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Riverview Apartments 3500 Grand Ave 43 Unit Apartment Building $2,850,000 ($66,279/Unit) 7.78% Cap Rate Ames, IA 50010
Investment Highlights
- New roof in 2023
- Around 50% of units have been renovated
- New siding in 2023
- Unit Mix: 21-1BR/1BA; 22-2BR/1BA
Executive Summary
CBRE is exclusively offering the opportunity to acquire Riverview Apartments, a 43-unit well-maintained apartment community located in Ames, Iowa. Ames is a thriving city in the heart of the Midwest with a population of over 65,000. Ames is home to Iowa State University, a member of the Big 12 Conference, with
2025 enrollment just over 31,000 students. Located 30 miles north of Des Moines, Ames is strategically situated at the intersection of Interstate 35 and Highway 30.
Strategically positioned just off a major Ames thoroughfare, Grand Ave (Highway 69), Riverview Apartments is within walking distance to Walmart Supercenter, Dairy Queen, Casey’s, Subway, Northern Lights Retail Center, and North Grand Mall, which is home to a variety of retail, entertainment, dining, and service options.
Address: 3500 Grand Ave, Ames, IA 50010
List Price: $2,850,000
Cap Rate: 7.78%
Number of Units: 43
Unit Mix: 21-1BR/1BA; 22-2BR/1BA
Total Building SF: 39,180
Avg. In Place Rent: $857
Please click here for more information: https://www.cbredealflow.com/buyer/agreement?pv=UUKf-62nN7ZG4JOcWqnArMSTIWP3ivHLB-riFPJHU0WFASnJurkLFcfYd_1vnUSh
2025 enrollment just over 31,000 students. Located 30 miles north of Des Moines, Ames is strategically situated at the intersection of Interstate 35 and Highway 30.
Strategically positioned just off a major Ames thoroughfare, Grand Ave (Highway 69), Riverview Apartments is within walking distance to Walmart Supercenter, Dairy Queen, Casey’s, Subway, Northern Lights Retail Center, and North Grand Mall, which is home to a variety of retail, entertainment, dining, and service options.
Address: 3500 Grand Ave, Ames, IA 50010
List Price: $2,850,000
Cap Rate: 7.78%
Number of Units: 43
Unit Mix: 21-1BR/1BA; 22-2BR/1BA
Total Building SF: 39,180
Avg. In Place Rent: $857
Please click here for more information: https://www.cbredealflow.com/buyer/agreement?pv=UUKf-62nN7ZG4JOcWqnArMSTIWP3ivHLB-riFPJHU0WFASnJurkLFcfYd_1vnUSh
Property Facts
| Price | $2,850,000 | Apartment Style | Low-Rise |
| Price Per Unit | $66,279 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.11 AC |
| Cap Rate | 7.78% | Building Size | 25,414 SF |
| No. Units | 43 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1977 |
| Property Subtype | Apartment | ||
| Zoning | RH | ||
| Price | $2,850,000 |
| Price Per Unit | $66,279 |
| Sale Type | Investment |
| Cap Rate | 7.78% |
| No. Units | 43 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.11 AC |
| Building Size | 25,414 SF |
| No. Stories | 2 |
| Year Built | 1977 |
| Zoning | RH |
Amenities
Unit Amenities
- Balcony
- Cable Ready
- Dishwasher
- Heating
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
- Range
- Patio
Site Amenities
- Laundry Facilities
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Fairly walkable
50/100
Very drivable
80/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 05-26-300-040 | Improvements Assessment | $2,498,000 |
| Land Assessment | $645,000 | Total Assessment | $3,143,000 |
Property Taxes
Parcel Number
05-26-300-040
Land Assessment
$645,000
Improvements Assessment
$2,498,000
Total Assessment
$3,143,000
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Riverview Apartments | 3500 Grand Ave
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