8717 Urbandale Ave Urbandale, IA 50322

This exceptional value-add opportunity presents a four-unit apartment building located at 8717 Urbandale Ave, Urbandale, IA 50322. The property, built in 1914, boasts 2,744 square feet on a 0.581-acre lot (APN: 312/01679-001-002) and is zoned R-1l. The building features three one-bedroom, one-bathroom units and one studio apartment, all currently at 100% occupancy. Recent upgrades include a newer roof and windows, along with updated interiors. Each unit has separately metered utilities, maximizing owner returns. A convenient five-stall garage and ample parking are complemented by generous open green space. A coin-operated laundry facility is located in the basement for tenant convenience. The property's strong financial performance is highlighted by a Net Operating Income (NOI) of $23,933 and a 7.98% capitalization rate. The asking price is $300,000, translating to $109.33 per square foot. Significant value-add potential exists through rent increases to market rates. The substantial lot size also presents the possibility of future expansion, potentially allowing for the development of a larger multifamily project. This property offers a compelling combination of immediate income and long-term growth potential in a desirable Urbandale location.