BaStone Apartments 2117 Indianola Ave

Motivated Seller!
Stanbrough Realty Company, LLC proudly presents the BaStone Apartments, a 35-unit apartment complex spanning four buildings located at 2117 Indianola Avenue, Des Moines, IA. With current occupancy at 100% this property produces stable cash flows in a thriving downtown Des Moines location. Situated just south of the Central Business District of Des Moines offering convenient access to transportation, restaurant and entertainment within walking distance.
The location is ideal for stabilized apartment occupancy, benefiting from nearby job opportunities in the downtown district of Des Moines that include, but are not limited to Principal Financial, Wellmark, EMC, as well as DART Central Station, The Des Moines Capital, Principal Park and 100s of restaurants and entertainment venues.
Current RUBS income is being added at $30/month per tenant, which is under market for the Des Moines area as a new investor could generate $50-$60/month in RUB income on new leases. This asset holds significant potential for appreciation, with 15% upside in rental rates. 85% of the units have already undergone modest updates, including new flooring, cabinets, doors, painted walls, baseboards, and cabinetry. The remaining units present an excellent opportunity for a new owner to complete renovations, leading to higher rental income and improved profitability.