Real estate listing

[Pat]

I’m sure there are private investing groups that would jump on this in a heartbeat. I know of one in DSM that has taken a project on like this before in downtown DSM.

Location/proximity to… anything seem to be a big difference. I ask mainly out of ignorance, but what is the apartment market like in IC? Is there going to be demand from students? Residents? That’s a ton of rooms. Is anyone going to want luxury condos there? Is there enough demand for a 523-room hotel?
If I buy it, pay cash (lol), make no improvements, become a slumlord, and turn it into the Kirk Ferentz Honorary Low Income Housing Center, and average 70% occupancy at $1250 per unit per month it’s still 8.5 years to break even with no other expenses. Actually, maybe that’s the answer.

 

[wxman1]

All it takes is the right tax breaks/incentives from city/county/state to make the numbers work. Hell there is a local landlord/building owner that is blaming the delay of tax incentive money or something for the delay on fixing a crumbling building.

 

[simply1]

I will say those walls probably don’t let any sound through.

 

[AuH2O]

The one year I was a student at Iowa (and then realized what a HUGE mistake I'd made), I lived in Mayflower. I chose it because of the shared kitchen/bathrooms, as only two dorms at the time offered kitchens at all. There were two living on one side of those rooms and two on the other, with the shared spaces in between. It was certainly not convenient to campus, although I did my fair share of walking when the weather was decent between Mayflower and the Union where I worked in the bookstore. I believe it was private apartments before UI purchased it for student housing, maybe in the early 90s (?). No idea what kind of renovations it required to make all suites set up the way they were. I can't imagine living in that building as an apartment, though - yuk. Was there for the 95-96 school year before I transferred to ISU.

Creepy - this is exactly me. Except I lived in Slater, which sucked for classes but was great for lifting and pickup hoops being right next to the Fieldhouse.