Vista Del Mar Bungalows 22506 7th Ave S

Paragon Real Estate Advisors is pleased to exclusively offer for sale the Vista Del Mar Bungalows; a value-add, 13-unit apartment building near the Des Moines waterfront. Built in 1939 in a wonderful Spanish architectural style, the property is prominently positioned on a 15,000 SqFt corner lot just blocks from water right in the heart of the Des Moines Marina District. The property consists of two buildings with a mix of efficient studio, one-bedroom and two-bedroom apartments. Common area amenities include off-street parking with 12+ stalls, an outdoor seating/gathering space and a common laundry room. The property also has a large garage space in the lower level of the south building that is being used as a workshop and extra storage space currently. This space is large and could be repurposed and potentially rented for additional income.
Residents enjoy the pedestrian friendly neighborhood with popular local restaurants, cafes, shops and services all within blocks. The Waterfront Farmer’s Market is another great local destination that is within walking distance of the property. Residents are drawn to this location due to the relaxed waterfront lifestyle, beautiful scenery, walkability and a central location with easy connectivity to the rest of the region.
The Vista Del Mar Bungalows offers a savvy investor the opportunity to acquire an apartment community with immediate income upside and potential to add value in a unique waterfront location. New ownership can immediately push income in several ways while taking advantage of limited inventory in the neighborhood and has the option to add further value through a renovation and repositioning plan for even greater returns.