The Briza Apartments Investment
For Sale
$3,595,000
1104 8th Street, Boone, IA 50036
57-unit apartment community in Boone, Iowa. Value-add opportunity.
Property Size42,122 SF
Price / SF$85.35
Days on Market143
Property Features for 1104 8th Street
General Information
Standard status
Active
Size
42,122 SF
Property subtype
Multifamily
Listing Agency:
CBRE - Des Moines
(515) 314-1715
Listed By:
David Eckley · License #S65549000
(515) 314-1715
Source:
Cbre
Added: Mar 25
Changed: Aug 8
Last Checked: Aug 8 at 2:37PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE - Des Moines
Investment Insights
Based on property information with market context.
The Briza Apartments, located in Boone, Iowa, presents an opportunity to acquire a 57-unit apartment community. Constructed in 1977, the property consists exclusively of one-bedroom, one-bathroom floor plans. The building has a total area of 42,122 square feet. The property has been maintained and offers a value-add opportunity through interior unit renovations and common area enhancements. Twenty of the 57 units have been renovated with new LVP flooring, paint, and new cabinetry and appliances as needed. Additionally, a washer and dryer were added in 4 units. The average in-place rent is $710. Boone is located 15 minutes directly west of Ames, home of Iowa State University, and 35 minutes north of the Des Moines MSA.
Key Highlights
- High Cap Rate: 8.22%
- Value‑add opportunity through continued interior unit renovations and common area enhancements.
- 20 of 57 units already renovated** with new LVP flooring, paint, cabinetry, and appliances.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
693
Businesses Nearby
Explore this area
Business Placement
Demographics for 50036, IA
16,203
Population
7,416
Households
2.2
Avg Household Size
43
Median Age
28%
College-Educated
96%
High-School Grad
191.7 sq mi
ZIP Area
85
Density / Sq Mi
$74,107
Median Household Income
$42,453
Median Earnings
$804
Median Rent
$172,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 57-unit apartment community in Boone, Iowa. Value-add opportunity.
Where is this apartment building located?
The property is located at 1104 8th Street Boone, IA.
What is the asking price?
The asking price for this property is $3,595,000.
What are key features of this property?
This property features: High Cap Rate: **8.22%**; Value‑add opportunity through continued interior unit renovations and common area enhancements.; 20 of 57 units already renovated** with new LVP flooring, paint, cabinetry, and appliances.
