38-Unit Apartment
For Sale
Contact for pricing
320 West 3rd Street North, Newton, IA 50208
Modern multifamily community near Newton’s Downtown District and Iowa Speedway.
Property Size31,836 SF
Price / SF$194.75
Days on Market159
Property Features for 320 West 3rd Street North
General Information
Standard status
Active
Size
31,836 SF
Class
A
Total Parking Spaces
62
Property subtype
Multifamily
Occupancy
97%
Investment Type
Stabilized
Net Operating Income
$428,929
Additional Details
Multifamily Units
38
Building Details
Year Built
2019
Buildings
1
Stories
3
Units
38
Tenancy
Multi
Listing Agency:
MMGREAIA LLC
Listed By:
Shana Patrick · License #F6639000
Source:
Crexi
Added: May 1
Changed: Oct 6
Last Checked: Oct 5 at 6:35PM
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 MMGREAIA LLC
Investment Insights
Based on property information with market context.
This multifamily property contains 38 units within a 31,836-square-foot apartment community constructed in 2019. The newer building features modern construction and high-quality finishes, supporting a contemporary residential offering with relatively recent improvements.
Located at 320 West 3rd Street North in Newton, Iowa, the property is part of the Des Moines MSA and sits near the Iowa Speedway and Newton’s Downtown District. Its setting provides access to local employers, daily services, and entertainment within the surrounding Newton market.
Located at 320 West 3rd Street North in Newton, Iowa, the property is part of the Des Moines MSA and sits near the Iowa Speedway and Newton’s Downtown District. Its setting provides access to local employers, daily services, and entertainment within the surrounding Newton market.
Key Highlights
- 38‑unit apartment community
- 31,836‑square‑foot multifamily property
- Constructed in 2019
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$191,837
Cap Rate
3.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,836,740
$3.8M
Cap Rate 7%
$2,740,529
$2.7M
Cap Rate 9%
$2,131,522
$2.1M
Market Conditions
NOI Build-Up for 31,836 SF
Gross rent
$382.0K $12.00/SF
− Vacancy
−$33.2K −$1.04/SF
EGI
$348.8K $10.96/SF
− OpEx
−$157.0K −$4.93/SF
NOI
$191.8K $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%
$3,836,740
Cap Rate 7%
$2,740,529
Cap Rate 9%
$2,131,522
Alternative Uses
Best Use
Apartment 5plus
$2.74M
$2.40M – $3.20M
NOI $191,837 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$30.65M
$26.82M – $35.75M
NOI $2,145,238 @ 7.0% cap · market cap 34.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
38
Residential units
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
Explore this area
Business Placement
Demographics for 50208, IA
20,918
Population
8,919
Households
2.3
Avg Household Size
42
Median Age
17%
College-Educated
91%
High-School Grad
158.5 sq mi
ZIP Area
132
Density / Sq Mi
$61,064
Median Household Income
$37,490
Median Earnings
$830
Median Rent
$161,900
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 - Modern multifamily community near Newton’s Downtown District and Iowa Speedway.
Where is this apartment building located?
The property is located at 320 West 3rd Street North Newton, IA.
What is the asking price?
The asking price for this property is $6,200,000.
What are key features of this property?
This property features: 38‑unit apartment community; 31,836‑square‑foot multifamily property; Constructed in 2019
