732 736 Iowa City, IA 52246
- Commercial real estate
- 16,128 SF
- 1.05 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 732 736
- Lot size
- 1.05 lot acres
- Property size
- 16,128 SF
- Property type
- Commercial real estate
Description
This exceptional multifamily investment opportunity presents a portfolio of three apartment buildings totaling 42 units situated on a 1.05-acre lot in Iowa City, IA. The property, located at 732, 736, and 740 Michael Street, boasts a strong 100% occupancy rate, generating a substantial Net Operating Income (NOI) of $216,340, representing a compelling 5.41% capitalization rate. The asking price is $4,000,000, translating to $95,238 per unit. The buildings comprise 36 one-bedroom, one-bathroom units and 6 studio units, each averaging 384 square feet. Significant improvements have been implemented, including roof replacements in 2018 and upgrades to numerous units featuring new carpeting, updated kitchens, and new tubs. The property benefits from its prime location near the University of Iowa Hospitals and Clinics (UIHC) and the West University of Iowa campus, placing it within convenient walking distance of Kinnick Stadium. This strategic positioning contributes to consistently increasing rental income. Furthermore, a transition to RUBS (Renters Utility Billing System) is underway, streamlining utility management for tenants. The property is zoned RES, offering potential for future value-add opportunities. This is a rare chance to acquire a well-maintained, high-performing multifamily asset in a thriving Iowa City market.
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
- Iowa City
- County
- Johnson
- State
- Iowa
- Longitude
- -91.5447864
- Latitude
- 41.6520177
