New 12-Unit Apartment
605 East 1st Street, Monticello, IA 52310
For Sale
Contact for pricing
Brand-new, fully stabilized 12-unit community with in-unit washer/dryer hookups and private outdoor space for first- and upper-floor residents.
Property Size11,388 SF
Price / SF$149.28
Days on Market149
Property Features for 605 East 1st Street
General Information
Standard status
Size
Class
Total Parking Spaces
Property subtype
Zoning
Occupancy
Investment Type
Net Operating Income
Additional Details
Multifamily Units
Building Details
Year Built
Buildings
Stories
Units
Tenancy
Listing Agency:
Stanbrough Realty
Listed By:
Ross Quintero · License IA S63415000
(515) 689-2612
Source:
Crexi
Added: Jun 19
Changed: Nov 2
Last Checked: Nov 12 at 7:26AM
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
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Investment Insights
Based on property information with market context.
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.
Key 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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$91,771
Cap Rate
5.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,835,420
$1.8M
Cap Rate 7%
$1,311,014
$1.3M
Cap Rate 9%
$1,019,678
$1.0M
Market Conditions
NOI Build-Up for 11,388 SF
Gross rent
$180.4K $15.84/SF
− Vacancy
−$13.5K −$1.19/SF
EGI
$166.9K $14.65/SF
− OpEx
−$75.1K −$6.59/SF
NOI
$91.8K $8.06/SF
Area
Jones County, IA
Vacancy
7.50%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,835,420
Cap Rate 7%
$1,311,014
Cap Rate 9%
$1,019,678
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 authorities.
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Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
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Business Placement
Demographics for 52310, IA
6,417
Population
2,937
Households
2.2
Avg Household Size
45
Median Age
21%
College-Educated
96%
High-School Grad
145.4 sq mi
ZIP Area
44
Density / Sq Mi
$76,946
Median Household Income
$49,063
Median Earnings
$664
Median Rent
$192,800
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 - 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
