Listed by Midwest Investment Brokers
$925,000
1120 5th Street
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 8,806
Units 8
Cap Rate 7.57%
Occupancy 100%
Pro-Forma Cap Rate 7.57%
Pro-Forma NOI $70,032
Price per SqFt $105
Class B
Year Built 1998
Acreage 0.910
Investment Type Value Add
Rare West Des Moines Investment Opportunity! Brick 8-Plex with very large 1,000 Sq. Ft. Units!
Marketing description
Rare West Des Moines investment opportunity! Two-story brick 8-plex apartment building. This property has 8 1,000 Sq. Ft. 2 bedroom, 2 bath units each with a large patio or deck and 6 detached electric garages. Each unit has a stove, dishwasher, refrigerator, and microwave. Coin operated laundry. Excellent opportunity with lots of upside. Current average rents are at $950 and market rents at $1,100. Long-term residents at $895 and the latest tenants at $995-1,025. Electric garage rent is at an average of $48 with market rents being $75-100. Beyond increasing cash flow, the long-term hold approach is the real appeal. West Des Moines is highly sought after and the appreciation is inevitable.
Investment highlights
- Recently reduced Property Tax Assessment to $889,000 - $4,270.05 in Yearly Savings
- Strong Upside in Current Condition!
- Capture Loss to Lease & Improve Operations
- Great Location & Well-Maintained!
- Very large & rare units
Listing Contacts
Listed by Midwest Investment Brokers
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