802 Reed StGrinnell, IA 50112

Property Details for 802 Reed St

Property type

Apartment buildings

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.

Location Insight

City

Grinnell

County

Poweshiek

State

Iowa

Latitude

41.7419

Longitude

-92.7328

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