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The Cutler 2419 Cottage Grove Ave

8 Unit Block of Flats £528,154 (£66,019/Unit) 9.73% Net Initial Yield Des Moines, IA 50311

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Investment Highlights

8 Units: (6) 2-beds, (2) 1-beds
2 blocks from Interstate 235
Potential for increased income with low rents and month-to-month tenancy

Prime location 2 blocks from Drake University and Downtown
Well-maintained, attractive brick construction
Coin-op laundry and untapped basement storage for added income

Executive Summary

Introducing The Cutler Apartments, a historic gem located just blocks from Drake University, Downtown,and Interstate 235, offering unparalleled convenience for residents.
This solid brick construction property is in great shape, with spacious units over 1200sf each. Tenants enjoy 2 bedrooms, a living room, dining room, and two additional versatile rooms, making it an ideal living space. Great for work-from-home office.
The month-to-month tenancy allows for a seamless transition, and the current low rents present an opportunity for increased income. The property features coin-op laundry for extra revenue and untapped storage space that could generate additional income. Tenants pay for their electricity, while the owner covers common areas, heat, and water. With ample parking and easy commuting, this property is an attractive choice for tenants.
Whether it's the proximity to key locations, the spacious units, or the potential for increased income, The Cutler presents a unique opportunity for multifamily investors seeking a blend of historical charm and financial potential.
Experience the unparalleled energy and potential of this sought-after location, just two blocks away from downtown Des Moines and Drake University. With close proximity to Interstate 235 and just 2 blocks from Smokey Row, tenants enjoy quick and easy access to major employers, educational institutions, and all the metro has to offer. Whether they work downtown, study at Drake University,or seek easy access to the greater metro area, this prime location provides an ideal home base for tenants looking for convenience, connectivity, and urban living at its best.

Offering Memorandum _ The Cutler

Financial Summary (Pro forma - 2024)	Annual	Annual Per SF
Gross Rental Income	£83,566	£7.86
Other Income	£1,956	£0.18
Vacancy Loss	£4,178	£0.39
Effective Gross Income	£81,344	£7.65
Taxes	£7,543	£0.71
Operating Expenses	£22,418	£2.11
Total Expenses	£29,961	£2.82
Net Operating Income	£51,383	£4.83

Financial Summary (Pro forma - 2024)

Gross Rental Income
Annual	£83,566
Annual Per SF	£7.86

Other Income
Annual	£1,956
Annual Per SF	£0.18

Vacancy Loss
Annual	£4,178
Annual Per SF	£0.39

Effective Gross Income
Annual	£81,344
Annual Per SF	£7.65

Taxes
Annual	£7,543
Annual Per SF	£0.71

Operating Expenses
Annual	£22,418
Annual Per SF	£2.11

Total Expenses
Annual	£29,961
Annual Per SF	£2.82

Net Operating Income
Annual	£51,383
Annual Per SF	£4.83

Property Facts

Price	£528,154	Building Class	C
Price Per Unit	£66,019	Lot Size	0.15 AC
Sale Type	Investment	Building Size	10,631 SF
Net Initial Yield	9.73%	Average Occupancy	88%
Gross Rent Multiplier	6.32	Number of Floors	4
No. Units	8	Year Built	1910
Property Type	Residential	Parking Ratio	2.82/1,000 SF
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Apartment Style	Low Rise

Price	£528,154
Price Per Unit	£66,019
Sale Type	Investment
Net Initial Yield	9.73%
Gross Rent Multiplier	6.32
No. Units	8
Property Type	Residential
Property Subtype	Apartment
Apartment Style	Low Rise
Building Class	C
Lot Size	0.15 AC
Building Size	10,631 SF
Average Occupancy	88%
Number of Floors	4
Year Built	1910
Parking Ratio	2.82/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Site Amenities

Laundry Facilities

Storage Space

Unit Mix Information

Description	No. Units	Avg. Rent.Mo	SF
1+1	2	£665.08	800
2+1	6	£938.94	1,205

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Walk Score ®

Very Walkable (80)

What is a Walk Score®, Transit Score® & Bike Score®?

Walk Score® measures the walkability of any address.

Transit Score® measures access to public transit.

Bike Score® measures bikeability of a location.

What is a Walk Score®

, Transit Score® & Bike Score?

Walk Score® measures the walkability

of any address. Transit Score®

measures access to public transit. Bike Score®

measures bikeability of a location.®

Learn How It Works Detailed Scores

PROPERTY TAXES

Parcel Number	030-06188000000	Total Assessment	£393,572 (2023)
Land Assessment	£12,832 (2023)	Annual Taxes	£7,543 (£0.71/sf)
Improvements Assessment	£380,740 (2023)	Tax Year	2024