Cutler Apartments
2419 Cottage Grove Ave
Des Moines, IA 50311
Highlights
- The Cutler Apartments
- - 8 Units: (6) 2-beds, (2) 1-beds
- - Prime location 2 blocks from Drake University and Downtown
- - 2 blocks from Interstate 235
- - Well-maintained, attractive brick construction
- - Potential for increased income with low rents and month-to-month tenancy
- - Coin-op laundry and untapped basement storage for added income
- - Stabilized CapRate 9.7% - Purchase CapRate 7.4%
Description
Introducing The Cutler Apartments, a historic gem located just blocks from Drake University, Downtown, and Interstate 235, offering unparalleled convenience for residents.
This solid brick construction property is in great shape, with spacious units over 1200sf each. Tenants enjoy 2 bedrooms, a living room, dining room, and two additional versatile rooms, making it an ideal living space. Great for work-from-home office.
The month-to-month tenancy allows for a seamless transition, and the current low rents present an opportunity for increased income. The property features coin-op laundry for extra revenue and untapped storage space that could generate additional income. Tenants pay for their electricity, while the owner covers common areas, heat, and water. With ample parking and easy commuting, this property is an attractive choice for tenants.
Whether it's the proximity to key locations, the spacious units, or the potential for increased income, The Cutler presents a unique opportunity for multifamily/low-rise/garden investors seeking a blend of historical charm and financial potential.
Experience the unparalleled energy and potential of this sought-after location, just two blocks away from downtown Des Moines and Drake University. With close proximity to Interstate 235 and just 2 blocks from Smokey Row, tenants enjoy quick and easy access to major employers, educational institutions, and all the metro has to offer. Whether they work downtown, study at Drake University, or seek easy access to the greater metro area, this prime location provides an ideal home base for tenants looking for convenience, connectivity, and urban living at its best.
Des Moines is a very stable real estate market compared to many other areas. With extremely low unemployment, growing jobs and population Des Moines offers a lot of long-term potential for investors. Iowa is one of the best states for landlord protections and is a friendly state to do business. Des Moines has been increasing in population and jobs as well because of the low cost of living, but the high standard of living.
A vibrant gem in the heart of the prairie, Des Moines is named for the river that snakes through the city. This is Iowa's capital (and the county seat of Polk County), and it is filled with things to do. From concerts at the historic Salisbury House to the collections at Des Moines Art Center, and from the 81 miles of hiking and biking trails to the Greater Des Moines Botanical Gardens, Des Moines offers so much that it was named one of the top 10 cities in which to live by US News.
Home to such companies as John Deere, Pioneer, Corteva, Meredith Corporation, Wells Fargo, Voya Financial, and Principal Financial Group, Des Moines is considered one of the nation's wealthiest cities.
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.
