Garden Apartments 1315 W 1st St 23 Unit Apartment Building $1,200,000 ($52,174/Unit) 8.71% Cap Rate Cedar Falls, IA 50613

Incredible investment opportunity in Cedar Falls, IA, a thriving college town with strong rental demand and easy accessibility to the University of Northern Iowa campus. Located on the main thoroughfare of Highway 57 (West 1st St) and close to Hudson Road which is another main thoroughfare of Cedar Falls. Current ownership has leveled up some of these units, but has marginally pushed rents and comps suggest there's at least $100/unit in upside in the current condition. Certainly more with continued renovation.
This complex is composed of two buildings totaling 23 units with some renovations across each unit type. There are 3 efficiencies without kitchenettes at 320 sq. ft., 10 efficiencies with kitchenettes (8 at 320 sq. ft., 1 at 360 and 1 at 400 sq. ft.), 7 studios with separate kitchens at 450 sq. ft., two 1-Beds at 500 and 850 sq. ft., and one 2-bed, 2-bath. There are 9 units of 23 that have some level of renovation and some completely remodeled. Over a $150,000 in improvements!