5005 Devils Glen Rd Bettendorf, IA 52722
- Commercial real estate
- 29,184 SF
- 1.88 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 5005 Devils Glen Rd
- Year built
- 2020
- Lot size
- 1.88 lot acres
- Property size
- 29,184 SF
- Property type
- Commercial real estate
- APN
- 841037102
Description
This exceptional Class A multifamily investment opportunity, located at 5005 Devils Glen Rd, Bettendorf, IA 52722, consists of three, two-story buildings totaling 29,184 square feet on a 1.88-acre lot (APN 841037102). Built in 2020, the complex comprises 34 units – a mix of townhomes and apartments – boasting 100% occupancy. Each unit features modern, high-end finishes including granite countertops and stainless steel appliances, along with in-unit laundry. Individual utility metering for water and sewer minimizes management expenses. The property enjoys a prime location adjacent to a city park, bike paths, and a dog park, further enhanced by its position within a highly desirable school district. Currently generating a NOI of $337,159 and a 6.10% cap rate, a pro-forma analysis projects a NOI of $412,486 and a 7.50% cap rate, reflecting the potential for significant revenue growth through market-rate rent adjustments. The asking price is $5,500,000, representing $188.46 per square foot and $161,764.71 per unit. This presents a compelling investment opportunity in a thriving community.
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
- Bettendorf
- County
- Scott
- State
- Iowa
- Longitude
- -90.482826
- Latitude
- 41.572542
