910 S 5th Street, Carlisle, IA 50047

Property Description

SouthPark Apartments: a well-kept 16-unit building on 1.09 acres in Carlisle, minutes from Des Moines. The big-ticket items are done: a new 25-year roof (2025), new furnaces and central air with separately metered gas (2016), and replacement windows throughout. About $138,500 in documented improvements means you’re buying income, not a project. The building has 14 two-bedroom and 2 one-bedroom units, and tenants pay their own gas and electric. Two on-site coin laundry rooms add income, and there’s ample off-street parking. Tenancy is exceptionally stable, with a median stay of about six years, and occupancy has historically run above 90%. In-place rents sit well below comparable Carlisle properties, so there is clear upside with no renovation required, and most units are month-to-month. A strong fit for 1031 exchange, year-end, and portfolio investors. The full offering memorandum and financials are available with a signed NDA.