1601 Army Post Rd Des Moines, IA 50320-1805

Property Details for 1601 Army Post Rd

Year built

2023

Construction

STEEL FRAME

Lot size

4.69 lot acres

Property size

27,000 SF

Zone code

C-2

Property type

Warehouses

APN

120/07399-202-000

APU

12007399202000

Description

This exceptional investment opportunity presents a 25-unit mobile home park in Des Moines, Iowa, situated at 1601 Army Post Rd, zip code 50315. The property, built in 1954 and extensively renovated in 2021, boasts a 7.82% cap rate and a current NOI of $144,700. Currently operating at 76% occupancy (as of April 24, 2024), this Class B stabilized investment offers significant upside potential. The park features 25 pads, each valued at $74,000, with an asking price of $1,850,000. Over $750,000 in capital improvements have been completed since 2020, including new water and sewer lines, electrical upgrades, paved streets, and home renovations. The park benefits from an on-site manager who receives free lot rent in exchange for property management and maintenance assistance. Current tenants are primarily month-to-month, many long-term. The seller is open to seller financing options, including a seller second, with a preferred term of 3-5 years. The property's location within the desirable Des Moines market, coupled with the extensive recent renovations and the potential for increased revenue through rent adjustments and home sales, makes this a compelling investment prospect. Water, trash, and snow removal are currently handled by the ownership, offering opportunities for expense reduction through potential pass-through billing to residents. The park is actively undergoing further improvements, including patio additions and renovations of vacant units.

Location Insight

City

Des Moines

County

Polk

State

Iowa

Longitude

-93.5929

Latitude

41.5255

CBSA code

19780

CBSA name

DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments