Courtyard Apartments
For Sale
$2,595,000
1453 North 11th Avenue East, Newton, IA 50208
Value-add 44-unit multifamily community with 2- and 3-bedroom units across townhome and apartment-style buildings.
Property Size31,069 SF
Lot Size3.39 Acres
Price / SF$83.52
Days on Market97
Property Features for 1453 North 11th Avenue East
General Information
Standard status
Active
Size
31,069 SF
Lot size
3.39 Acres
Property subtype
Multifamily
Occupancy
100%
Additional Details
Cap Rate
7.75%
Multifamily Units
44
Building Details
Year Built
1984
Stories
3
Listing Agency:
(515) 415-6111
Listed By:
Ray Hamilton
(515) 415-6111
Source:
Cbre
Added: May 16
Changed: Aug 14
Last Checked: Aug 20 at 4:18AM
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 Ray Hamilton
Investment Insights
Based on property information with market context.
Courtyard Apartments is a 44-unit multifamily community consisting of 24 two-bedroom, one-bath units and 20 three-bedroom, one-bath units. The community is arranged in townhome-style and apartment-style buildings, with structures built in 1979, 1980, and 1984. The property includes six buildings plus an office/laundry component, and offers surface parking on a 3.39-acre site.
The buildings are configured across two and three stories, and the community is currently described as 100% leased.
Unit and building configuration includes a total of 31,069 building square feet, with a range of unit sizes spanning two- and three-bedroom floorplans.
The buildings are configured across two and three stories, and the community is currently described as 100% leased.
Unit and building configuration includes a total of 31,069 building square feet, with a range of unit sizes spanning two- and three-bedroom floorplans.
Key Highlights
- 44‑unit value‑add multifamily community in Newton, IA (1453 N 11th Ave E) with 100% leased apartment & townhome‑style buildings
- Unit mix includes 24 two‑bedroom/one‑bath and 20 three‑bedroom/one‑bath units across townhome and apartment‑style layouts
- Comprised of 6 buildings with 2 & 3 stories and total building area of 31,069 SF
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$187,216
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,744,320
$3.7M
Cap Rate 7%
$2,674,514
$2.7M
Cap Rate 9%
$2,080,178
$2.1M
Market Conditions
NOI Build-Up for 31,069 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$372.8K $12.00/SF
− Vacancy
−$32.4K −$1.04/SF
EGI
$340.4K $10.96/SF
− OpEx
−$153.2K −$4.93/SF
NOI
$187.2K $6.03/SF
Area
Jasper County, IA
Vacancy
8.70%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,744,320
Cap Rate 7%
$2,674,514
Cap Rate 9%
$2,080,178
Alternative Uses
Best Use
Apartment 5plus
$2.67M
$2.34M – $3.12M
NOI $187,216 @ 7.0% cap · market cap 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$29.91M
$26.17M – $34.89M
NOI $2,093,555 @ 7.0% cap · market cap 80.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
44
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
127
Businesses Nearby
Explore this area
Business Placement
Demographics for 50208, IA
20,918
Population
8,919
Households
2.3
Avg Household Size
42
Median Age
17%
College-Educated
91%
High-School Grad
158.5 sq mi
ZIP Area
132
Density / Sq Mi
$61,064
Median Household Income
$37,490
Median Earnings
$830
Median Rent
$161,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Value-add 44-unit multifamily community with 2- and 3-bedroom units across townhome and apartment-style buildings.
Where is this apartment building located?
The property is located at 1453 North 11th Avenue East Newton, IA.
What is the asking price?
The asking price for this property is $2,595,000.
What are key features of this property?
This property features: 44‑unit value‑add multifamily community in Newton, IA (1453 N 11th Ave E) with 100% leased apartment & townhome‑style buildings; Unit mix includes 24 two‑bedroom/one‑bath and 20 three‑bedroom/one‑bath units across townhome and apartment‑style layouts; Comprised of 6 buildings with 2 & 3 stories and total building area of 31,069 SF
