619 Layne Drive
West Burlington, IA 52655
$2,290,000
Description
619 Layne Drive,
West Burlington,
IA
52655
EXCEPTIONAL investment opportunity! Located in the thriving community of West Burlington, Iowa This newly constructed multifamily property features 9 LUXURY 2 bedroom, 2 bath condominium units. Each residence has been meticulously designed to offer the pinnacle of modern living, promising both comfort and elegance. Construction on these stunning units was completed in 2021. The property is currently fully leased. A monthly rent of $2,000 per unit, produces a gross rent of $216,000 annually, underpinned by a solid Net Operating Income (NOI) of $147,815, reflecting a desirable CAP rate of approximately 6.16%. The property boasts low vacancy rates, thanks to its prime location and high-demand luxury accommodations. Professional management is in place and willing to work with new owner. Seller is licensed to sell Real Estate in the State of Iowa.
This is an Active listing.
Broker Office Phone Number: 319-237-1139
Copyright © 2024NoCoast MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Listing By: Midwest Realty via Data Source: NoCoast MLS
Multi Family
Property type
Price History
| date | price | variance | type |
|---|
| 11/14/2024 | $2,290,000 | 4.58 % | decreased |
| 2/21/2024 | $2,400,000 | - | Listed |
listing agent: John Mercer IV
