1199 Central Avenue
MLS ID #151285
Asking: $2,500,000
Type: 5 Or More Units
Address: 1199 Central Avenue
City: Dubuque
State: IA
ZIP: 52001
Area: Dubuque Area
Class: Multi-family
County: Dubuque
General Information
# Units: 11
Garage Capacity: N/A
Garage Type: None
Year Built: 1900
Est Sq Ft Main Lvl: 4,712
Est Sq Ft Upper Lvl: 9,424
Est Sq Ft Lower Lvl: N/A
Total Finished Sq Ft: 14,136
Parcel ID: 1024456008
Lot Size: 8745 sf
Yr Rents: $253,200
Yr Gross: $253,200
Yr Other: $N/A
Expenses Insurance: $4008
Expenses Management: $N/A
Expenses Taxes: $654
Expenses Maintenance: $N/A
Expenses Vacant: $N/A
Expenses Utilities: $4080
Expenses Other: $300
Est. Total Expenses: $9042
Est. Net Income: $244,158
Unit 1 Rooms: 4
Unit 1 Bedrooms: 2
Unit 1 Baths: 2
Unit 1 Rent: $2,000
Unit 2 Rooms: 4
Unit 2 Bedrooms: 2
Unit 2 Baths: 2
Unit 2 Rent: $1,750
Unit 3 Rooms: 4
Unit 3 Bedrooms: 2
Unit 3 Baths: 2
Unit 3 Rent: $1,750
Unit 4 Rooms: 4
Unit 4 Bedrooms: 2
Unit 4 Baths: 2
Unit 4 Rent: $1,750
Unit 5 Bedrooms: 2
Unit 5 Baths: 2
Unit 5 Rent: $1,750
Unit 6 Bedrooms: 2
Unit 6 Baths: 2
Unit 6 Rent: $1,950
Unit 7 Bedrooms: 2
Unit 7 Baths: 2
Unit 7 Rent: $1,750
Features
Style: Other
Siding: Brick
Roof: Asp/Composite Shingle
Foundation: Rock
Basement: Full
Owner Pays: Other
Tenant Pays: Gas, Water, Electric, Heat, Trash
Appliances: Refrigerator, Range, Dishwasher, Microwave, Disposal, Washer, Dryer
Cooling: Central Air
Fuel Type: Gas
Heat Type: Forced Air
Parking: Other
Terms: Cash, Financing
Description
This if one of the nicest, most up to date multi-family properties in the Tri-state area. This 11 unit building was totally renovated. It features the most maintenance free, sound proof apartments available. Tenants pay all utilities. Low taxes until 2041 because of a tax abatement. Apartments feature private laundry, high ceilings, exposed brick walls, solid surface counter tops, on-demand gas water heaters and many more amenities. Owner is willing to continue management and/or finish the build out of the last 3 apartments in the basement as part of the agreement which would increase the rent roll to $25,000+ per month. Floor plans attached and also show the 3 garden apartments- Two- 1 bedroom/1 bath & one Studio apartment- projected rents by seller are $1,600, $1,600, $1,100. No fire escape needed-stair wells are fire rated to 3rd floor. Insurance is reasonable since new wiring, plumbing, roof etc, very thick brick walls-according to owner if an apartment were to catch fire it would take 5-6 hrs to spread to another one, also has sprinkler system. Full rent roll available on Assoc. Docs. The 3 apartments on 3rd floor have lofts which can add 3 more bedrooms for a total of 29 bedrooms. Ideal for rental with new medical school downtown. This property was a K-12 school & has been totally rehabbed. Each apartment has a key-fob keyless entry via touchpad, fiber internet, 13-15' ceilings & 9-10' tall windows with lots of natural light. Please see Assoc. Docs for more details. Tenants or landlord can obtain parking pass on 1st come, 1st serve basis quarterly thru City of Dub.$55 per quarter & can park 11th-12th and Main to Central free at meters. 101 & 103 are furnished. 202 & 204 have an office.
Click the photos to enlarge.
