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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9BEDS
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0.18ACRES
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6BATHS
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01/2 BATHS
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3,985SQFT
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$79$/SQFT
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.