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The Maples 1011 SE 3rd St 18 Unit Apartment Building $1,550,000 ($86,111/Unit) 5.64% Cap Rate Ankeny, IA 50021
Investment Highlights
- Easy access to I-35, I-80, and in close proximity to the Des Moines International Airport.
- Extensive unit upgrades completed, including modern appliances, new flooring, and updated HVAC systems.
- Plenty of nearby shopping and dining options.
- Long-term operating efficiencies due to recent renovations reducing near-term capital needs.
Executive Summary
This multifamily investment offers a compelling blend of stability and upside potential. Acquired in 2021 and self-managed since, the property has undergone consistent upgrades during unit turnovers. Improvements include modern appliances, new floor coverings, upgraded furnaces, central air systems, and enhanced bathroom finishes, resulting in units that are highly competitive within the local apartment market.
Tenant demand in the area remains robust, with minimal delinquencies and very rare evictions—a strong indicator of a reliable income stream. Current rents are below market as referenced in the CoStar report, presenting an opportunity for targeted increases. Additional revenue streams are achievable by implementing trash pass-through fees, increasing pet charges, and leasing 18 existing storage closets at average monthly rates of $20 to $25 each.
The property’s recent improvements ensure that future capital expenditures for HVAC systems, flooring, and appliances remain limited for years to come. Priced at $1,550,000 with a 5.64% capitalization rate, this asset represents both a stabilized investment and a value-add opportunity—a rare combination for investors seeking long-term growth and minimized operational risk
Tenant demand in the area remains robust, with minimal delinquencies and very rare evictions—a strong indicator of a reliable income stream. Current rents are below market as referenced in the CoStar report, presenting an opportunity for targeted increases. Additional revenue streams are achievable by implementing trash pass-through fees, increasing pet charges, and leasing 18 existing storage closets at average monthly rates of $20 to $25 each.
The property’s recent improvements ensure that future capital expenditures for HVAC systems, flooring, and appliances remain limited for years to come. Priced at $1,550,000 with a 5.64% capitalization rate, this asset represents both a stabilized investment and a value-add opportunity—a rare combination for investors seeking long-term growth and minimized operational risk
Property Facts Under Contract
| Price | $1,550,000 | Building Class | C |
| Price Per Unit | $86,111 | Lot Size | 0.81 AC |
| Sale Type | Investment | Building Size | 22,000 SF |
| Cap Rate | 5.64% | No. Stories | 3 |
| No. Units | 18 | Year Built | 1980 |
| Property Type | Multifamily | Parking Ratio | 1.37/1,000 SF |
| Property Subtype | Apartment | Parcel Number | 181/00626-700-000 |
| Apartment Style | Low-Rise | ||
| Zoning | C-2 - Commercial | ||
| Price | $1,550,000 |
| Price Per Unit | $86,111 |
| Sale Type | Investment |
| Cap Rate | 5.64% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.81 AC |
| Building Size | 22,000 SF |
| No. Stories | 3 |
| Year Built | 1980 |
| Parking Ratio | 1.37/1,000 SF |
| Zoning | C-2 - Commercial |
| Parcel Number | 181/00626-700-000 |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Heating
- Ceiling Fans
- Kitchen
- High Speed Internet Access
- Refrigerator
- Satellite TV
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Deck
- Patio
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Recycling
- Trash Pickup - Curbside
- Storage Space
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | - |
| 2+1 | 17 | - | 900 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Minimal public transit
10/100
Moderately bikeable
60/100
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The Maples | 1011 SE 3rd St
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