619 Layne Drive

MULTI-FAMILY (2-4 UNITS)IAWest Burlington, IA

West Burlington, IA

West Burlington, IA
    $2,400,000
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    Basics

    • Date added: Added 4 months ago
    • Category:
    • Status:
    • Bathrooms: 0
    • Lot size: 8712 sq ft
    • Year built: 2021
    • County: Des Moines
    • Acres: 0.2 acres
    • Price Per SQFT: $1,791.04
    • MLS ID: 6314851

    Description

    • Description:

      EXCEPTIONAL investment opportunity! Located in the thriving community of West Burlington, Iowa This newly constructed multifamily property features 9 LUXURY 2 bedroom, 2 bath condominium units. Each residence has been meticulously designed to offer the pinnacle of modern living, promising both comfort and elegance. Construction on these stunning units was completed in 2021. The property is currently fully leased. A monthly rent of $2,000 per unit, produces a gross rent of $216,000 annually, underpinned by a solid Net Operating Income (NOI) of $147,815, reflecting a desirable CAP rate of approximately 6.16%. The property boasts low vacancy rates, thanks to its prime location and high-demand luxury accommodations. Professional management is in place and willing to work with new owner. Seller is licensed to sell Real Estate in the State of Iowa.

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    Location

    • Directions: Turn off of Gear ave onto West Huston st. Take next left onto Layne Dr. duplexes are located on the right side of the road.

    Building Details

    • Garage Stalls: 2
    • Stories: 1 Story
    • Water: City Water/Connected
    • Basement: ,

    Amenities & Features

    • Style: Duplex Side x Side
    • Fireplaces: 0
    • Exterior: Vinyl
    • Heating: Forced Air
    • Sewer: City Sewer/Connected

    Miscellaneous

    • Association: SEIA
    • Yearly/Seasonal: Yearly
    • Contingency: None
    • Accessible: 52655, No Stairs Internal,No Stairs External
    • Fuel: Natural Gas

    Fees & Taxes

    • Gross Taxes: $35,262
    • Net Taxes: $35,262
    • Expense Electric: 0
    • Expense Maintenance: $4,500

    Inquire About This Property

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    This style property is located in West Burlington is currently and has been listed on 1st Rate Real Estate. This property is listed at $2,400,000. It has bedrooms, 0 baths bathrooms, and is . The property was built in 2021 year.

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