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2419 Cottage Grove Ave
- The Cutler Apartments
- - 8 Units: (6) 2-beds, (2) 1-beds
- - Prime location 2 blocks from Drake University and Downtown
- - 2 blocks from Interstate 235
- - Well-maintained, attractive brick construction
- - Potential for increased income with low rents and month-to-month tenancy
- - Coin-op laundry and untapped basement storage for added income
- - Stabilized CapRate 9.7% - Purchase CapRate 7.4%
Property Description
Introducing The Cutler Apartments, a historic gem located just blocks from Drake University, Downtown, and Interstate 235, offering unparalleled convenience for residents. This solid brick construction property is in great shape, with spacious units over 1200sf each. Tenants enjoy 2 bedrooms, a living room, dining room, and two additional versatile rooms, making it an ideal living space. Great for work-from-home office. The month-to-month tenancy allows for a seamless transition, and the current low rents present an opportunity for increased income. The property features coin-op laundry for extra revenue and untapped storage space that could generate additional income. Tenants pay for their electricity, while the owner covers common areas, heat, and water. With ample parking and easy commuting, this property is an attractive choice for tenants. Whether it's the proximity to key locations, the spacious units, or the potential for increased income, The Cutler presents a unique opportunity for multifamily/low-rise/garden investors seeking a blend of historical charm and financial potential.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $675,000 |
| No. of Units: | 8 |
| Average Occupancy: | 7.37 |
| Year Built: | 1910 |
| Lot Size: | 0.15 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $84,375 |
| Property Website | Click Here |
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