615 East Street
Grinnell, IA 50112
MLS #537574

Multi-Family
  • 3.08acres
Pending Sale $2,400,000
Est. P&I payment: $9166.37/mo
615 East Street, Grinnell, IA 50112
  • 615 East Street, Grinnell, IA 50112 Photo 1
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Description for 615 East Street, Grinnell, IA 50112
Huge investment potential! 6 apartment buildings with 43 2 bedroom units, 6 1 bedroom units, 28 garage units, 2 commercial retail/office units. 615, 627 & 631 East St, 616 & 628 High St, 1109 & 1115 West St. Very low vacancy. Average rent of about $575.00 for the 2 bedroom units, $425.00 for the one bedroom units, $50.00 for the one stall garages, Most of the units have been greatly renovated and improved. After much hard work and a lot of capital, these properties have been transformed into some of the nicest apartment rentals in Grinnell. Representing a large fraction of Grinnell's rental marketshare, and in their current condition, these remarkable properties will be able to produce generous income for many years to come. Don't miss out on the opportunity of these proven and producing income properties. Owner of this property currently has an inactive IA real estate license.
MLS #537574
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My Notes for MLS #537574

General Features

  • Property Type: Multi-Family
  • Style: Apartment Style
  • Acres: 3.08
  • Year Built: 1986

Exterior Features

  • Acres: 3.08
  • Driveway: Concrete
  • Foundation: Concrete Block
  • Garage: 4+ Detached
  • Roof: Asphalt Shingle,​Metal

Interior Features

  • Square Feet Total: 21,963
  • Living Area Sq Ft: 21,963
  • Baths Total: 49
  • Baths Full: 49
  • Kitchens Total: 49

Utilities Features

  • Air Conditioning: Window Unit
  • Heat Source: Electric
  • Heat: Electric Baseboard
  • Landlord Tenant Utilities: Building Insurance Owner,​Electric Tenant,​Electric Tenant,​Taxes Owner,​Water Owner,​Water Tenant
  • Services: Exterior Maint./Bldg.,​Lawn Care,​Snow Removal,​Taxes,​Trash Service
  • Water: City

Financial Features

  • Gross Taxes: 45,127.43
  • Net Taxes: 44,378

Community Features

  • School District: GrinnellNewburg

Misc Features

  • Parcel Number: 502,700
  • Included Items: Dryer,​Refrigerator,​Stove,​Washer
  • Total 1 Bedroom Units: 6
  • Total 2 Bedroom Units: 43
  • Zoning: M

Location

 
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Directions to 615 East Street, Grinnell, IA 50112
From Des Moines IA Drive East on I80, From Eastern Iowa Drive West on I80, North, to Grinnell exit HWY 146. North into Grinnell. Turn right/East on 2nd Ave to High or East. Apartments are South of 2nd Ave. West St apartments are further North on 146
The listing information for 615 East Street, Grinnell, IA 50112 was graciously provided by our friends at the listing brokerage, RE/MAX Partners Realty

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P&I Payment $9166.37
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Please Note: All information in this site is deemed reliable but not guaranteed. The property information provided on EXIT Realty Lora & Co.'s websites is for personal, non-commercial use only and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Property information is gathered from third-party resources including the seller and public records. EXIT Realty Lora & Co., Onjax, LLC, its affiliates, owners, subsidiaries and subscribers disclaim any and all representations or warranties as to the accuracy or reliability of the information provided. You should verify all claims through personal inspection and/or contact with the appropriate real estate professionals.
Last Updated 12/12/2017 at 1:21pm
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