New 12-Unit Apartment
605 East 1st Street, Monticello, IA 52310
Brand-new, fully stabilized 12-unit community with in-unit washer/dryer hookups and private outdoor space for first- and upper-floor residents.
Type:Multifamily
Property size:
11,388 SFPrice / SF:
$149/SF- Added:
- Jun 19, 2026
- Days on Market:
- 9
- Last Refresh:
- Jun 24 at 2:02 am
Property Features for 605 East 1st Street
General Information
- Standard status
- Active
- Size
- 11,388 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 2025
Listing office Stanbrough Realty
Listing date Jun 19, 2026
Source Crexi
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 Stanbrough Realty
HighLights
- Brand‑new 12‑unit apartment community built in 2025 in Monticello, IA
- 100% stabilized community with all 12 residences as two‑bedroom, one‑bath units
- Private outdoor space: first‑floor units have a private patio; second- and third‑floor units have balconies
- In‑unit washer/dryer hookups in every unit, with coin‑free washer and dryer rentals available on site
- Kitchens include stove, microwave, dishwasher, and refrigerator in every unit
- 10‑year property‑tax abatement in place, plus pet‑friendly community
Overview
Offered for sale, this brand-new 12-unit apartment community is described as 100% stabilized and built as a modern, move-in-ready rental property. The units are configured as generous two-bedroom, one-bath layouts. First-floor residences feature a private patio, while second- and third-floor homes include a balcony. Each unit is finished with an open-concept living space and comes outfitted with a stove, microwave, dishwasher, and refrigerator, with washer/dryer hookups provided in every unit. Coin-free washers and dryers are also available to rent on site, supporting convenient laundry for residents.
The community is located at 605 East 1st Street in Monticello, with access to nearby parks and within walking distance of the Hy-Vee Dollar Fresh grocery. The property is pet friendly.
For investors and operators seeking a turn-key multifamily asset, the property’s brand-new construction and “fully stabilized” positioning are supported by the provided information. The community also benefits from a 100% ten-year property-tax abatement, a significant financing and operating consideration highlighted in the offering materials.
The community is located at 605 East 1st Street in Monticello, with access to nearby parks and within walking distance of the Hy-Vee Dollar Fresh grocery. The property is pet friendly.
For investors and operators seeking a turn-key multifamily asset, the property’s brand-new construction and “fully stabilized” positioning are supported by the provided information. The community also benefits from a 100% ten-year property-tax abatement, a significant financing and operating consideration highlighted in the offering materials.
Local 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 | $180.4k | $15.84 |
| − Vacancy | −$13.5k | −$1.19 |
| EGI | $166.9k | $14.65 |
| − OpEx | −$75.1k | −$6.59 |
| NOI | $91.8k | $8.06 |
11,388 SF · lease $15.84/SF/yr · vacancy 7.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $91,771 @ 7.0% cap · market cap 5.40%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.65M
$1.44M – $1.92M
NOI $115,375 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Monticello
- County
- Jones
- State
- Iowa
- Longitude
- -91.197121
- Latitude
- 42.237717
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Brand-new, fully stabilized 12-unit community with in-unit washer/dryer hookups and private outdoor space for first- and upper-floor residents.
Where is this apartment building located?
The property is located at 605 East 1st Street Monticello, IA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Brand‑new 12‑unit apartment community built in 2025 in Monticello, IA; 100% stabilized community with all 12 residences as two‑bedroom, one‑bath units; Private outdoor space: first‑floor units have a private patio; second- and third‑floor units have balconies
