1601 Aber Ave - Multi-Family FOR SALE


Iowa City, IA 52246
$1,295,000 USD
319-321-6824
1601 Aber Ave, Iowa City, IA for Sale
$1,295,000 USD
Multi-Family - FOR SALE
1/16
null | 6.01% Cap Rate

1601 Aber Ave
Iowa City, IA 52246


OVERVIEW

This income-producing 12-unit apartment building offers a compelling opportunity for investors seeking stable cash flow and long-term value in the Iowa City market. Located on Aber Avenue, just minutes from shopping, dining, bus lines and interstate access, this property features updated interiors and an excellent track record of full occupancy. Built with classic brick exterior and a mansard-style roof, the building has been well cared for and updated where it counts. Each unit features a galley-style kitchen layout with modern cabinets, countertops, and stainless appliances. The unit layout is efficient and functional and off-street parking is available for residents. Heating is provided by a central boiler system that services all 12 units. Each unit has its own wall A/C unit for tenant controlled cooling. The property is separately metered for electricity, while water, gas, and trash are billed back to tenants —minimizing ownership expenses and improving NOI consistency. This property offers immediate cash flow and room for future upside. The efficient unit mix, straightforward mechanical systems, and tenant-paid utilities make it a practical and appealing option for both first-time multifamily buyers and experienced investors looking to add a stable asset to their portfolio.

FOR SALE DETAILS

PRICE

$1,295,000 USD

PRICE/SF

$131 USD /SF

# OF UNITS

12

PRICE/UNIT

$107,917

CAP RATE

6.01%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1983

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

1017492008

ASK ABOUT THIS PROPERTY

Teague CaseWestwinds Real Estate Services, Inc.More Info
319-321-6824

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Teague CaseWestwinds Real Estate Services, Inc.More Info
319-321-6824

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.