Elderly Section 8 Apartment
118 S Union St Ottumwa, IA 52501
118 S Union St, Ottumwa, IA, 52501
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For Sale
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Pending
Two elderly-designated apartment communities with 100% Project-Based Section 8 coverage under renewed contracts.
Days on Market525
Property Features for 118 S Union St
General Information
- Standard status
- Pending
- Property subtype
- Multifamily
Building Details
- Year Built
- 1981
Listing agency
SAB Capital
Listed by
Michael Soleimani · License #NY 10401294940
Source
Crexi
Added: Feb 12, 2025 Updated: Jul 21 at 4:17PM Checked: Jul 21 at 4:17PM
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.
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FAQs
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.
