1724 E Milwaukee Ave

• Electric baseboard heat
• Low-Income Housing Property
• Value-Add

Property Description

Located in Storm Lake, Iowa, this 24 units USDA rural development apartment complex was built in 1984 and features twelve one-bedroom apartments and twelve two bedroom apartments. The buyer will purchase Northpark Apartment LLC and all of the assets through an ownership transfer, which can take up to eight months and must be approved by the USDA Rural Development. The buy must also assumable the USDA loan in the amount of $330,000. This property may be eligible for prepayment of the USDA loan, but restrictions on the property would still apply.