3567 Kimberly Downs Rd Davenport, IA 52807

Property Details for 3567 Kimberly Downs Rd

Year built

1966

Property size

9,762 SF

Property type

Small apartment buildings

Description

This exceptional 11-unit apartment building presents a compelling investment opportunity in Davenport, Iowa. Located at 3567 Kimberly Downs Road, this stabilized property boasts a strong 8.29% cap rate and a substantial annualized NOI of $52,162. The 9,762 square foot building, constructed in 1966 and extensively renovated in 2021, sits on a 13,460 square foot lot and is zoned MF. All eleven units are two-bedroom, one-bathroom apartments featuring updated kitchens, bathrooms, flooring, and paint. Recent capital improvements include a new sprinkler system, roof, and boiler, ensuring long-term operational efficiency. The property enjoys 100% occupancy, providing immediate cash flow. A key advantage is the inclusion of a commercial garage, built in 2004, offering potential for supplemental income generation. This property's prime location, east of Brady Street and south of Kimberly Road, provides easy access to I-74, enhancing its appeal to tenants. Detailed financial statements and rent rolls are readily available upon request. This is a turnkey investment ready to deliver immediate returns. The asking price is $629,000, representing a price per unit of $57,181.82. Don't miss this chance to acquire a high-performing multifamily asset in a desirable Davenport location.