Email: Sasha@FIOsquad.com

TXT/Call: 512-270-1601

📍 Spencer, IA 51301

2 Multi-Family Properties -

Class B Apartment Buildings

24 Beds, 16 Baths TOTAL | 10,800 SqFt

8 one-bedroom units

8 two-bedroom units

** All units OCCUPIED

(P&L/Rent Rolls available in the documents below or send us a message to request it!)

ASKING PRICE: $1,210,000 + CC

OBO

🛠️ Condition

General Improvements Completed: 

Two very large and overgrown trees were cut down on the south edge of the property, new windows installed in both buildings, 9 of the 14 garages have been or will have new garage doors installed so they all match, all the electrical boxes have been upgraded from fuse type to breaker type boxes in each apartment, 3 new sets of coin operated laundry machines installed, New boiler system and pumps in each building, 4 new water heaters installed (2 in each building), new carpet and paint in the hallways of both buildings, repaired concrete on the sidewalk, back entry steps and driveway of the property, removed old overgrown landscaping and replaced with bushes in front and back of the building, installed new storm doors on the entryways of each building,

1st Building

• 8 one-bedroom units
• Currently receiving $575//month.  Notice given of increase to $600/unit effective 6/1/2025.
• Longer Term Tenants in 2A, 4A & 3B. (3+ years).  Apartments have been maintained but not upgraded as they have not been vacant to do so.
• Units 1A & 3A have had some degree of recent extensive improvements such as flooring, kitchen faucets, toilets, paint, A/C units etc.  
• Units 1B, 2B, 4B have all been recently painted and have had carpets cleaned etc. when new tenants moved in.  Other misc. Improvements made to bathrooms, kitchen countertops etc. 

2nd Building

• 8 two-bedroom units
• Currently receiving $625/month.  Notice given of increase to $675/month effective 6/1/25.  Apartment 4B was recently vacated and will rent out for $725/month.
• Units 3A, 4A, 3B & 4B all have balconies.  Down the road these units will be priced higher due to them having the balconies.
• Units 1A, 2A, 3A,4A, 1B & 3B all have longer term tenants in them (3+ years).  Apartments have been maintained but not upgraded as they have not been vacant to do so. 
• Unit 2B  recently had upgrades to all LVP flooring, new A/C, new paint, some updates in the bathroom etc.  Unit 4B recently had new ceiling fans installed along with new paint. 

Parking/Garage

There are 16 total units but only 14 garages.

The parking lot has space for four other parking spots.  Two of those spots have been reserved for the two units that are not assigned a garage. 

Additional income could be derived from garage space rental.   

There are public parking lots within a block or two of the apartments and serve the tenants well, especially during snow removal emergencies when they cannot park on the public streets. 

Location

There is a housing shortage in Spencer and the surrounding counties.  It maintains a strong rental market with increasing rents in the past several years. Spencer is the 3rd largest town in the Western ⅓ of Iowa with a population of around 11k - 12k and is considered a hub for business and entertainment. It intersects US Hwy 18 running East and West and USHwy 71 running North & South.  

It is just 20 minutes south of the Iowa Great Lakes, a tourist destination that attracts visitors and summer residents from Minneapolis, MN, Sioux Falls, SD, Omaha, NE and the Des Moines, IA areas.

Spencer has a strong economy with regional medical care, a community college, public and private schools, industry and large agriculture among other industries. 

• 1 Mile from Spencer Hospital
• 20 mins to Iowa Great Lakes
• 2 Hrs from Sioux Falls, SD
• 3 Hrs from Des Moines, IA
• 3.5 Hrs from Minneapolis, Minnesota
• 4 Hrs from Cedar Rapids, IA

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Access: By APPOINTMENT ONLY

EMD: $12k

🔐 YOU CAN CLICK THE "WIN IT NOW" BUTTON AND AVOID ALL THE BIDDING TO LOCK THIS DEAL IN

CONTACT:

Sasha

Email: sasha@fiosquad.com

TXT/Call: 512-270-1601

👉 Make an Offer:

Submit your offer by clicking "Make an Offer" at the top of this page

or -

Email sasha@fiosquad.com with a POF or successfully transacted HUD statements

Please note :

Property is under a legal binding purchasing contract with the Seller giving this company exclusive rights to purchase the property. DO NOT CONTACT THE OWNER/SELLER without our explicit consent. Any attempts to renegotiate or make contact with the owner will result in legal action.

Agents: Please contact us for availability or showing appointments. There are no inspection periods or contingencies, and commissions will need to be added on top of the price listed above before presenting to your client(s). All other terms listed here apply.

The property is sold As-Is.

Buyer should perform their due diligence and make their own assessments. Buyer assumes all risk. Buyer is responsible for ALL closing costs.