209 2Nd Ave Waukon, IA 52172

This exceptional 10-unit apartment building, known as Convent Apartments, presents a compelling value-add investment opportunity in Waukon, Iowa. Located at 209 2nd Ave SW, this three-story, 8,769 square foot building boasts a strong foundation of precast concrete on the second floor and a brick facade. Built in 1964, the property features a mix of unit types, including two 1-bedroom efficiencies on the first floor, two renovated 2-bedroom condo-style units and one 1-bedroom condo-style unit on the second floor, and five smaller efficiency apartments on the third floor. Current rents range from $500 to $800 per month, with all leases being gross leases inclusive of shared Wi-Fi. The building offers convenient amenities such as off-street parking, an elevator, handicap accessibility, an exercise room, and a rooftop deck with a recently replaced roof. The main floor also includes a common area dining room and an adjoining commercial kitchen suitable for private events. The property sits on a 13,200 square foot lot and is zoned residential. The current occupancy rate is 80%, with a projected occupancy date of November 29, 2024. The asking price is $650,000, representing a price per square foot of $72 and a 5.40% cap rate. The Net Operating Income (NOI) is $35,460. Security cameras with audio are installed on the property. The property is owned by an LLC and is being offered as a 1031 exchange opportunity. A letter of financial commitment and a non-disclosure agreement are required prior to showings and the release of financial details. This well-maintained property offers significant potential for future growth and strong cash flow.