3419 1ST ST & 1326 E 9TH ST

INVESTMENT HIGHLIGHTS

+ 14 Units (8 Efficiencies, 5-1 Bedrooms, 1-2 Bedroom)

+ Sale Price: $420,000 ($30,000/unit)

+ Gross Potential Rent: $80,880

+ 2019 Net Operating Income: $40,698

+ Cap Rate: 9.69% (based on 2019 NOI)

+ 100% Occupancy

CBRE|HUBBELL COMMERCIAL6900 Westown Parkway West Des Moines, Iowa 50266www.cbre.com/desmoines

FOR SALE

3419 1ST ST & 1326 E 9TH STMULTI-FAMILY INVESTMENT PROPERTYDES MOINES, IOWA

CONTACT US

RYAN JENSEN, CCIMSenior Vice President+1 515 280 [email protected]

DAVID ECKLEYSales Associate+1 515 221 [email protected]

FOR SALE3419 1ST & 1326 E 9TH

MULTI-FAMILYDES MOINES, IOWA

EXECUTIVE SUMMARY

Address: 3419 1st Street, Des Moines, IA 50313

Legal Description: LOT 15 & S 1/2 LOT 16 BLK 28 HIGHLAND PARK

Year Built: 1890

Property Type: Residential conversion

Roof: Asphalt shingle

HVAC: Electric heat and window AC units

Utilities: Tenant pays electric; Landlord pays for gas, water/sewer, trash, and common area utilities

RENT ROLL

UNIT UNIT TYPE RENT LEASE EXPIRATION

1 2-bed $590 MTM

2 1-bed $520 MTM

3 Efficiency $490 MTM

4 1-bed $500 MTM

5 1-bed $500 MTM



TOTAL $3,490 MTM

2019 FINANCIALS

Income

Rental Income $40,599.29

Other Income $0.00

Total Income $40,599.29

Expenses

Insurance $1,292.00

Legal $0.00

Maintenance $5,192.41

Repairs $4,020.59

Property Tax $5,554.00

Utilities $4,182.71

Total Expenses $20,241.71

Net Operating Income $20,357.58

I/E 50%

3419 1ST STREET FINANCIALS



EXECUTIVE SUMMARY

Address: 1326 E 9th Street, Des Moines, IA 50316

Legal Description: E 110 F N 110 F LOTS 50-51 & 52 CAPITAL PARK

Year Built: 1890

Property Type: Residential conversion

Roof: Asphalt shingle

HVAC: Boiler heating and window AC units

Utilities:Downstairs tenants pay electric; Landlord pays for gas, water/sewer, trash, common area utilities, and upstairs tenants electric

RENT ROLL

UNIT UNIT TYPE RENT LEASE EXPIRATION

1 1-bed $510 MTM

2 1-bed $600 MTM






TOTAL $3,250

2019 FINANCIALS

Income

Rental Income $37,296.33

Other Income $349.61

Total Income $37,645.94

Expenses

Insurance $1,158.00

Legal $401.00

Maintenance $2,663.49

Repairs $686.39

Property Tax $4,969.00

Utilities $7,427.86

Total Expenses $17,305.74

Net Operating Income $20,340.20

I/E 46%

1326 E 9TH STREET FINANCIALS



2019 2020 Annualized Proforma Notes

INCOME

Rental Income $77,895.62 $78,531.79 $80,880.00

Vacancy $0.00 $0.00 -$4,044.00 5%

Laundry Income $349.61 $275.73 $275.00

Total Income $78,245.23 $78,807.52 $77,111.00

EXPENSES

Insurance $2,450.00 $0.00 $2,500.00

Legal $401.00 $200.65 $200.00

Management $0.00 $0.00 $3,855.55 5%

Maintenance $7,855.90 $3,980.06 $5,600.00 $400 per unit

Repairs $4,706.98 $3,254.55 $5,600.00 $400 per unit

Property Tax $10,523.00 $11,638.00 $11,638.00

Utilities $11,610.57 $5,888.74 $8,749.65

Total Expenses $37,547.45 $24,962.00 $38,143.20

Net Operating Income $40,697.78 $63,317.55 $38,967.80

I/E 48% 28% 49%

PORTFOLIO FINANCIALS

© 2020 Hubbell Commercial Brokers, L.C., d/b/a CBRE/Hubbell Commercial. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.

FOR SALE3419 1ST ST & 1326 E 9TH ST


LISTING# 1500962 - 1500963

3419 1ST STREET

PROPERTY LOCATION

Findley Elementary

Harding Jr High

1326 E 9TH STREET

Iowa Lutheran Hospital

Hiatt Middle School

North High School

3419 1ST ST & 1326 E 9TH ST

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Transcript of 3419 1ST ST & 1326 E 9TH ST