Turn-Key 22-Unit Apartment
For Sale
$1,600,000
Pending
24 N Maple St, Colfax, IA 50054
Well-maintained, fully occupied apartment complex with 22 spacious 2-bedroom units and ample parking on nearly an acre.
Property Size9,420 SF
Lot Size0.89 Acres
Days on Market145
Property Features for 24 N Maple St
General Information
Standard status
Pending
Size
9,420 SF
Lot size
0.89 Acres
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
22
Building Details
Year Built
1996
Listing Agency:
RE/MAX Precision
Listed By:
Jason Ring (515) 205-1200 · License #S70174000
Source:
Desmoineshomesforsale
Added: Jun 1
Changed: Oct 1
Last Checked: Oct 23 at 7:39AM
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 RE/MAX Precision
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Investment Insights
Based on property information with market context.
This well-maintained, single-owner apartment complex is built in 1996 and includes three separate buildings totaling 7,824 square feet on a 0.89-acre lot. The property contains 22 units, and all units are configured as 2-bedroom, 1-bathroom layouts. The complex is described as turn-key, with practical, comfortable floor plans and a solid, well-built construction profile.
The apartment buildings are located in a convenient Colfax, Iowa area, near downtown, with easy access to local amenities, schools, and major transportation routes. The site also includes ample parking and outdoor space to support everyday resident needs.
For investors or operators seeking an established multifamily asset, the key operational point is that the property is currently reported as 100% occupied. With all units matching the same 2-bedroom, 1-bath configuration, the complex offers a straightforward unit mix across the portfolio within a stable, small-town community setting.
The apartment buildings are located in a convenient Colfax, Iowa area, near downtown, with easy access to local amenities, schools, and major transportation routes. The site also includes ample parking and outdoor space to support everyday resident needs.
For investors or operators seeking an established multifamily asset, the key operational point is that the property is currently reported as 100% occupied. With all units matching the same 2-bedroom, 1-bath configuration, the complex offers a straightforward unit mix across the portfolio within a stable, small-town community setting.
Key Highlights
- Apartment complex built in 1996 featuring 3 buildings totaling 7,824 SF on a 0.89‑acre lot
- 22 units with all layouts configured as 2‑bedroom, 1‑bath apartments
- 100% occupancy reported for the 22 units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,763
Cap Rate
3.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,135,260
$1.1M
Cap Rate 7%
$810,900
$810.9K
Cap Rate 9%
$630,700
$630.7K
Market Conditions
NOI Build-Up for 9,420 SF
Gross rent
$113.0K $12.00/SF
− Vacancy
−$9.8K −$1.04/SF
EGI
$103.2K $10.96/SF
− OpEx
−$46.4K −$4.93/SF
NOI
$56.8K $6.03/SF
Area
Jasper County, IA
Vacancy
8.70%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,135,260
Cap Rate 7%
$810,900
Cap Rate 9%
$630,700
Alternative Uses
Best Use
Apartment 5plus
$810.9K
$709.5K – $946.1K
NOI $56,763 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$9.07M
$7.93M – $10.58M
NOI $634,758 @ 7.0% cap · market cap 39.67%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
22
Residential units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
165
Businesses Nearby
Explore this area
Business Placement
Demographics for 50054, IA
3,471
Population
1,250
Households
2.8
Avg Household Size
42
Median Age
24%
College-Educated
95%
High-School Grad
61.0 sq mi
ZIP Area
57
Density / Sq Mi
$91,204
Median Household Income
$46,154
Median Earnings
$842
Median Rent
$197,400
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 - Well-maintained, fully occupied apartment complex with 22 spacious 2-bedroom units and ample parking on nearly an acre.
Where is this apartment building located?
The property is located at 24 N Maple St Colfax, IA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Apartment complex built in 1996 featuring 3 buildings totaling 7,824 SF on a 0.89‑acre lot; 22 units with all layouts configured as 2‑bedroom, 1‑bath apartments; 100% occupancy reported for the 22 units
