1199 Central Ave - Apartments FOR SALE


Dubuque, IA 52001
$3,390,000 USD
563-334-3002
1199 Central Ave, Dubuque, IA for Sale
$3,390,000 USD
Apartments - FOR SALE
1/9
null | 7.76% Cap Rate

1199 Central Ave
Dubuque, IA 52001


HIGHLIGHTS

  • Fully Renovated / Low Maintenance
  • 13'+Tall Ceilings
  • Modern finishes with exposed brick

OVERVIEW

One of a kind opportunity to own a beautifully renovated, award-winning apartment building in downtown Dubuque with ~$700 taxes for 15 years! Each tenant pays all utilities separately (electric, gas, water, parking, internet are all separated). The current 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, bringing the the rent roll to $25,000+ per month! The first 11 apartments are already leased and occupied! Originally built as a K-12 school by the same architect who built Dubuque's City Hall (just North of the property) around the same period, this property has incredible bones! 20+ inches of masonry at the main perimeter of the building and 13 inches of masonry between all of the apartments make it one of the most soundproof apartment buildings available - which the tenants love! This building was renovated by someone who wanted to keep the building forever and create the most maintenance-free apartments in the city. Nearly everything inside has been completely updated and overbuilt - from a new roof all the way down to two brand new sewer and 4" water lines. Each apartment on boasts some incredible features! Key fob/keyless entry via touchpad at building/front door Fiber internet with gigabit speed 13-15' foot ceilings and 9-10' tall windows with tons of natural light on floors 1-3 Solid core interior doors Ceiling fans with remote Waterproof flooring Exposed brick accent walls Unmatched lighting (dimmer switches compatible with Google and Alexa, etc) Solid surface countertops Porcelain tile showers with overhead waterfall/wand feature Lighted RGB bathroom mirrors Separate ventilation ducts for each bathroom and stove and gas dryer Central air conditioning with gas furnace with a smart thermostat 20 amp power circuits run with mc cable throughout On-demand gas hot water heater Washing machine and gas dryer Brand new stainless steel kitchen appliances -Refrigerator with in-door water dispenser/ice maker -Over the range microwave -Gas Oven / Stove -Dishwasher Buy this building and enjoy a 2400 square foot apartment with a true loft on the top floor with with amazing views or choose one of the other magnificent apartments for yourself. What is not to love? Make this incredible building part of your portfolio today!

FOR SALE DETAILS

PRICE

$3,390,000 USD

PRICE/SF

$240 USD /SF

# OF UNITS

14

PRICE/UNIT

$242,143

CAP RATE

7.76%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Central 12 Lofts

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1858

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.2 AC

LAND SF

8,712 SF

ZONING

C-4

APN/PARCEL ID

10-24-456-008

ASK ABOUT THIS PROPERTY

Lloyd SingletaryPremio Property ManagementMore Info
563-334-3002

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Lloyd SingletaryPremio Property ManagementMore Info
563-334-3002

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