Elderly Section 8 Apartment
For Sale
Contact for pricing
Pending
118 S Union St, Ottumwa, IA 52501
Two elderly-designated apartment communities with 100% Project-Based Section 8 coverage under renewed contracts.
Property SizeContact for details
Days on Market570
Property Features for 118 S Union St
General Information
Standard status
Pending
Property subtype
Multifamily
Additional Details
Multifamily Units
90
Building Details
Year Built
1981
Buildings
2
Stories
3
Units
90
Listing Agency:
SAB Capital
Listed By:
John Snee · License #NY 10401330255
(646) 809-8856
Source:
Crexi
Added: Feb 12, 2025
Changed: Aug 8
Last Checked: Jul 25 at 4:47AM
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 SAB Capital
Investment Insights
Based on property information with market context.
SAB Capital presents the Iowa Elderly HAP Portfolio, a two-property apartment portfolio located across southeastern Iowa and required to be sold together. The portfolio totals 90 units, with 100% of the units covered by Project-Based Section 8 subsidy contracts renewed under Option 3b.
River Terrace Apartments in Keokuk, Iowa includes 46 units built in 1981. Its Section 8 contract was renewed effective July 1, 2023 and extended through May 31, 2033. Hillside Apartments in Ottumwa, Iowa includes 44 units built in 1982, with its Section 8 contract renewed effective September 1, 2020 and extended through August 31, 2040.
Both properties were constructed with poured concrete foundations, masonry exteriors, and pitched asphalt roofs. River Terrace Apartments occupies 2.07 acres, while Hillside Apartments occupies 2.55 acres.
River Terrace Apartments in Keokuk, Iowa includes 46 units built in 1981. Its Section 8 contract was renewed effective July 1, 2023 and extended through May 31, 2033. Hillside Apartments in Ottumwa, Iowa includes 44 units built in 1982, with its Section 8 contract renewed effective September 1, 2020 and extended through August 31, 2040.
Both properties were constructed with poured concrete foundations, masonry exteriors, and pitched asphalt roofs. River Terrace Apartments occupies 2.07 acres, while Hillside Apartments occupies 2.55 acres.
Key Highlights
- Two elderly‑designated apartment communities in southeastern Iowa sold together, totaling 90 units (46 + 44).
- 100% of units are covered by Project‑Based Section 8 with renewed subsidy contracts under Option 3b.
- River Terrace Apartments (Keokuk): 46 units, built in 1981; Section 8 contract renewed July 1, 2023, extended to May 31, 2033.
Property Analytics
Property Profile
Current Use
Lease Details
90
Residential units
Location Intelligence
Trade Area within ½ mile
794
Businesses Nearby
Explore this area
Business Placement
Demographics for 52501, IA
30,313
Population
13,654
Households
2.2
Avg Household Size
38
Median Age
20%
College-Educated
87%
High-School Grad
225.3 sq mi
ZIP Area
135
Density / Sq Mi
$59,091
Median Household Income
$40,173
Median Earnings
$955
Median Rent
$109,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two elderly-designated apartment communities with 100% Project-Based Section 8 coverage under renewed contracts.
Where is this apartment building located?
The property is located at 118 S Union St Ottumwa, IA.
What are key features of this property?
This property features: Two elderly‑designated apartment communities in southeastern Iowa sold together, totaling 90 units (46 + 44).; 100% of units are covered by Project‑Based Section 8 with renewed subsidy contracts under Option 3b.; River Terrace Apartments (Keokuk): 46 units, built in 1981; Section 8 contract renewed July 1, 2023, extended to May 31, 2033.
