Gowrie, IA
10 units currently leased (~90.9% occupancy); 11th unit under renovation for immediate re-rental
Potential 12th unit conversion from community room (subject to approvals)
Annual gross income: $80,940 rents + $8,470 misc = $89,410
NOI: $43,674 | Cap Rate: 9.5% at $459,900 asking price
On-site laundry (2 washers / 2 dryers) and 17 dedicated parking spaces
18x14 storage/conference room included
Year built: 1970 Added Onto And Remodeled 1999| Vinyl siding | Forced gas heat | Central air
Handicap accessible | Paved drive and street
Asking price: $459,900 ($38,325/unit)
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