488 Angella St, Dubuque, IA 52001

Angella Street Apartments, located at 444–488 Angella Street in Dubuque, Iowa, presents an opportunity to acquire a 45-unit multifamily community. Constructed in 1965, the property consists of a single building situated on approximately 0.69 acres across four parcels. The unit mix includes 20 studio/one-bath units (320 square feet), 24 one-bedroom/one-bath units (395 square feet), and 1 one-bedroom/one-bath unit (650 square feet). Each apartment is equipped with a Packaged Terminal Air Conditioner (PTAC) providing individual heating and cooling. Residents benefit from private entrances, patios or balconies, dedicated storage, and off-street parking. Since 2022, current ownership has completed an extensive renovation program. Roughly all but four units have been updated/remodeled, and these updates include flooring, painting, counter tops, cabinets, toilets, shower surrounds, electrical fixtures, and vanities. Nearly all appliances and PTAC units have been replaced. The property’s electrical system has been fully upgraded from fuses to circuit breakers, and approximately 20 units have received new windows. Dubuque has a resilient and diversified economy, with sectors such as manufacturing, health care & social assistance, and retail trade among the largest employers. The Dubuque County metropolitan area ranked first in year-over-year job growth among Iowa’s major metros in August 2024, adding about 1,300 jobs and achieving a non-farm employment of 61,000. The city is also home to five colleges and universities including University of Dubuque and Clarke University. The property is approaching full stabilization, with potential for further rent growth and additional value-add initiatives, such as implementing on-site laundry facilities and monetizing storage to increase ancillary income streams.