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$9500000 / 2br - 82530ft2 - 106 New-Newer Units, None Like It Around, VALUE ADD (Burlington, IA)

12345
4051 West Avenue Road

(google map)

2BR / 0Ba 82530ft2 available sep 17

apartment
w/d in unit
license info: Licensed Realtor in Iowa and Illinois
off-street parking
wheelchair accessible

Located in the newer/developing part of Burlington, IA, these 106 units are the only two-story or greater units located in this river city. This complex cash flows very well, and there is VALUE ADD opportunity with an additional land value of approximately $500,000 included in the price to build 48 more units on. This four phase project boasts 70% of its units being built within the past 6 years, and none built before 2008.

-7.2 CAP Rate
-98% Occupancy
-40 1-BR units
-60 2-BR units
-4 3-BR units
-2 Studio units
-Laundry in units or on-site
-All units have refrigerator, dishwasher, stove, microwave, and garbage disposal
-Some units have balconies
-On-site management
-Included in price is land available to build 48 units located in Enterprise Zone, plus investment tax credits (10%) & property tax abatement - could save about 15% of total construction cost

Contact Richard
  • do NOT contact me with unsolicited services or offers

post id: 6980560106

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