Property Description

Generate $36,754 NOI from day one with a roadmap to drive NOI over $50,800 via a full short-term rental conversion. Positioned blocks from Drake University, this cash-flowing 6-unit asset is ideal for an investor looking to maximize cash flow and utilize the STR tax loophole. As detailed in the attached proforma, the property currently operates on a hybrid model (2 STRs, 4 long-term rentals) producing an Effective Gross Income of $75,727.71. Converting the remaining 4 units to STRs unlocks massive forced appreciation, pushing estimated valuation up to $726,034 (7.0% baseline cap rate) or $781,883 (6.5% cap rate). The building features updated 1-bed/1-bath units with neutral paint, wood-look flooring, white kitchens, and refreshed baths. Each unit offers separate living and dining areas, spacious bedrooms, and abundant light. Guests and tenants enjoy shared basement laundry, extra storage, a grassy side yard, and a shaded back area. With proximity to Drake Park, campus amenities, University Ave shops, and quick I-235 access, this is a turnkey, high-demand asset.

Property Features

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