Courtyard Apartments
1453 North 11th Avenue East Newton, IA 50208
1453 North 11th Avenue East, Newton, IA, 50208
$2,595,000
For Sale
$2,595,000
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 Market68
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
Listing agency
(515) 415-6111
Listed by
Ray Hamilton
(515) 415-6111
Source
Cbre
Added: May 16 Updated: Jul 21 at 3:58AM Checked: Jul 22 at 4:16AM
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $372.8k | $12.00 |
| − Vacancy | −$32.4k | −$1.04 |
| EGI | $340.4k | $10.96 |
| − OpEx | −$153.2k | −$4.93 |
| NOI | $187.2k | $6.03 |
31,069 SF · lease $12.00/SF/yr · vacancy 8.70% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
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
