- Landmark Property In Desirable Downtown Des Moines, Iowa
- Incredibly Well-Positioned For Value-Add Implementation
- Upside Opportunity Of $123+/Unit With Moderate Updates
- Exceptionally Strong Surrounding Demographic Profile
- 2013 Historic Tax Credit Renovation
- Prime Location Near Employment, Retail & Entertainment
- TIF Payments Transfer To New Ownership
- Offered Free And Clear Of Existing Debt
Landmark Historical Property in Downtown Des Moines
Originally designed by world-renowned architect Daniel Burnham, the Fleming Building was listed in the National Register of Historic Places in 2002. It’s considered an architectural gem with exceptionally high-quality construction evidenced throughout the property, which is the product of a 2013 Historical Rehabilitation where no stone was left unturned.
Located at the core of downtown, the Fleming building offers skywalk connections and walking distance to all the excitement of downtown including the Court Avenue District, East Village, Western Gateway, the Market District, Sherman Hill, and Gray’s Lake neighborhood.
Incredibly Well-Positioned for Value-Add Implementation
New ownership has the exceptional opportunity to realize significant rent premiums through light, value-add renovations in order to elevate units to top-of-market levels. Increased income can also be achieved through further implementation of a recently put in place utility reimbursement program, coupled with the development of new storage units. These light value-add initiatives have the inherent ability to provide remarkable upside on the investment.
Remarkable $123+/Unit (Per Month) Upside w/Interior Cosmetic Updates
The asset provides an outstanding opportunity to capture rent upside of $123+ per unit (monthly) with interior cosmetic updates. New ownership will have the ability to significantly push annual rental income by over $140,000 upon completion of unit upgrades that include solid-surface countertops, stainless steel appliances, and updated flooring throughout.
