Drake University Area Multifamily

Introducing a significant multifamily investment in the popular Drake University Area of Des Moines, IA, Comprising 47 units spread across 5 buildings, this substantial offering provides a solid foundation for a multifamily investor seeking a stable and lucrative asset.
Notably, the property features ample off-street parking, a rare and highly desirable amenity in the Drake area, elevating its appeal to tenants and bolstering its overall value. The sellers, who have owned and operated these buildings for decades, have ensured their consistent upkeep and management, underscoring their reliability and the property's value.
The current month-to-month tenancy arrangement allows for an easy transition for the next owner to implement rent increases and optimize performance, with rents currently positioned below market rates. This presents an opportunity for substantial value enhancement, particularly through the addition of lucrative laundry services for tenants, the monetization of pet income, and the implementation of a RUBS (Ratio Utility Billing System) program, all of which contribute to enhanced revenue streams and long-term profitability.
Despite the current below-market rents, the tenant base is stable and reliable, providing a solid foundation for future growth and financial success.
Furthermore, the property has seen numerous upgrades, ensuring a modern and well-maintained living environment for residents. With its impressive capacity and value-added potential, this property represents an outstanding opportunity for investors to capitalize on the resilient multifamily market in Des Moines and unlock substantial long-term returns.
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