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1020 25th Street

Des Moines, IA 50311
  • $290,000
  • STATUS: Closed
  • ON SITE: 304 Days
  • MLS #: 678337
Sold - 11/14/2023
$290,000
SOLD - 11/14/2023
  • 9
    BEDS
  • 0.18
    ACRES
  • 6
    BATHS
  • 0
    1/2 BATHS
  • 3,985
    SQFT
  • $0
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1900
County:

School Ratings & Info

School District:

Description

This 6-unit multifamily property has $4235 per month of income and is well-maintained and located strategically near Drake University. This investment opportunity has consistently been occupied, leading to an impressive rental history. The proximity to the university and downtown offers a steady source of potential tenants. The property provides sufficient off-street parking, a feature that is increasingly scarce in urban properties. With a healthy gross income of $4,235 per month, this investment stands to yield an annual income of approximately $50,820. To minimize potential future repair costs, significant investments have already been made, such as the installation of a metal roof, updated electrical panels, and a newer boiler system. This has substantially reduced the risk of unexpected capital expenditures. The property holds a valid Rental Certificate until 2025, reducing administrative burdens for the next two years. Managed by a professional team, the property has seen numerous updates to maintain its attractiveness and functionality. Despite these upgrades, there are still unexplored opportunities to increase rental income through additional improvements.

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© 2024 Des Moines Multiple Listing Service. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by the MLS or EXIT Realty Capital City. Data last updated: 2024-05-20T00:22:27.817.
www.exitrealtycc.com/homes/141664141
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1020 25th Street Des Moines, IA 50311

  • Price: $315,000
  • Status: Closed
  • On Site: 304 Days
  • MLS #: 678337
9
Beds
6
Baths
0
½ Baths
0.18
Acres
3,985
SQFT
$0
$/SQFT
1900
Built
Neighborhood:
Des Moines West
County:
Polk
Area:
Des Moines West
School District:
Des Moines Independent
Property Description
This 6-unit multifamily property has $4235 per month of income and is well-maintained and located strategically near Drake University. This investment opportunity has consistently been occupied, leading to an impressive rental history. The proximity to the university and downtown offers a steady source of potential tenants. The property provides sufficient off-street parking, a feature that is increasingly scarce in urban properties. With a healthy gross income of $4,235 per month, this investment stands to yield an annual income of approximately $50,820. To minimize potential future repair costs, significant investments have already been made, such as the installation of a metal roof, updated electrical panels, and a newer boiler system. This has substantially reduced the risk of unexpected capital expenditures. The property holds a valid Rental Certificate until 2025, reducing administrative burdens for the next two years. Managed by a professional team, the property has seen numerous updates to maintain its attractiveness and functionality. Despite these upgrades, there are still unexplored opportunities to increase rental income through additional improvements.
Exterior Features

Road Surface Type Concrete Roof Metal

Interior Features

Basement Partially Finished Below Grade Finished Area 300 Cooling Window Units Cooling YN Yes Heating Natural Gas Radiant Heating YN Yes

Property Features

Buyer Financing Conventional Gross Income 4235 Lease Considered YN No Listing Terms Cash Conventional Lot Size Dimensions 60 X128 Owner Pays Gas Insurance Taxes Water Tax Annual Amount 5139 Tenant Pays Electricity Utilities Electricity Available Natural Gas Available Water Available Zoning R1-60

Listing provided courtesy of Keller Williams Realty GDM: (515) 334-4900. © 2024 Des Moines Multiple Listing Service.
© 2024 Des Moines Multiple Listing Service. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by the MLS or EXIT Realty Capital City. Data last updated: 2024-05-20T00:22:27.817.
 
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