Log In/Sign Up
Your email has been sent.
Luma Terrace Apartments 1660 E Summit St 36 Unit Apartment Building $2,350,000 ($65,278/Unit) Red Oak, IA 51566
Executive Summary
Exceptional Properties Group presents a 36-unit multifamily investment opportunity in Red Oak, Iowa. A majority of the apartments currently participate in USDA rental assistance, offering an established affordable-housing operating model with the potential for continued stabilized ownership. The property also provides longer-term repositioning optionality for an investor seeking to transition toward conventional market-rate housing, subject to applicable USDA requirements and approvals. Situated on approximately 5.43 acres, the community features a low-density, multi-building layout with an on-site clubhouse/laundry facility.
Property Facts
| Price | $2,350,000 | Building Class | C |
| Price Per Unit | $65,278 | Lot Size | 5.43 AC |
| Sale Type | Investment | Building Size | 25,500 SF |
| No. Units | 36 | Average Occupancy | 89% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1979 |
| Apartment Style | Garden | ||
| Zoning | R - Residential | ||
| Price | $2,350,000 |
| Price Per Unit | $65,278 |
| Sale Type | Investment |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 5.43 AC |
| Building Size | 25,500 SF |
| Average Occupancy | 89% |
| No. Stories | 2 |
| Year Built | 1979 |
| Zoning | R - Residential |
Amenities
Unit Amenities
- Refrigerator
- Range
- Wheelchair Accessible (Rooms)
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 36 | - | 700 |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 600-62-71-010100-00 | Improvements Assessment | $1,400,640 |
| Land Assessment | $103,030 | Total Assessment | $1,503,670 |
Property Taxes
Parcel Number
600-62-71-010100-00
Land Assessment
$103,030
Improvements Assessment
$1,400,640
Total Assessment
$1,503,670
1 of 8
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Contact the Sale Advisor
Luma Terrace Apartments | 1660 E Summit St