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602 W Broadway Ave 4 Unit Apartment Building $225,000 ($56,250/Unit) 10% Cap Rate Fairfield, IA 52556
INVESTMENT HIGHLIGHTS
- Prime location along Fairfield’s West Broadway commercial corridor
- Near Maharishi International University and Fairfield’s vibrant downtown
- Excellent visibility and access to Highway 34 and regional markets
- Ideal for retail, office, or service-based repositioning
EXECUTIVE SUMMARY
This is an opportunity to acquire a fourplex in Fairfield, Iowa, home of Maharishi University. (MIU, previously MUM) A spiritual, eco-conscious community of compassionate creatives and builders.
This is a distress sale. The building is in disrepair and in need of work on both plumbing and HVAC. The city wants it condemned. One unit is badly damaged due to a delinquent tenant.
The gross income is $40,800 annual with all units rented. After utilities and maintenance expenses, it comes out to around a 10 CAP or higher.
Price is negotiable. I would prefer an all-cash investor who is familiar with Fairfield, but out of state is ok if financing is acquired. Contact me for more information and to schedule a showing, directly on WhatsApp is possible with my phone number listed.
This is a distress sale. The building is in disrepair and in need of work on both plumbing and HVAC. The city wants it condemned. One unit is badly damaged due to a delinquent tenant.
The gross income is $40,800 annual with all units rented. After utilities and maintenance expenses, it comes out to around a 10 CAP or higher.
Price is negotiable. I would prefer an all-cash investor who is familiar with Fairfield, but out of state is ok if financing is acquired. Contact me for more information and to schedule a showing, directly on WhatsApp is possible with my phone number listed.
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 2 | $750.00 | - |
| 2+1 | 2 | $950.00 | - |
1 1
Walk Score®
Very Walkable (76)
PROPERTY TAXES
| Parcel Number | 06-26-436-003 | Total Assessment | $164,700 |
| Land Assessment | $14,900 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $149,800 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
06-26-436-003
Land Assessment
$14,900
Improvements Assessment
$149,800
Total Assessment
$164,700
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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602 W Broadway Ave
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