301 21St St Sioux City, IA 51104
- Commercial real estate
- 9,000 SF
Current Use by Public Records
- Commercial real estate
Property Details for 301 21St St
- Year built
- 1902
- Property size
- 9,000 SF
- Property type
- Commercial real estate
Description
Grandview Apartments presents a compelling investment opportunity in Sioux City, IA. This 1902-built, four-story building, totaling 9,000 square feet on a 3,318 square foot lot, underwent a complete renovation in 2022. Currently boasting 100% occupancy with 15 one-bedroom units, the property generates a current NOI of $45,000, projecting to $50,000. The asking price is $1,100,000, representing a $73,333 per-unit cost and a current cap rate of 4.09%, with a pro-forma cap rate of 4.55%. All units feature modern finishes and new appliances. The building benefits from a recently installed roof, minimizing future maintenance expenses. Situated in a desirable location with easy access to amenities and employment centers, this property offers low vacancy risk and strong rental demand, making it an ideal addition to any investment portfolio. The property is zoned commercial and is owned by an LLC. This turnkey investment provides immediate cash flow and significant potential for future growth.
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
- Sioux City
- County
- Woodbury
- State
- Iowa
- Longitude
- -96.407761075618
- Latitude
- 42.512157105942
