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1833 Curtis Ave 52 Unit Apartment Building $6,000,000 ($115,385/Unit) 6.87% Cap Rate Chariton, IA 50049
Investment Highlights
- Workforce Housing
- Limited Apartment Supply
- New Construction
- Next door to Hy-Vee distribution center
Executive Summary
Northridge Apartments consists of 52 units across 2 buildings with excess land of 1.73 Acres. Building A is 100% complete and was built in 2023 with a stabilized occupancy. Building B is 75% complete on construction, with units framed and ready for drywall and interior build-outs. This property is a great opportunity for a workforce housing investor or developer to capitalize by finishing the construction and developing additional housing on site.
- 1833 Curtis Ave, Chariton, IA
- 52 Units
- 2 Buildings
- 1.73 Acres of excess land with utilities on site.
- Built: 2023 & 2026
- GBA: 52,980 SF
- GRA: 47,920 SF
- Sprinkler System
- Landlord Pays Trash
- Laundry facilities in Building A & Laundry hook-ups built in Building B
- HVAC: Forced Heat | Central Air
- Water Separately Metered
This is a workforce housing property with the ability to utilize a 15-year TIF and workforce housing tax credits.
- 1833 Curtis Ave, Chariton, IA
- 52 Units
- 2 Buildings
- 1.73 Acres of excess land with utilities on site.
- Built: 2023 & 2026
- GBA: 52,980 SF
- GRA: 47,920 SF
- Sprinkler System
- Landlord Pays Trash
- Laundry facilities in Building A & Laundry hook-ups built in Building B
- HVAC: Forced Heat | Central Air
- Water Separately Metered
This is a workforce housing property with the ability to utilize a 15-year TIF and workforce housing tax credits.
Data Room Click Here to Access
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $6,000,000 | Building Class | B |
| Price Per Unit | $115,385 | Lot Size | 4.27 AC |
| Sale Type | Investment | Building Size | 52,980 SF |
| Cap Rate | 6.87% | Average Occupancy | 50% |
| No. Units | 52 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2023 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RG-20 - Allows for multifamily development | ||
| Price | $6,000,000 |
| Price Per Unit | $115,385 |
| Sale Type | Investment |
| Cap Rate | 6.87% |
| No. Units | 52 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 4.27 AC |
| Building Size | 52,980 SF |
| Average Occupancy | 50% |
| No. Stories | 3 |
| Year Built | 2023 |
| Opportunity Zone |
Yes |
| Zoning | RG-20 - Allows for multifamily development |
Amenities
Unit Amenities
- Air Conditioning
- Disposal
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Corporate Suites
- Recycling
- Smoke Free
- Trash Pickup - Curbside
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | $850.00 | 543 - 625 |
| 2+2 | 21 | $1,150 | 838 - 954 |
| 2+1 | 10 | $1,050 | 543 - 838 |
| 3+2 | 4 | $1,650 | 954 |
| 1+2 | 1 | $1,100 | 838 |
1 1
Somewhat walkable
20/100
Exceptionally drivable
100/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 0719126017 | Total Assessment | $3,073,951 (2025) |
| Land Assessment | $22,155 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $3,051,796 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
0719126017
Land Assessment
$22,155 (2025)
Improvements Assessment
$3,051,796 (2025)
Total Assessment
$3,073,951 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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1833 Curtis Ave
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