48-Unit Apartment
New
For Sale
$2,725,000
765-791 Russell Road, Waterloo, IA 50701
Two-story residential income property with surface parking and a varied one-, two-, and three-bedroom unit mix.
Property Size35,660 SF
Price / SF$76.42
Days on Market2
Property Features for 765-791 Russell Road
General Information
Standard status
Active
Size
35,660 SF
Property subtype
Multifamily
Financials
Asking Price
$2,725,000
Cap Rate
8.51%
Average Monthly Rent
$757
Units
Unit Mix
23 x 1BD/1BA, 20 x 2BD/1BA, 5 x 3BD/1BA
Multifamily Units
48
Building Details
Year Built
1966
Buildings
2
Stories
2
Listing Agency:
CBRE - Des Moines
(515) 314-1715
Listed By:
David Eckley · License #S65549000
(515) 314-1715
Source:
Cbre
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 5:02AM
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 CBRE - Des Moines
Investment Insights
Based on property information with market context.
Meadow Ridge Apartments comprises 48 units across two two-story buildings totaling 35,660 square feet. The community was built in 1966 and includes 23 one-bedroom/one-bath units, 20 two-bedroom/one-bath units, and 5 three-bedroom/one-bath units. Surface parking serves the property.
Mechanical improvements include replacement of three boilers in 2023 and water heater replacements scheduled for 2025/2026. A flat-fee RUBS program is in place for gas, water, sewer, and trash. The property is located at 765-791 Russell Road in Waterloo, Iowa, near Cedar Falls and within the Cedar Valley region.
Mechanical improvements include replacement of three boilers in 2023 and water heater replacements scheduled for 2025/2026. A flat-fee RUBS program is in place for gas, water, sewer, and trash. The property is located at 765-791 Russell Road in Waterloo, Iowa, near Cedar Falls and within the Cedar Valley region.
Key Highlights
- 48 units in two apartment buildings
- 35,660 SF across two two‑story buildings
- Unit mix includes 23 one‑bedroom, 20 two‑bedroom, and 5 three‑bedroom units
Property Analytics
Current Use
Lease Details
48
Residential units
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
Explore this area
Business Placement
Demographics for 50701, IA
29,806
Population
14,530
Households
2.1
Avg Household Size
39
Median Age
30%
College-Educated
95%
High-School Grad
79.1 sq mi
ZIP Area
377
Density / Sq Mi
$62,857
Median Household Income
$41,464
Median Earnings
$846
Median Rent
$183,400
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 - Two-story residential income property with surface parking and a varied one-, two-, and three-bedroom unit mix.
Where is this apartment building located?
The property is located at 765-791 Russell Road Waterloo, IA.
What is the asking price?
The asking price for this property is $2,725,000.
What are key features of this property?
This property features: 48 units in two apartment buildings; 35,660 SF across two two‑story buildings; Unit mix includes 23 one‑bedroom, 20 two‑bedroom, and 5 three‑bedroom units
