1604 5th Ave, Grinnell, IA 50112

This property is a bargain!! We need to move this property to take advantage of other investment opportunities. Any verifiable cash offer will be considered. Financed purchase is also accepted with lender pre-approval letter. Owner financing is not an option. We are looking to consolidate our investments and need the equity to do so. ========================== This has been a tremendous rental investment for the owners over the past 14 years. It is rarely empty and we have been able to obtain rents at the higher end of the rent scale for Grinnell for this quality. This investment property produces monthly cash flow. With a CAP rate of 11% it is a bargain. See some specific information below. Please contact us for more information. 3 units • Apt 1: 2 bedroom, 900 SF main level, W/D hook-ups, $750/month • Apt 2: 2 bedroom, 770 SF 2nd level, $670/month • Apt 3: 1 bedroom lower level, 600 SF, W/D hook-ups, $550/month Property is single-metered for Electrical, Gas, Water. Utility average is included in each apartment’s ‘rent’ above. Apt 1 & 2 have a common entrance with separate locked apt doors; Apt 3 has a separate side entrance. Lawn care is provided by owner and snow removal is a joint effort. 2 Furnaces (Goodman – 96% efficient) are in the property and 11 years old, no issues. Window ACs (3) cool the property in the summer. Most lighting replaced with LED bulbs. All appliances stay with the property. 3 fridges, 3 stoves, 1 washer, 1 dryer Gross Rents: $2,230/month We continue to raise rents for standard units. You can improve the unit quality and probably get over $1,000 for rent per month for the 2 bedroom units!