230 Dubuque StSolon, IA 52333

Property Details for 230 Dubuque St

Year built

1908

Lot size

0.22 AC

Property size (Sq ft)

6,400 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This 8-unit apartment building in Solon, Iowa presents a compelling value-add investment opportunity. Located at 230 S Dubuque St, this two-story, 6,400 square foot building sits on a 0.22-acre lot and boasts 100% occupancy. Built in 1908, the property is classified as a Class B multifamily investment and offers eight spacious units, each with two bedrooms and one bathroom, totaling 800 square feet. The building features four units on each floor, and includes eight parking spaces. One unit has undergone a complete remodel, while the remaining units are in excellent condition. The property's strong rental history is reflected in its Net Operating Income (NOI) of $59,018, resulting in a 7.62% capitalization rate. The asking price is $775,000, or $96,875 per unit. The property is zoned RES and is not subject to a ground lease. This property offers significant potential for increased profitability through further renovations and strategic property management. The central Solon location provides convenient access to local amenities and services. This is an exceptional opportunity for investors seeking a stable, high-performing asset with significant upside potential.

Location Insight

City

Solon

County

Johnson

State

Iowa

Latitude

41.8056

Longitude

-91.4939

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