Apartment Building with Renovated
For Sale
$2,100,000
1521 S G Ave, Nevada, IA 50201
Property includes renovated studio kitchens, coin-operated laundry, and a two-bedroom manager’s apartment.
Property Size16,594 SF
Price / SF$126.55
Days on Market93
Property Features for 1521 S G Ave
General Information
Standard status
Active
Size
16,594 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
33
Amenities
on-site laundry
utility monitoring system
Building Details
Year Built
1997
Listing Agency:
WB Realty Company
Listed By:
Guns, Matthew
(515) 468-3470
Source:
Kwlegacyrealty
Added: Aug 3
Changed: Oct 26
Last Checked: Nov 1 at 4:24PM
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 WB Realty Company
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Investment Insights
Based on property information with market context.
Nevada Living Apartments is a 33-unit apartment complex at 1521 S G Ave in Nevada, Iowa. The property includes studio apartments, each equipped with a newly renovated kitchen, along with a two-bedroom manager’s apartment. An on-site laundry room contains coin-operated machines, and a utility monitoring system has been installed. Built in 1997, the complex contains 16,594 square feet. The combination of studio layouts, a dedicated manager’s residence, laundry facilities, and utility monitoring creates a clearly defined multifamily configuration with several operational components.
Key Highlights
- 33‑unit apartment complex with studio layouts
- Each studio apartment includes a newly renovated kitchen
- Two‑bedroom manager’s apartment on site
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$110,976
Cap Rate
5.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,219,520
$2.2M
Cap Rate 7%
$1,585,371
$1.6M
Cap Rate 9%
$1,233,067
$1.2M
Market Conditions
NOI Build-Up for 16,594 SF
Gross rent
$213.1K $12.84/SF
− Vacancy
−$11.3K −$0.68/SF
EGI
$201.8K $12.16/SF
− OpEx
−$90.8K −$5.47/SF
NOI
$111.0K $6.69/SF
Area
Story County, IA
Vacancy
5.30%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,219,520
Cap Rate 7%
$1,585,371
Cap Rate 9%
$1,233,067
Alternative Uses
Best Use
Apartment 5plus
$1.59M
$1.39M – $1.85M
NOI $110,976 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.88M
$3.39M – $4.52M
NOI $271,451 @ 7.0% cap · market cap 12.93%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
33
Residential units
Location Intelligence
Trade Area within ½ mile
164
Businesses Nearby
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Business Placement
Demographics for 50201, IA
8,427
Population
3,806
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
94%
High-School Grad
117.3 sq mi
ZIP Area
72
Density / Sq Mi
$81,989
Median Household Income
$45,960
Median Earnings
$908
Median Rent
$186,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Property includes renovated studio kitchens, coin-operated laundry, and a two-bedroom manager’s apartment.
Where is this apartment building located?
The property is located at 1521 S G Ave Nevada, IA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 33‑unit apartment complex with studio layouts; Each studio apartment includes a newly renovated kitchen; Two‑bedroom manager’s apartment on site
