850 1st Ave Clinton, IA 52732-3561
- Office buildings
- 840 SF
- 9.74 lot acres
Current Use by Public Records
- Nottingham Apartments - Hill & Bluff / Real Estate Agency / Real Estate Consultant
Property Details for 850 1st Ave
- Year built
- 1965
- Lot size
- 9.74 lot acres
- Property size
- 840 SF
- Property type
- Office buildings
- APN
- 8036110000
- APU
- 8036110000
Description
This exceptional 122-unit multifamily investment opportunity, located at 850 1st Ave, Clinton, IA 52732, presents a compelling return. The property, encompassing five two-story buildings on a substantial 14.66-acre lot, boasts 65,254 square feet of living space. Built in 1965/1968, the complex has undergone significant capital improvements, including a new parking lot, siding, soffits, fascia, landscaping, sidewalks, and lighting. The roof is approximately five years old, and all windows were replaced within the last ten years. Approximately 85% of the units feature updated flooring, countertops, appliances, light fixtures, and paint. The property currently generates a NOI of $549,145, with a pro-forma NOI of $593,758, representing a 7.32% cap rate and a pro-forma cap rate of 7.92%, respectively. The asking price is $7,500,000, translating to a price per unit of $61,475.41 and a price per square foot of $114.94. This prime location offers easy access to the Quad Cities region and benefits from a low cost of living, ample job opportunities, and abundant outdoor recreation. The property's strong performance and recent renovations make it an attractive investment prospect.
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
- Clinton
- County
- Clinton
- State
- Iowa
- Longitude
- -90.205
- Latitude
- 41.8474
- CBSA code
- 17540
- CBSA name
- CLINTON, IA MICROPOLITAN STATISTICAL AREA
