Description
Prime Multifamily Opportunity in the Drake University Area! This impressive investment comprises 47 units across five buildings, offering a rare chance to acquire a substantial, well-maintained asset in a highly sought-after location. Ample off-street parking, a premium amenity in the Drake area, enhances tenant appeal and adds value. Owned and operated for decades by dedicated sellers, the property has been meticulously maintained, ensuring reliability and consistent performance. With current rents below market rates, this property provides significant value-add potential. The month-to-month leases allow for a seamless transition for the next owner to implement rent increases and maximize revenue. Additional income opportunities include introducing laundry services, pet fees, and a RUBS (Ratio Utility Billing System) program. These enhancements can unlock greater profitability and long-term growth. The tenant base is stable and reliable, while recent upgrades ensure a modern living environment that attracts and retains renters. This property is a prime opportunity to capitalize on Des Moines' resilient multifamily market, offering steady cash flow and significant upside potential. Addresses: 1359 & 1337 24th St 1322 & 1340 23rd St 1411 22nd St (must be purchased together)
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75BEDS
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1.37ACRES
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39BATHS
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01/2 BATHS
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8,064SQFT
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$496$/SQFT
Description
Prime Multifamily Opportunity in the Drake University Area! This impressive investment comprises 47 units across five buildings, offering a rare chance to acquire a substantial, well-maintained asset in a highly sought-after location. Ample off-street parking, a premium amenity in the Drake area, enhances tenant appeal and adds value. Owned and operated for decades by dedicated sellers, the property has been meticulously maintained, ensuring reliability and consistent performance. With current rents below market rates, this property provides significant value-add potential. The month-to-month leases allow for a seamless transition for the next owner to implement rent increases and maximize revenue. Additional income opportunities include introducing laundry services, pet fees, and a RUBS (Ratio Utility Billing System) program. These enhancements can unlock greater profitability and long-term growth. The tenant base is stable and reliable, while recent upgrades ensure a modern living environment that attracts and retains renters. This property is a prime opportunity to capitalize on Des Moines' resilient multifamily market, offering steady cash flow and significant upside potential. Addresses: 1359 & 1337 24th St 1322 & 1340 23rd St 1411 22nd St (must be purchased together)