From Des Moines Ia Drive East On I80, From Eastern Iowa Drive West On I80, North, To Grinnell Exit Hwy 146. North Into Grinnell. Turn Right/East On 2nd Ave To High Or East. Apartments Are South Of 2nd Ave. West St Apartments Are Further North On 146

615 East St, Grinnell, Iowa

Sold: 2/12/2018
Sold Price: $2,100,000
Total Units:
MLS # 537574
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Details: Multi-Family
MLS# 537574
County Poweshiek
Style Apartment Style
Zoning M
Acres 3.08
School District Grinnell
School and Community Information
Property Description
Huge investment potential! 6 apartment buildings with 43 2 bedroom units, 6 1 bedroom units, 28 garage units, 2 commercial retail/office units. 615, 627 & 631 East St, 616 & 628 High St, 1109 & 1115 West St. Very low vacancy. Average rent of about $575.00 for the 2 bedroom units, $425.00 for the one bedroom units, $50.00 for the one stall garages, Most of the units have been greatly renovated and improved. After much hard work and a lot of capital, these properties have been transformed into some of the nicest apartment rentals in Grinnell. Representing a large fraction of Grinnell's rental marketshare, and in their current condition, these remarkable properties will be able to produce generous income for many years to come. Don't miss out on the opportunity of these proven and producing income properties. Owner of this property currently has an inactive IA real estate license.
Unit bedrooms
2 Bedroom 43
1 Bedroom 6
Unit Bathrooms Full 3/4 1/2
2 Bedroom 43
1 Bedroom 6
Unit kitchens
Number of Kitchens 49
Estimated Expenses and Income
Expenses Paid By Electric Tenant, Water Tenant
Foundation Concrete Block
Heat Electric Baseboard
Air Conditioner Window Unit
Water CITY
Service Information
Off-Street Parking multiple parking lots
Manager Yes
Tax & Terms Information
Gross Taxes $45,127
Net Taxes $44,378
Terms Available Cash, Conventional
Listing courtesy of Re/Max Partners Realty Data courtesy of the Des Moines Area Association of REALTORS

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