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Bridlewood Apartments 100-112 5th Ave NW 144 Unit Apartment Building $14,800,000 ($102,778/Unit) 6.99% Cap Rate Altoona, IA 50009
Investment Highlights
- Bridlewood Apartments at 100-112 5th Avenue NW, present a 144-unit garden-style apartment community with recently remodeled units.
- Altoona has grown 17.5% since 2020, while the Des Moines metro ranks as the Midwest’s fastest-growing major metro, reinforcing long-term demand.
- Twenty-year ownership track record with 96% trailing-ten-year occupancy and 97.9% current occupancy (July 2026).
- Documented value-add playbook: 49 remodeled units, 95 units remaining, plus upgradable green space represents a clear runway to drive revenue.
Executive Summary
Daymark Real Estate Group is pleased to offer the Bridlewood Apartments for sale by owner to an investor seeking a hands-off, stabilized opportunity.
The Bridlewood Apartments offer a 144-unit mix comprising 10 one-bed/one-bath units, 124 two-bed/one-bath units, and 10 three-bed/one-bath units. Site amenities include a laundry facility, on-site property management and maintenance, an outdoor playground, storage space, and mail and package services. Remodeled units feature stainless steel appliances, granite countertops, walk-in closets, and updated flooring. The apartments have been thoughtfully updated throughout, and the availability of garages adds convenience.
Bridlewood Apartments in Altoona, Iowa, offer a picturesque living experience with its park-like grounds and convenient location. Situated just two blocks away from Altoona Elementary School and a short walk from a serene park featuring a beautiful pond, it's an ideal place for both individuals and families. Convenient points of interest nearby include Village Square Plaza, Eastpoint Center, Prairie Heritage Trail and Park, and Thomas Mitchell Park.
The subject’s 10-mile demographics indicate a growing population of 242,235 residents and nearly 95,000 households. Over 70% of the realm’s renter-occupied households are one through three-unit mixes, aligning with Bridlewood Apartments' structure. The average household income is just shy of $100,000, showcasing a stable and affluent environment.
Historically strong occupancy and recently remodeled units present an investor with a cash-flowing acquisition opportunity, while remaining units ensure future value-add potential via rental rate increases.
Please see the link below to complete the offering package.
The Bridlewood Apartments offer a 144-unit mix comprising 10 one-bed/one-bath units, 124 two-bed/one-bath units, and 10 three-bed/one-bath units. Site amenities include a laundry facility, on-site property management and maintenance, an outdoor playground, storage space, and mail and package services. Remodeled units feature stainless steel appliances, granite countertops, walk-in closets, and updated flooring. The apartments have been thoughtfully updated throughout, and the availability of garages adds convenience.
Bridlewood Apartments in Altoona, Iowa, offer a picturesque living experience with its park-like grounds and convenient location. Situated just two blocks away from Altoona Elementary School and a short walk from a serene park featuring a beautiful pond, it's an ideal place for both individuals and families. Convenient points of interest nearby include Village Square Plaza, Eastpoint Center, Prairie Heritage Trail and Park, and Thomas Mitchell Park.
The subject’s 10-mile demographics indicate a growing population of 242,235 residents and nearly 95,000 households. Over 70% of the realm’s renter-occupied households are one through three-unit mixes, aligning with Bridlewood Apartments' structure. The average household income is just shy of $100,000, showcasing a stable and affluent environment.
Historically strong occupancy and recently remodeled units present an investor with a cash-flowing acquisition opportunity, while remaining units ensure future value-add potential via rental rate increases.
Please see the link below to complete the offering package.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $14,800,000 | Apartment Style | Garden |
| Price Per Unit | $102,778 | Building Class | C |
| Sale Type | Investment | Lot Size | 8.24 AC |
| Cap Rate | 6.99% | Building Size | 122,976 SF |
| Gross Rent Multiplier | 8.1 | Average Occupancy | 97% |
| No. Units | 144 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1978 |
| Property Subtype | Apartment | Parking Ratio | 2.41/1,000 SF |
| Zoning | R-3 | ||
| Price | $14,800,000 |
| Price Per Unit | $102,778 |
| Sale Type | Investment |
| Cap Rate | 6.99% |
| Gross Rent Multiplier | 8.1 |
| No. Units | 144 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 8.24 AC |
| Building Size | 122,976 SF |
| Average Occupancy | 97% |
| No. Stories | 3 |
| Year Built | 1978 |
| Parking Ratio | 2.41/1,000 SF |
| Zoning | R-3 |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Storage Space
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- High Speed Internet Access
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Dining Room
- Vinyl Flooring
- Window Coverings
Site Amenities
- Laundry Facilities
- Playground
- Property Manager on Site
- Package Service
- Storage Space
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | $1,064 | 625 |
| 2+1 | 124 | $1,087 | 825 - 875 |
| 3+1 | 10 | $1,374 | 1,125 |
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Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Total Assessment | $10,849,100 (2025) | |
| Land Assessment | $1,271,100 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $9,578,000 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Numbers
Land Assessment
$1,271,100 (2025)
Improvements Assessment
$9,578,000 (2025)
Total Assessment
$10,849,100 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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