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106 North Apartments 106 N 10th St 48 Unit Apartment Building $1,775,000 ($36,979/Unit) 10.12% Cap Rate Fort Dodge, IA 50501
Investment Highlights
- Over $700,000 in recent capital improvements
Executive Summary
CBRE is pleased to present the opportunity to acquire 106 North Apartments, a 48-unit apartment community located at 106 N 10th Street in Fort Dodge, Iowa. Fort Dodge serves as a regional employment and retail hub for north-central Iowa and benefits from a diverse economic base, including manufacturing, healthcare, and agriculture-related industries.
The property features a robust unit mix of studio, one-bedroom, and two-bedroom layouts. The asset presents a compelling value-add opportunity through continued interior unit upgrades and targeted capital improvements within the common areas. Select units have potential for modernization through finishes such as new flooring, updated cabinetry, appliances, and fixtures, allowing ownership to drive rental growth over time.
Please click here for more information: https://www.cbredealflow.com/buyer/agreement?pv=9ZJyUvQ75iBy_ovm46jFzhlu9xotAmXg4DFJSPw3GwxmjGTGb8N-iWTZitvmkk6z
?Address: 106 N 10th Street, Fort Dodge, IA 50501
?List Price: $1,775,000
?Price Per Unit: $36,979
?Cap Rate: 10.12%
?Year Built: 1923
?Number of Units: 48
?Unit Mix: 18-Studio; 21-1BR/1BA; 2-1BR/1.5BA; 7-2BR/1BA
?Total Building SF: 34,608
?Avg.? In Place Rent: $701
?Number of Buildings: 1
?Number of Stories: 6
?Parking: Surface
?Parcel Size: 0.23 acres
The property features a robust unit mix of studio, one-bedroom, and two-bedroom layouts. The asset presents a compelling value-add opportunity through continued interior unit upgrades and targeted capital improvements within the common areas. Select units have potential for modernization through finishes such as new flooring, updated cabinetry, appliances, and fixtures, allowing ownership to drive rental growth over time.
Please click here for more information: https://www.cbredealflow.com/buyer/agreement?pv=9ZJyUvQ75iBy_ovm46jFzhlu9xotAmXg4DFJSPw3GwxmjGTGb8N-iWTZitvmkk6z
?Address: 106 N 10th Street, Fort Dodge, IA 50501
?List Price: $1,775,000
?Price Per Unit: $36,979
?Cap Rate: 10.12%
?Year Built: 1923
?Number of Units: 48
?Unit Mix: 18-Studio; 21-1BR/1BA; 2-1BR/1.5BA; 7-2BR/1BA
?Total Building SF: 34,608
?Avg.? In Place Rent: $701
?Number of Buildings: 1
?Number of Stories: 6
?Parking: Surface
?Parcel Size: 0.23 acres
Property Facts
| Price | $1,775,000 | Building Class | B |
| Price Per Unit | $36,979 | Lot Size | 0.37 AC |
| Sale Type | Investment | Building Size | 34,608 SF |
| Cap Rate | 10.12% | Average Occupancy | 100% |
| No. Units | 48 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1923 |
| Property Subtype | Apartment | Parking Ratio | 0.66/1,000 SF |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Zoning | BC-Business Commercial | ||
| Price | $1,775,000 |
| Price Per Unit | $36,979 |
| Sale Type | Investment |
| Cap Rate | 10.12% |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.37 AC |
| Building Size | 34,608 SF |
| Average Occupancy | 100% |
| No. Stories | 6 |
| Year Built | 1923 |
| Parking Ratio | 0.66/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | BC-Business Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Recycling
- Elevator
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 18 | - | 500 |
| 1+1 | 21 | - | 750 |
| 2+1 | 7 | - | 1,000 |
| 2+1.5 | 2 | - | - |
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Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,143,010 | |
| Land Assessment | $32,760 | Total Assessment | $1,175,770 |
Property Taxes
Parcel Numbers
Land Assessment
$32,760
Improvements Assessment
$1,143,010
Total Assessment
$1,175,770
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106 North Apartments | 106 N 10th St
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