Property Description
Convent Apartments currently occupied by mature individuals. Consists of 10 total residential units with an opportunity of value add. 3 stories, off street parking, elevator, wheel chair accessible, exercise room, roof top deck with new roof, metal main roof replaced recently, main floor common area dining room, adjoining commercial kitchen available for private parties. This is a very well built structure with cement block and precast concrete on the 2nd floor with brick facade. All major maintenance has been kept up and improved. 1st floor apartments: 2-1 bedroom efficiency (hotel room style accommodations) at offered at $550-$600/month. 2nd floor apartments: renovated 2- 2 bedroom condo style at $725-$800/month and 1- 1 bedroom condo style $600-700/month. 3rd floor apartments are 5 smaller efficiency apartments ranging from $525-$600/month. All leases are gross leases including shared Wi-Fi. Excellent opportunity for any investor to add to their portfolio and enjoy the cash flows. This would be an excellent owner/occupant retirement plan! Office exclusive, owner is a licensed agent in Iowa & Minnesota, may be subject to 1031. Security cameras with audio on site, approved appointments prior to entering, letter of financial commitment required prior to showings, NDA prior to financials released. $66,300 annual based on current rents, market PRI $78,000. Great value add opportunity! Contact agent for more information!
