102 8Th Ave Oelwein, IA 50662
- Apartment buildings
Current Use by Public Records
- Otter Creek Cottages / Apartment Building
Property Details for 102 8Th Ave
- Year built
- 1977
- Property type
- Apartment buildings
Description
This exceptional 101-unit multifamily portfolio in Oelwein, Iowa, presents a compelling value-add investment opportunity. Comprising three properties – Otter Creek Cottages, The Meadows, and Platt Park Apartments – this portfolio offers a diverse mix of 1, 2, and 3-bedroom units, strategically located within a mile radius in a desirable residential area near shopping, schools, and parks. The properties boast significant recent capital improvements, including interior upgrades (flooring, paint, appliances, HVAC), exterior renovations (siding, decks), and landscaping enhancements. Current rents are below market value, providing immediate potential for organic rent growth exceeding $250 per month per unit through further renovations and implementing RUBS. The properties feature amenities such as a clubhouse with a community center at Otter Creek, a manager/leasing office, and exterior garages at select locations. Common area laundry facilities are also available. Ample green space offers further development potential for added amenities or garages. This portfolio benefits from a stable Midwest market with historically low vacancy rates and consistent rent growth, making it an attractive investment for those seeking immediate returns and long-term appreciation. The properties are situated in Fayette County, within a residential and neighborhood commercial setting. Individual property sales may be considered. The buildings were constructed between 1977 and 1999 and are classified as Class B. The permitted zoning is Multi-Residential. This portfolio is offered for sale by owner.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Oelwein
- County
- Fayette
- State
- Iowa
- Longitude
- -91.926
- Latitude
- 42.6799
