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Rare investment opportunity - 21 room boarding house currently leased to a fraternity, leased through the grand chapter. Tenant is responsible for all maintenance, except for boiler and roof. Boiler was replaced December 2024. Owner is responsible for up to $1,100 in utility expense, unless fully occupied - Currently at full occupancy. There are 6 years left on the 10-year Lease Agreement. Tenants must decide by year-7 if they want to renew for another 5 years at an increased rent rate of $16,500. Considerable notice to show and pre-approval / proof of funds required for showings. Updates completed in 2016: Brava 50-year roof tile installed, new windows, new sprinkler system, new doors and trim.
| DAYS ON MARKET | 311 | LAST UPDATED | 1/24/2025 |
|---|---|---|---|
| TRACT | Iowa City Original Town | YEAR BUILT | 1925 |
| COMMUNITY | IowaCity | COUNTY | Johnson |
| STATUS | Active | PROPERTY TYPE(S) | Single Family |
| Elementary School | Mann |
|---|---|
| Jr. High School | Southeast |
| High School | City |
| ADDITIONAL DETAILS | |
| AREA | IowaCity |
|---|---|
| BASEMENT | Finished, Full, Yes |
| CONSTRUCTION | Brick |
| HEAT | Steam |
| HOA DUES | Annually |
| LOT DIMENSIONS | 65 x 100 |
| PARKING | Off Street |
| SEWER | Public Sewer |
| SUBDIVISION | Iowa City Original Town |
| TAXES | 18880 |
| WATER | Public |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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Listing provided by Tyler Riddle, Lepic-Kroeger, REALTORS
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