Convent Apartments 209 2nd Ave SW

Convent Apartments currently occupied by mature adults in golden years. Consists of 10 total residential units with an opportunity of value add. 3 stories, off street parking, elevator, handicap accessible, exercise room, roof top deck replaced 2024, metal main roof replaced recently, main floor common area dining room, adjoining commercial kitchen available for private parties. This is a very well built structure with precast concrete on the 2nd floor and brick facade. All major maintenance has been kept up and improved. 1st floor apartments: 2-1 bedroom efficiency (hotel room style accommodations) at offered at $550/month. 2nd floor apartments: renovated 2- 2 bedroom condo style at $750-$800/month and 1- 1 bedroom condo style $600/month. 3rd floor apartments are 5 smaller efficiency apartments ranging from $500-$550/month. All leases are gross leases including shared Wi-Fi. Excellent opportunity for any investor to add to their portfolio and enjoy the cash flows. This would be a perfect owner/occupant retirement plan! Office exclusive. Owner is a licensed agent in Iowa & Minnesota, may be subject to 1031. Security cameras with audio on site, approved appointments prior to entering. Letter of financial commitment required prior to showings along with NDA prior to financials released.
PRI $72,000. 5 year hold 11.08% IRR