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1123 24th St
- Rare 4-plex by Drake University
- Completely Renovated in 2022
- 100% Occupied and Cashflowing
- Proforma NOI: $30,865
- CapRate: 7.62%
- 1 Block to Drake University & 1 Mile to Downtown
Property Description
This property had a complete overhaul in 2022, completely gutting all units and replacing everything inside and out. All new separated heat, electric and plumbing. All new Mechanicals, New siding, windows, roof, porch. Everything! Property has security system in place. Coin-op laundry in basement common area. Also a storage space that could be tapped for even more income. All units currently occupied and cashflowing. Building is 3 blocks from Drake University campus. Blocks from many restaurants and entertainment, making this site incredibly walkable. 5 blocks from Interstate 235 and about a mile from downtown. Directly in the center of the metro, making commuting anywhere a breeze. Plenty of off-street parking for tenants. Drake University area boasts a large Graduate Student population with obvious benefits, but the Drake neighborhood pulls tenants from much more than just the University. Location so close to downtown, close to Interstate and amazing walkability. Value Add: Room to increase rents, add basement storage, allow pets for additional income.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $405,000 |
| No. of Units: | 4 |
| Average Occupancy: | 7.62 |
| Year Built: | 1904 |
| Lot Size: | 0.15 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $101,250 |
| Property Website | Click Here |
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