204 3rd St SW 8 Unit Apartment Building $325,900 ($40,738/Unit) 10.83% Cap Rate Rake, IA 50465
EXECUTIVE SUMMARY
Turnkey 8-unit apartment with positive cashflow on Day 1 and additional upside. The deal includes two 4-unit buildings side-by-side on a 1.74 acrelot. All units have received recent updates including fresh paint, new flooring, and new plumbing. Many also have new kitchen cabinets and bathroom updates. Goodtenants with in-house management in a nice, stable small town. Room for increasing rents without major updates. Call today for a showing!
PROPERTY FACTS
| Price | $325,900 |
| Price Per Unit | $40,738 |
| Sale Type | Investment |
| Cap Rate | 10.83% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.74 AC |
| Building Size | 5,803 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1970 |
| Zoning | Residential - Multifamily |
AMENITIES
UNIT AMENITIES
- Heating
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Tub/Shower
- Carpet
- Yard
- Vinyl Flooring
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 4 | $525.00 | - |
| 1+1 | 4 | $425.00 | - |
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PROPERTY TAXES
| Parcel Number | 0116177001 | Improvements Assessment | $133,640 |
| Land Assessment | $11,110 | Total Assessment | $144,750 |
CONTACT
-
Bethanie Farus - First Choice Realty
