619 Layne Drive $2,290,000

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    619 Layne Drive West Burlington, IA 52655

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    $2,290,000

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    • 0 Beds
    • 0 Baths
    • 1,340 sq. ft.
    • Multi-Family
    • MLS# 6323033
    619 Layne Drive, West Burlington, IA 52655
    Full gallery available exclusively for members
    Listing provided courtesy of: Midwest Realty
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    Property Details

    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.

    • General Features
      • Net Taxes $35,262
      • Tax Year 2021
    • Building Features
      • Basement Crawl Space, Slab
      • Accessible No Stairs Internal, No Stairs External
      • Style Duplex Side x Side
      • Heating Forced Air
    • Property Features
      • Sewer City Sewer/Connected
      • Fuel Natural Gas
      • Exterior Vinyl
      • Water City Water/Connected

    Contact

    Matthew Karjalahti

    Matthew Karjalahti

    Broker, Owner

    Iowa

    RE/MAX PARTNERS REALTY

    Mobile Phone: 641-260-0672

    Neighborhood

    Neighborhood Details available exclusively for My Property Finder members

    Market Last 30 Days In This Postal Code

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    Property History

    Date Event Price Percent Change
    -- Current Price Source: Multiple Listing Service New Value: $2,290,000
    11/14/2024 10:09:00 AM New in Database Source: Multiple Listing Service New Value: $2,290,000

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    ** Assumes 6.5% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.
    Listing information is provided in part by the Internet Data Exchange (IDX) program of the Iowa Association MLS. The information on this website is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information provided is deemed reliable but is not guaranteed and should be independently verified. Copyright 2024 Iowa Association MLS. All rights reserved.

    Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.