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1104 8Th St Boone, IA 50036

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For Sale
$3,595,000

57-unit apartment community in Boone, Iowa. Value-add opportunity.

Property Features for 1104 8Th St

General Information

Standard status
Active

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Listing Contact
David Eckley
Source: Cbre

Listing Agent: David Eckley

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Overview

The Briza Apartments Investment Opportunity

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.
Location Intelligence

Current Use by Public Records

Glenbrook Apartments Apartment Building

Suggested Use

Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

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  • Local Demand
City
Boone
County
Boone
State
Iowa
Longitude
-93.8763993
Latitude
42.063703

FAQs

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 St 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.
More about this property
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