Great investment opportunity to own property in the heart of Iowa City within walking distance to campus, downtown, and that is less than one block off of Gilbert Street behind Varsity Cleaners! Five units, five bathrooms with gross rents at $6,000 per month when fully rented. One tenant recently vacated. Therefore, current gross rent is $4,500 per month. All tenants have a longer term history and are renting on a month-to-month basis currently. There are three structures on this site. The original structure was constructed in 1974 and features 2,760 square feet divided into two units, one of which is an auto repair shop currently, one of which is an office space with an attached studio apartment with its own dedicated bathroom. An addition was added to this building in 1990 that is 640 square feet and is currently being rented by someone who uses it as a woodshop. Water, electricity and gas are paid by the current owner of the property for the 1974 and 1990 structures. The third and newest building was constructed in 2019 and features 2,880 square feet that is divided into two contractor bays that each have an office and their own dedicated bathrooms. The offices are climate controlled. The water and gas are paid by the current property owner. 315, 317, 321 E Benton and 915 Maiden Lane are included in both parcels. Taxes listed are for both parcels. 48-hours notice required for all showings.
Great investment opportunity to own property in the heart of Iowa City within walking distance to campus, downtown, and that is less than one block off of Gilbert Street behind Varsity Cleaners! Five units, five bathrooms with gross rents at $6,000 per month when fully rented. One tenant recently vacated. Therefore, current gross rent is $4,500 per month. All tenants have a longer term history and are renting on a month-to-month basis currently. There are three structures on this site. The original structure was constructed in 1974 and features 2,760 square feet divided into two units, one of which is an auto repair shop currently, one of which is an office space with an attached studio apartment with its own dedicated bathroom. An addition was added to this building in 1990 that is 640 square feet and is currently being rented by someone who uses it as a woodshop. Water, electricity and gas are paid by the current owner of the property for the 1974 and 1990 structures. The third and newest building was constructed in 2019 and features 2,880 square feet that is divided into two contractor bays that each have an office and their own dedicated bathrooms. The offices are climate controlled. The water and gas are paid by the current property owner. 315, 317, 321 E Benton and 915 Maiden Lane are included in both parcels. Taxes listed are for both parcels. 48-hours notice required for all showings.
