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623 Penrose Street
Grinnell, IA 50112
Asking Price
$1.10M
Asset Type
Self-storage
Class
Class B
What's Special
<p><strong>PURCHASE PRICE: $1,100,000</strong></p><p>18,000 NRSF | 198 Units</p><p>50% Economic Occupancy | 64% Physical Occupancy</p><p>Significant Value Add Opportunity by Improving "Mom and Pop" Management (Rates 25% under Market)</p><p>2022 Build with Office, Kiosk, and 3+ Acres of Expansion Land</p><p>Well-Positioned Near Grinnell College & Student Housing</p><p>3-Year Proforma 10% Cap Rate, 5-year Proforma 12% Cap Rate (32% Expense Ratio)</p><p>623 Penrose St, Grinnell IA, 50112</p>
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NOI
$80,000
Cap Rate
7.27%
DSCR
1.22
Tight
Cash-on-Cash
4.45%
Monthly Payment
$5,442.2
Annual Cash Flow
$14,693.602