1077 27th Street

Highlights:

• 5-plex Value Add Opportunity
• Price: $240,000
• Proforma NOI: $20,336
• Caprate: 8.75%
• Cash on Cash: 12.19%
• 2 Blocks from Drake University
• Long, Medium or Short Term Rental
• 4-6 min drive to all 3 Hospitals Downtown
• New Rental Certificate

Description:

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.

This Cashflowing 5-plex is only 2 blocks from campus at Drake University. Walk-ability in this area is fantastic. Tons of restaurants and entertainment in walking distance. 5 Blocks from Interstate 235 and about 1 mile to Downtown. And this property is in the center of the metro, so getting anywhere is a breeze. Plenty of off-street parking.

Des Moines is a very stable real estate market compared to many other areas. With extremely low unemployment, growing jobs and population Des Moines offers a lot of long-term potential for investors. Iowa is one of the best states for landlord protections and is a friendly state to do business. Des Moines has been increasing in population and jobs as well because of the low cost of living, but the high standard of living.
A vibrant gem in the heart of the prairie, Des Moines is named for the river that snakes through the city. This is Iowa's capital (and the county seat of Polk County), and it is filled with things to do. From concerts at the historic Salisbury House to the collections at Des Moines Art Center, and from the 81 miles of hiking and biking trails to the Greater Des Moines Botanical Gardens, Des Moines offers so much that it was named one of the top 10 cities in which to live by US News.
Home to such companies as John Deere, Pioneer, Corteva, Meredith Corporation, Wells Fargo, Voya Financial, and Principal Financial Group, Des Moines is considered one of the nation's wealthiest cities.
Greater Des Moines is vibrant, growing and experiencing tremendous momentum. Metrics such as gross domestic product growth, population growth and employment growth show DSM as one of the strongest metros in the Midwest. Greater Des Moines is home to many business successes and has received numerous accolades over the past several years. These recognitions include being named one of the top 10 best cities to live and work, one of the best cities for jobs, one of the top 10 places with the most job opportunities per capita and a top metro for economic development projects. Such accomplishments can be attributed to DSM’s talented workforce, impressive education ranking and strong business economy.

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