$375000 / 7437ft2 - Apartment building Investment (Waukon IA)



laundry in bldg
no smoking
off-street parking
wheelchair accessible

Great Investment Opportunity!
Ever want to own a mansion for and have someone else pay for it?

3 story brick building with an elevator.
A variety of 10 apartments total.
1st floor has a large dining/ activities room, large commercial kitchen and 2 apartments:
*1 studio apartment
*1 bedroom apartment with large bathroom and laundry hookups.

2nd floor recently renovated into large condo style apartments.
*2 - 2 bedroom, 2 bath, with high end cabinets and tile floors, currently rented for $700/month.
*1 - 1 bedroom, 1 bath, with large step in tile shower, currently rented for $500/month.

3rd floor consists of 5 efficiency 1 bedroom apartments
* Laundry room / 2nd kitchen on 3rd floor.
* Access to a large sun deck with an exterior metal exit stairway.

potential rent income $58,000+ annually.
14.5% Gross ROI
At a $35,000 net income/profit at a $400,000 purchase price shows a 8.75% cap rate/ ROI.

This property was built in 1964, brick veneer, 2nd floor precast concrete floor, built with quality that is hard to find these days. Original floor plans show detailed construction schematics.

Close to churches and only blocks away from downtown.
Financial Pre Approval required prior to showings and Confidentiality Agreement signed prior to release of tax information.

Waukon IA is in the middle of Allamakee Co. which is considered to be Iowa's Playground. Northeast Iowa is well known for hunting and fishing with hundreds of acres of state ground and miles of trout streams. Mississippi River is within half an hour.
Lacrosse WI is 50 minutes away; Rochester, MN is about 1 1/2 hr away; Cedar Rapids 2 hours away

Average bills:
Black Hills Energy $250
Alliant Energy $250
Garbage $80
Centurylink $45
Water $130
Taxes $1972/half
Insurance $2565/year

Call for details.
This property is For Sale by Owner.
Owner is a licensed real estate agent in Iowa and Minnesota
  • do NOT contact me with unsolicited services or offers

post id: 6957445164


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