2135 Edgewood Dr Webster City, IA 50595
- Commercial real estate
Current Use by Public Records
- The Allure at River's Edge / Apartment Complex / Apartment Building
Property Details for 2135 Edgewood Dr
- Year built
- 2020
- Property type
- Commercial real estate
- APN
- 40-88-25-07-127009
Description
The Allure at River's Edge, a 60-unit apartment building in Webster City, IA, presents a compelling investment opportunity. Completed in two phases (2020 & 2023), this property boasts two, three-story buildings situated at 2135 Edgewood Drive, APN 40-88-25-07-127009, and benefits from its location near I-35 and Highway 20, an hour north of Des Moines. Webster City's limited apartment inventory (only 10 complexes with 10+ units, no new construction in 14 years) creates high demand, reflected in a low average vacancy rate of 4.9%. Comparable properties in nearby Fort Dodge command high rents ($1200+ for 2-bed/1-bath) with similarly low vacancy rates (4.7%). The Allure at River's Edge features superior finishes, including nine-foot ceilings, contemporary kitchens with all-electric appliances, balconies/patios, in-unit washer/dryers, walk-in closets, black appliances, and sound-reducing foam. Phase 2 is fully stabilized, with all units leased and initial concessions phasing out. This property offers significant value below replacement cost, providing immediate equity and strong long-term potential, further enhanced by its location in an Opportunity Zone, offering potential tax advantages. The property's modern construction and high-quality interiors ensure strong tenant demand and sustained rental income. This is a rare opportunity to acquire a newly constructed, high-demand multifamily property in a growing market.
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
- Webster City
- County
- Hamilton
- State
- Iowa
- Longitude
- -93.8084323
- Latitude
- 42.4536949
