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Archived over 2 years ago

$240,000

rooms 4+ ba 7920 sqft

1077 27th St, Des Moines, IA 50311

Commercial Multifamily

Current Rent **

$3,150

Projected Rent **

$3,625

Estimated Cap Rate *

Pro Only

Estimated Cash on Cash ROI *

Pro Only

Posted By:

Chase Keller

CCIM
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1077 27th St

Just 2 blocks from campus at Drake University. Walkability in this area is fantastic. Tenants are able to walk the couple blocks to campus, or the many restaurants and shops along University Ave. You’re also directly in the center of the whole metro, so getting anywhere is going to be a breeze. 5 blocks to the Interstate, Only a mile from Downtown. Also Plenty of off-street parking for tenants.

The opportunity on this property is huge. 3 of the units are rented, leaving the other two units open multiple strategies for the new buyer. Traditional long term rentals, Drake University students, short term rentals, medium term rentals like traveling nurses, you’re less than 2 miles to all three large hospitals downtown.

It’s an older property, but this has been well maintained and in go

This property offers a good mix of units. One two bedroom unit, two One Beds, and two studios.

Asking price on this is only $240,000. This puts the Caprate at 8.75%, cash on cash return of just shy of 12%, that includes everything, property management, utilities, maintenance taxes, insurance, CapEx reserves. If you’re doing short or medium term rental, those numbers are going to look even better.
Rental Certification renewed earlier this year.

Location:

1077 27th St, Des Moines, IA 50311

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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.

** Current rent and projected rent are provided by the lister.

† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.

‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.