Apartment Building with Renovated
New
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 Market2
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
(515) 554-4543
Listed By:
Guns, Matthew
Source:
Kwlegacyrealty
Added: Aug 3
Changed: Aug 4
Last Checked: Aug 4 at 5:26AM
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
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 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 | $213.1k | $12.84 |
| − Vacancy | −$11.3k | −$0.68 |
| EGI | $201.8k | $12.16 |
| − OpEx | −$90.8k | −$5.47 |
| NOI | $111.0k | $6.69 |
16,594 SF · lease $12.84/SF/yr · vacancy 5.30% · expense 45.00%
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.
Property Analytics
Current Use
Lease Details
33
Residential units
Location Intelligence
Trade Area within ½ mile
164
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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
