802 Avenue BCouncil Bluffs, IA 51503

Property Details for 802 Avenue B

Year built

1890

Property size (Sq ft)

2,352 SF

Property type

Commercial real estate

Description

This four-unit multifamily property located at 802 Ave B, Council Bluffs, IA 51503, presents a compelling investment opportunity. The 2,352 square foot building, constructed in 1890, comprises four one-bedroom, one-bathroom units, each generating a monthly gross income of $2,975. The property boasts separately metered utilities, with the seller responsible only for water and trash, minimizing operational expenses. A significant advantage is the inclusion of a proposed assignable insurance claim, adding potential value to the acquisition. The property's 9.67% cap rate and a pro-forma NOI of $23,205 demonstrate strong potential for return on investment. Situated in a well-established neighborhood, the property offers convenient access to downtown Council Bluffs, schools, parks, and shopping centers. Its prime location and proximity to major roadways and public transportation make it attractive to both commuters and residents. The property's strong cash flow, combined with the potential for value-add through renovations and strategic leasing, makes this an exceptional opportunity for investors seeking a stable and potentially high-growth investment in the Council Bluffs market. The asking price is $240,000.

Location Insight

City

Council Bluffs

County

Pottawattamie

State

Iowa

Latitude

41.2636

Longitude

-95.856

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