1324 Gaines St #1-20

Serious inquiries only please. Money making 20 Unit apartment building with full occupancy, lots of maintenance completed and a calm environment established since new ownership in 2018. Several of the tenants are very, very long term tenants. The building has 20 units that are all nicely sized 1 bed/1 bath apartments and a community laundry room and storage. Landlord pays water, sewer, city annual rental fee, lights/gas for common area, dumpster service. There’s also a 2 story shed with new roof and siding in ‘22 for landlord storage. New commercial gutters on back of building in ‘22. Numerous updates throughout since 2018. City last inspected in ‘22. One of the owners is a licensed Realtor in Iowa and Illinois. Serious inquiries only. No showings without current pre-approval and/or proof of funds. Do not disturb tenants or trespass on property please. Seller leaving the area, which is the only reason why they’re considering the sale of the property. 2022 Gross Rent was $119,438 including laundry income. Expenses were $31,709 which included the new roof/siding/commercial gutter, security doors, security cameras and requirements from city inspection which fell during months 1-6. Typically, material costs are a lot less. Utility averages (based on 12 mo avg): Water averages $325/mo, sewer $509/mo, electric/gas $120/mo, dumpster $150/mo, insurance $3,200/year. These are our numbers, clearly. This is just a basis of what numbers can be done, it will depend on how the new owner manages the property and business. Seller willing to consider minimal carry back with acceptable offer.