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204 3rd St SW 8 Unit Apartment Building $299,900 ($37,488/Unit) 11.77% 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! Water and sewer are master metered. Electric is individually metered.
Property Facts Under Contract
| Price | $299,900 | Apartment Style | Low-Rise |
| Price Per Unit | $37,488 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.74 AC |
| Cap Rate | 11.77% | Building Size | 5,803 SF |
| No. Units | 8 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built | 1970 |
| Zoning | Residential - Multifamily | ||
| Price | $299,900 |
| Price Per Unit | $37,488 |
| Sale Type | Investment |
| Cap Rate | 11.77% |
| 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 | - |
1 1
Property Taxes
| Parcel Number | 0116177001 | Improvements Assessment | $139,710 |
| Land Assessment | $11,110 | Total Assessment | $150,820 |
Property Taxes
Parcel Number
0116177001
Land Assessment
$11,110
Improvements Assessment
$139,710
Total Assessment
$150,820
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First Choice Realty
204 3rd St SW
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