Turnkey 9-Unit Iowa Portfolio 2 Multifamily Properties Offered at $2,170,000 in Multiple Locations

Rare opportunity to acquire a stabilized, recently updated 9-unit residential portfolio spread across five properties in two of Iowa's strongest rental markets: the Des Moines metro suburbs and the Iowa City college market, which offers a deep, consistent tenant pool. The portfolio generates $203,256 in annual gross income at market rents and a pro forma net operating income of $141,046, producing a 6.5% cap rate at the list price of $2,170,000. All units are currently leased, allowing a buyer to step into immediate, predictable cash flow with no lease-up risk, plus near-term upside as below-market leases renew.
The capital improvements across this portfolio set it apart. Nearly every property has been remodeled in recent years with new flooring, trim, appliances, paint, toilets, faucets, and fixtures, eliminating years of deferred maintenance and turnover cost for the next owner. Agent has interest in property.
Property highlights:
2407 Petsel Pl, Iowa City (Duplex, 2 units) — Duplex near Football Stadium. Upper unit is fully remodeled and operates as a high-performing STR; lower unit received new flooring in 2025. Strong income diversity within a single building.
415 Mormon Trek Blvd, Iowa City (Triplex, 3 units) — Three-unit building in the Iowa City rental market with reliable tenant demand and rents trending toward market.Longterm tenants in place.
1912 63rd St, Windsor Heights (Duplex, 2 units) — Full interior remodel in 2026, new roof, new gutters, in 2025. new windows in 2021. Essentially turnkey.
911 SW Springfield Dr, Ankeny (Single-Family) — Fully remodeled in 2021 in one of the fastest-growing suburbs in the Des Moines metro.
3504 Independence Ct, Grimes (Single-Family) — Newer-build home with main level remodeled in 2021 and a long-term tenant in place.
The properties may be purchased together as a portfolio or in conjunction with additional portfolio properties available throughout Iowa, giving investors the ability to scale quickly across multiple markets in a single transaction. This is a clean, well-maintained, income-producing portfolio ideal for an investor seeking durable cash flow without the capital-expenditure overhang typical of properties of this vintage.