Apartment Building with Development
For Sale
Contact for pricing
1660 East Summit Street, Red Oak, IA 51566
R-4 zoning and additional land support the property’s multifamily configuration and future development potential.
Property Size25,500 SF
Price / SF$92.16
Days on Market21
Property Features for 1660 East Summit Street
General Information
Standard status
Active
Size
25,500 SF
Class
C
Property subtype
Multifamily
Zoning
R-4
Occupancy
97%
Investment Type
Value Add
Net Operating Income
$165,200
Building Details
Year Built
1979
Year Renovated
2024
Buildings
8
Units
36
Listing Agency:
EXCEPTIONAL PROPERTIES GROUP
Listed By:
Stephen Ward · License #NE 20180770
Source:
Crexi
Added: Aug 10
Changed: Aug 22
Last Checked: Aug 29 at 2:16PM
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 EXCEPTIONAL PROPERTIES GROUP
Investment Insights
Based on property information with market context.
This 25,500-square-foot apartment building in Red Oak was constructed in 1979 and is designated R-4 for multifamily housing. The property includes additional land identified for future development, providing a broader site configuration than the existing building alone.
Located at 1660 East Summit Street, the property is within an Opportunity Zone identified through HUD resources. The offering reflects a 7% cap rate and a 7.9% pro forma cap rate. Historical operations included USDA Voucher and SIRHA acceptance, although the property is no longer accepting USDA tenants.
Located at 1660 East Summit Street, the property is within an Opportunity Zone identified through HUD resources. The offering reflects a 7% cap rate and a 7.9% pro forma cap rate. Historical operations included USDA Voucher and SIRHA acceptance, although the property is no longer accepting USDA tenants.
Key Highlights
- 25,500‑square‑foot apartment building constructed in 1979
- R‑4 zoning for dense multifamily housing
- Additional land identified for future development
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Explore this area
Business Placement
Demographics for 51566, IA
6,772
Population
3,435
Households
2
Avg Household Size
44
Median Age
19%
College-Educated
91%
High-School Grad
176.4 sq mi
ZIP Area
38
Density / Sq Mi
$58,264
Median Household Income
$40,632
Median Earnings
$783
Median Rent
$116,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - R-4 zoning and additional land support the property’s multifamily configuration and future development potential.
Where is this apartment building located?
The property is located at 1660 East Summit Street Red Oak, IA.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 25,500‑square‑foot apartment building constructed in 1979; R‑4 zoning for dense multifamily housing; Additional land identified for future development
