Description
Attention Investors. Great turnkey income producing 5 plex within 1 block of Drake University and the new development occurring along University Avenue. The asset is currently bringing in $2880/mo of rental income and the tenants pay many of the utilities. Over the last year the owners have updated and turned over units using a local professional property management company. Value add potential still exists by increasing rents on 3 of the units that are currently rented under market and including the fifth unit in the RUBS plan. The additional value add is estimated to be an additional $300-400/mo. 3 of the units have been remodeled/updated and have new appliances. The rental certificate is in the process of being renewed. Unit 1 = 600, Unit 2 = 785, Unit 3 = 665, Unit 4 = 340, Unit 5 = 520
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5BEDS
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0.21ACRES
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0BATHS
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01/2 BATHS
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3,875SQFT
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$62$/SQFT
Description
Attention Investors. Great turnkey income producing 5 plex within 1 block of Drake University and the new development occurring along University Avenue. The asset is currently bringing in $2880/mo of rental income and the tenants pay many of the utilities. Over the last year the owners have updated and turned over units using a local professional property management company. Value add potential still exists by increasing rents on 3 of the units that are currently rented under market and including the fifth unit in the RUBS plan. The additional value add is estimated to be an additional $300-400/mo. 3 of the units have been remodeled/updated and have new appliances. The rental certificate is in the process of being renewed. Unit 1 = 600, Unit 2 = 785, Unit 3 = 665, Unit 4 = 340, Unit 5 = 520