2535 Central Avenue
MLS ID #154699
Asking: $1,050,000
Type: 5 Or More Units
Address: 2535 Central Avenue
City: Dubuque
State: IA
ZIP: 52001
Area: Dubuque Area
Class: Multi-family
County: Dubuque
General Information
# Units: 19
Garage Capacity: N/A
Garage Type: None
Year Built: 1920
Est Sq Ft Main Lvl: 5,712
Est Sq Ft Upper Lvl: 5,712
Est Sq Ft Lower Lvl: 5,712
Total Finished Sq Ft: 17,136
Parcel ID: 1013377034
Lot Size: N/A
Yr Rents: $146,700
Yr Gross: $149,700
Yr Other: $3,000
Expenses Insurance: $10,899
Expenses Management: $N/A
Expenses Taxes: $6,288
Expenses Maintenance: $3,125
Expenses Vacant: $N/A
Expenses Utilities: $20,159
Expenses Other: $900
Est. Total Expenses: $41,371
Est. Net Income: $108,329
Unit 1 Rooms: 4
Unit 1 Bedrooms: 1
Unit 1 Baths: 1
Unit 1 Rent: $675.00
Unit 2 Rooms: 2
Unit 2 Bedrooms: N/A
Unit 2 Baths: 1
Unit 2 Rent: $525.00
Unit 3 Rooms: 2
Unit 3 Bedrooms: N/A
Unit 3 Baths: 1
Unit 3 Rent: $550.00
Unit 4 Rooms: 4
Unit 4 Bedrooms: 1
Unit 4 Baths: 1
Unit 4 Rent: $650.00
Unit 5 Bedrooms: N/A
Unit 5 Baths: 1
Unit 5 Rent: $650.00
Unit 6 Bedrooms: 2
Unit 6 Baths: 1
Unit 6 Rent: $850.00
Unit 7 Bedrooms: 2
Unit 7 Baths: 1
Unit 7 Rent: $725.00
Features
Style: Other
Siding: Brick
Roof: Asp/Composite Shingle
Foundation: Rock
Basement: Full
Owner Pays: Gas, Trash
Tenant Pays: Electric, Heat
Appliances: Refrigerator, Range
Cooling: None
Fuel Type: Gas, Electric
Heat Type: Forced Air
Parking: Off Street
Terms: Cash, Financing
Description
Located in the heart of Dubuque, 2535 Central Ave presents an outstanding opportunity to acquire a cash-flowing 19-unit multifamily property with major capital improvements already completed. This investment property has seen extensive updates throughout the building, helping reduce future maintenance costs while increasing long-term efficiency and tenant appeal. All units feature electric baseboard heat installed in 2022, allowing tenants to pay their own electric expenses, with the exception of Unit #5 which remains tied to the house account. Landlord expenses are limited to trash, water, and common area electric. The property also features coin-operated laundry, providing an additional income stream for ownership. Recent improvements include new windows throughout the building in 2023, new water lines throughout the building in 2024, and a new roof completed in 2021. Additional upgrades over the years include a new forced air gas furnace with ductwork in the basement, replacement of the central water heater, repaired and painted soffits, a new gas line to Unit #16, and the rehab/addition of 5 apartments. With strong in-place cash flow, significant mechanical and structural updates, and a prime Dubuque location, this property offers investors the chance to step into a stabilized asset with upside and long-term durability.
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