2901 Rutland Ave
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2901 Rutland Ave
11 Unit Apartment Building $990,000 ($90,000/Unit) 8.01% Cap Rate Des Moines, IA 50311
Executive Summary
Large well well-maintained 11 plex near Drake University. Building has (9) one bedroom and (2) two bedroom units and (9) single garages. Located on a quiet street this property has been updated to be maintenance-free and has a rental certificate valid until April 2027. New apartment building roof was installed in 2016. New garage roofs in 2015 have a lifetime warranty 40 mil rubber. Units all have separate heating, with a mix of hot water, forced air and baseboard. Window AC units in 1-9 are tenant-owned. Newer AC units in 10 & 11 are seller owned. All bathrooms and 10 kitchens have been updated. Most windows are new and have exterior metal clad. A coin-operated washer and dryer is in the basement along with lots of storage. An updated fire alarm is operating and inspected. Northeast of building is a large vacant lot included, and could be additional parking or garages. Improvement grant money is available from Invest DSM. Check this one out today!
Data Room Click Here to Access
- Operating and Financials
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $990,000 | Apartment Style | Low Rise |
| Price Per Unit | $90,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.47 AC |
| Cap Rate | 8.01% | Building Size | 9,062 SF |
| Sale Conditions | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 11 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1895/1962 |
| Property Subtype | Apartment |
| Price | $990,000 |
| Price Per Unit | $90,000 |
| Sale Type | Investment |
| Cap Rate | 8.01% |
| Sale Conditions | 1031 Exchange |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.47 AC |
| Building Size | 9,062 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1895/1962 |
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | - | - |
| 2+1 | 2 | - | - |
1 of 1
Walk Score ®
Very Walkable (71)
PROPERTY TAXES
| Parcel Number | 090-03732000000 | Total Assessment | $561,000 |
| Land Assessment | $53,900 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $507,100 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
090-03732000000
Land Assessment
$53,900
Improvements Assessment
$507,100
Total Assessment
$561,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | R-3 |
| R-3 |
-
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2901 Rutland Ave
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