802 Reed St, Grinnell, IA 50112
- Commercial real estate
Current Use by Public Records
- Commercial real estate
Property Details for 802 Reed St
- Property type
- Commercial real estate
Description
This exceptional 16-unit apartment building in Grinnell, Iowa presents a compelling investment opportunity. Located at 802 Reed St, this property boasts a remarkable 100% occupancy rate, generating a strong pro-forma NOI of $134,126. The building features a mix of studio, one-bedroom, and two-bedroom units, each equipped with modern amenities, high-end finishes, and in-unit laundry. Individual entrances enhance tenant privacy and minimize common area maintenance, contributing to lower operating expenses. Ample on-site parking (24 spaces total) is a significant advantage for both tenants and the property's marketability. The property's substantial size, exceeding 13,000 square feet, combined with high-end rental rates, ensures strong cash flow. A significant benefit is the unexercised 10-year, 100% tax abatement, providing substantial long-term tax savings for the new owner. Situated in a quiet neighborhood with convenient access to essential amenities, this property is ideally positioned within an Iowa Opportunity Zone, further enhancing its investment appeal. This is a rare chance to acquire a high-performing multifamily asset with significant upside potential. The property is located in Poweshiek County, Iowa, zip code 50112.
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Location Insight
- Map
- Local Demand
- City
- Grinnell
- County
- Poweshiek
- State
- Iowa
- Longitude
- -92.7327932
- Latitude
- 41.7419198
