230 Dubuque St Solon, IA 52333
- Commercial real estate
- 6,400 SF
- 0.22 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 230 Dubuque St
- Year built
- 1908
- Lot size
- 0.22 lot acres
- Property size
- 6,400 SF
- Property type
- Commercial real estate
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Solon
- County
- Johnson
- State
- Iowa
- Longitude
- -91.4938536
- Latitude
- 41.8056109
