This weekend I was scanning through the local real estate websites, as I often do. I noticed that there are several properties for sale in my neighborhood, including 3 just in the block of East 6th between Iowa and LeClaire. They're marked on the map to the right. The dark blue areas are completed new residential buildings, including the Crescent, Waterloo Mills, and 4th Street Lofts, and the CityView Apartments. The buildings highlighted with the lighter blue are currently owned by the Alexander Company and marked for future residential conversion. It seems to me that these 3 properties would be a good investment with the consistent improvement in the neighborhood over just the last 3 years. In the future I could even see some kind of 3-5 story new residential construction in this area to take advantage of the view, and the proximity to downtown. If people will pay $160k+ to live behind HyVee, why not here?
Here are the properties:
420 E 6th Street $35000 Assessed at $33300
403 E 6th Street $74900 Assessed at $21000 (?)
Total: A mere $115,900
One of you developer types has to have that laying around, or even some decent landlord could rent out the two houses until the area develops further. Once that happens, you'd own a serious chunk of this potentially valuable block.
Of course, since this is "the internets," one or more of these properties could already be sold, as the real estate sites tend to be slow to update. They're all listed by Mel Foster, but my links are to Ruhl, mostly because the Mel Foster website annoys me.