The Meadows Apartments 400 13th Ave NW 36 Unit Apartment Building $2,088,000 ($58,000/Unit) Oelwein, IA 50662

Positioned in the heart of Oelwein, Iowa, The Meadows Apartments presents a compelling opportunity for multifamily investors seeking scale, stability, and upside. This 36-unit garden-style community spans 5.41 acres and includes two residential buildings with a mix of one-, two-, and three-bedroom units. Built in 1999 and maintained in excellent condition, the property has undergone extensive capital improvements including new siding, roofing, decks, HVAC systems, and interior upgrades such as luxury vinyl plank flooring and modern appliances.
The Meadows benefits from a strong value-add profile. Many units remain ripe for renovation, with projected rent premiums of over $250/month. The RUBS system is already in place, and garage spaces—currently underutilized—offer an estimated $9,000 in annual income. Additional site expansion opportunities exist, including the potential for new amenities like a dog park or playground.
Located in a demand-driven submarket with historically low vacancy and limited new development, The Meadows is supported by a stable local economy anchored by manufacturing, logistics, and healthcare. The property is also eligible for the City of Oelwein’s Revolving Loan Fund, offering flexible financing for improvements or expansion. Investors may acquire The Meadows individually or as part of a 101-unit portfolio, enhancing operational efficiency and market presence.