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4001 E University Ave
- - 8 2/1 Units
- - Built in 1971
- - Prime location in the Des Moines area
- - Attractive potential for income generation
- - Diverse tenant base and strong rental demand
- - Well-maintained and professionally managed
- - Ample parking for tenant convenience
- - Spacious greenspace and patio amenities
Property Description
Introducing 4001 E University Ave, a prime investment opportunity in Des Moines, IA. This multifamily property offers a wealth of features that make it an attractive prospect for discerning investors in the Multifamily sector. The property comprises a well-laid out 8plex, with each unit featuring 2 bedrooms. This configuration offers a balanced mix of scale and manageability, appealing to both investors and tenants alike. Its strategic location places it less than 10 minutes from downtown, providing convenient access to the city's vibrant offerings. Additionally, the property is situated right on University Ave, offering proximity to all amenities, including shopping, dining, and entertainment options. The owner is implementing RUBS (Ratio Utility Billing System) for all utilities, presenting an attractive opportunity to increase the property's revenue stream. With tenants responsible for their own electric bills and the potential for utility cost recovery through RUBS, this property offers an appealing income-generating potential. Currently water has been implemented, working through leases to implement heat as well. Moreover, the property boasts plenty of parking, addressing a key consideration for tenants and enhancing the overall appeal of the property. The presence of ample parking contributes to the convenience and desirability of the property, enhancing its attractiveness to prospective tenants. In addition, the property features a generous greenspace and a patio for tenants to enjoy, creating a welcoming and enjoyable living environment. These amenities add value to the property, providing a pleasant and comfortable setting for tenants and enhancing the overall appeal of the multifamily complex. The owner's initiative to undertake unit renovations has significantly increased rents, demonstrating the potential for further income growth. With most of the units being Month to Month, the property offers a high degree of flexibility for the new owner, allowing for strategic decisions regarding lease terms and rental rates. This flexibility presents an opportunity to optimize the property's financial performance and adapt to changing market conditions. This property has no issues renting quickly. Only one unit currently vacant as it is currently being renovated. This property is already delivering a strong financial performance. The high level of occupancy speaks to the property's appeal and its ability to attract and retain tenants, providing a solid foundation for continued income generation. The existing tenant base represents a diverse range of renters, demonstrating the property's broad appeal and adaptability to the needs of a wide range of prospective tenants. This multifamily property represents an opportunity to acquire a well-established income-generating asset with significant potential for value appreciation. Its desirable location, solid historical performance, and potential for future enhancements make it an attractive addition to any investor's portfolio. Whether seeking steady income, future development opportunities, or a combination of both, 4001 E University Ave presents a compelling opportunity for investors looking to capitalize on the dynamic real estate market in the Des Moines area.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $650,000 |
| No. of Units: | 8 |
| Average Occupancy: | 7.23 |
| Year Built: | 1971 |
| Lot Size: | 0.48 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $81,250 |
| Property Website | Click Here |
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