204 3 St Rake, IA 50465
- Apartment buildings
- 1.74 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 204 3 St
- Lot size
- 1.74 lot acres
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents an eight-unit apartment complex ideally situated in Rake, Iowa. The property comprises two adjacent four-unit buildings, conveniently located on a sizable 1.74-acre lot at 204 3rd Street SW. This turnkey operation boasts immediate positive cash flow, making it an attractive proposition for discerning investors. All eight units have recently undergone significant improvements, featuring fresh paint, new flooring, and updated plumbing throughout. Many units also benefit from newly installed kitchen cabinets and upgraded bathrooms, enhancing their appeal and rental value. The property is currently occupied by a stable tenant base, managed in-house, ensuring consistent income generation. Rake is a desirable small town offering a stable and predictable rental market. The existing rents provide a solid foundation, with further potential for increases without requiring substantial capital improvements. This presents a unique opportunity to acquire a well-maintained, high-performing multifamily property with significant upside potential in a stable market. The 1.74-acre lot offers potential for future expansion or development, adding to the long-term value of this investment. This is a rare chance to acquire a turnkey, cash-flowing apartment complex in a desirable location.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Rake
- County
- Winnebago
- State
- Iowa
- Longitude
- -93.9231
- Latitude
- 43.4825
