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1605 Collins St 24 Unit Apartment Building $1,385,000 ($57,708/Unit) 7% Cap Rate Webster City, IA 50595
Investment Highlights
- Strong rental demand supported by low vacancy and limited new supply.
- Located near major employers and community amenities in Webster City.
- Reported 7% cap rate with consistent historical NOI performance.
- Convenient access to U.S. Highway 20 and regional transportation routes.
Executive Summary
Willow Glen Apartments presents a 24-unit multifamily investment opportunity in Webster City, Iowa. Located just south of Webster City High School, this property consists of 16 two-bedroom units and 8 one-bedroom units, with 23 of the 24 units recently updated. The asset benefits from strong rental demand in a market characterized by low vacancy and limited new supply, providing a stable income stream for investors.
The property offers a value-add component through the potential implementation of RUBS (Ratio Utility Billing System) or utility bill-back programs, enhancing operational efficiency and revenue. Positioned in Hamilton County’s county seat, the property is near major employers such as Van Diest Supply, Mary Ann’s Specialty Foods, and Webster City Custom Meats, ensuring a consistent tenant base.
With a reported 7% cap rate and an average NOI of approximately $97,000 over the past three years, this property offers both immediate cash flow and long-term appreciation potential. Its proximity to key retail, dining, and community amenities further strengthens its appeal as a reliable multifamily investment in a growing regional market.
The property offers a value-add component through the potential implementation of RUBS (Ratio Utility Billing System) or utility bill-back programs, enhancing operational efficiency and revenue. Positioned in Hamilton County’s county seat, the property is near major employers such as Van Diest Supply, Mary Ann’s Specialty Foods, and Webster City Custom Meats, ensuring a consistent tenant base.
With a reported 7% cap rate and an average NOI of approximately $97,000 over the past three years, this property offers both immediate cash flow and long-term appreciation potential. Its proximity to key retail, dining, and community amenities further strengthens its appeal as a reliable multifamily investment in a growing regional market.
Property Facts Under Contract
| Price | $1,385,000 | Apartment Style | Low-Rise |
| Price Per Unit | $57,708 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.50 AC |
| Cap Rate | 7% | Building Size | 8,810 SF |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1989 |
| Property Subtype | Apartment |
| Price | $1,385,000 |
| Price Per Unit | $57,708 |
| Sale Type | Investment |
| Cap Rate | 7% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.50 AC |
| Building Size | 8,810 SF |
| No. Stories | 2 |
| Year Built | 1989 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | 500 - 800 |
| 2+1 | 16 | - | 1,000 - 1,250 |
1 1
Somewhat walkable
20/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 40-88-26-02-401001 | Improvements Assessment | $745,050 |
| Land Assessment | $60,000 | Total Assessment | $805,050 |
Property Taxes
Parcel Number
40-88-26-02-401001
Land Assessment
$60,000
Improvements Assessment
$745,050
Total Assessment
$805,050
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1605 Collins St
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