110 SW School St, Ankeny, IA, 50023
110 SW School St
Ankeny, IA 50023
Highlights
- - 6 units, including two studios and four one-bedroom units
- - 5 units occupied, 1 unit just recently vacated
- - Gross income of $3,400 monthly, with potential to exceed $5,000
- - Individually metered units minimize owner's overhead costs
- - Coin-operated laundry facility and potential storage space in the basement
- - Minimal updates required, presenting valuable add-on opportunity
- - Pro forma cap rate exceeding 9% accounts for all expenses
- - Six large garage stalls offering untapped potential for additional rental income
Description
Introducing a prime investment opportunity in the the very popular Ankeny area: This 6 unit building includes two studios and four one-bedroom units, with five currently leased. This property generates a gross income of $3,400 monthly, with potential close to $5,000.
Each unit is individually metered for electricity and heating, minimizing overhead costs for the owner. Additional amenities include a coin-operated laundry facility in the basement, space for potential storage development, and six large garage stalls offering untapped potential for additional rental income. With minimal updates required and a pro forma cap rate exceeding 9%, this property presents a valuable add-on opportunity in the thriving Des Moines market.
Nestled in the heart of the Des Moines Metro, the property in Ankeny offers a prime location in one of the Midwest's fastest-growing and most affluent towns. Accessibility is a key feature, with proximity to 1st St and Ankeny Blvd, essential amenities like Hy-Vee Grocery, Starbucks, CVS, and various shops and dining options. Additionally, it sits across from Ankeny Miracle Park, near elementary, middle, and high schools, The District at Prairie Trail, and John Deere Des Moines Works. With convenient access to Interstate 35, the location facilitates an easy commute throughout the metro area and is just a short drive from Iowa State University in Ames. This premier location is ideal for Multifamily Investors seeking a thriving and well-connected community.
Ankeny is one of the most affluent cities in Iowa and one of the fastest growing cities in Iowa and the whole midwest. Average annual growth rate of over 4% over the past 15 years. Part of the reason for the growth is the great economy in the Des Moines metro, Ankeny has one of the best school districts in the metro, pushing the demand higher overall. Ankeny has always prided itself in being a great community, linked to the Des Moines Metro, but with its own vibe.
Within 2 miles you have the DMAAC, the largest community college in Iowa and Prairie Trail District, the center of everything great about Ankeny, including Shops, restaurants, bars, fitness, boutiques, offices, movie theatre, the Ankeny Public Library and more!
Greater Des Moines is vibrant, growing and experiencing tremendous momentum. Metrics such as gross domestic product growth, population growth and employment growth show DSM as one of the strongest metros in the Midwest. Greater Des Moines is home to many business successes and has received numerous accolades over the past several years. These recognitions include being named one of the top 10 best cities to live and work, one of the best cities for jobs, one of the top 10 places with the most job opportunities per capita and a top metro for economic development projects. Such accomplishments can be attributed to DSM’s talented workforce, impressive education ranking and strong business economy.
