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Hendrix 33 Apartments 4406 N Division St 33 Unit Apartment Building $2,350,000 ($71,212/Unit) 8.53% Cap Rate Davenport, IA 52806
Investment Highlights
- Majority of units have been renovated
- Davenport is the 3rd Largest City in Iowa
- 8.5%+ Cap Rate
Executive Summary
CBRE is pleased to offer the opportunity to acquire Hendrix 33 Apartments, a 33-unit apartment community in Davenport, Iowa. Davenport is the 3rd largest city in the State of Iowa and the largest in the Quad Cities metro with a population of over 100,000 people. Davenport serves as the primary economic engine for the MSA of over 400,000 people.
Hendrix 33 consists of two buildings featuring 15 one-bedroom, one-bathroom floor plans and 18 two-bedroom, one-bathroom floor plans. Majority of units have been renovated to include stainless steel appliances, LVP flooring, new countertops, new lighting fixtures and new plumbing fixtures. Approximately $700,000 has been invested in property improvements since 2022.
Hendrix 33 is conveniently located on N Division Street, a main north/south thoroughfare. The property sits less than 1 mile to Hy-Vee Grocery Store and Kimberly West Shopping Center, less than 2 miles from Walmart Supercenter, and only 2.5 miles from NorthPark Mall.
Please click here for more information: https://www.cbredealflow.com/buyer/agreement?pv=ChgsC1TVJRpENROutuy66Oo5kddkMz4KaTjihLOSRCUiyw-ILcS5V_RInAIc7TDh
Address: 4406 N Division St, Davenport, IA 52806
List Price: $2,350,000
Cap Rate: 8.53%
Year Built: 1973
Number of Units: 33
Unit Mix: 15-1BR/1BA; 18-2BR/1BA
Total Building SF: 24,525
Avg. In Place Rent: $842
Number of Buildings: 2
Number of Stories: 3
Parking: Surface
Parcel Size: 1.15 acres
Hendrix 33 consists of two buildings featuring 15 one-bedroom, one-bathroom floor plans and 18 two-bedroom, one-bathroom floor plans. Majority of units have been renovated to include stainless steel appliances, LVP flooring, new countertops, new lighting fixtures and new plumbing fixtures. Approximately $700,000 has been invested in property improvements since 2022.
Hendrix 33 is conveniently located on N Division Street, a main north/south thoroughfare. The property sits less than 1 mile to Hy-Vee Grocery Store and Kimberly West Shopping Center, less than 2 miles from Walmart Supercenter, and only 2.5 miles from NorthPark Mall.
Please click here for more information: https://www.cbredealflow.com/buyer/agreement?pv=ChgsC1TVJRpENROutuy66Oo5kddkMz4KaTjihLOSRCUiyw-ILcS5V_RInAIc7TDh
Address: 4406 N Division St, Davenport, IA 52806
List Price: $2,350,000
Cap Rate: 8.53%
Year Built: 1973
Number of Units: 33
Unit Mix: 15-1BR/1BA; 18-2BR/1BA
Total Building SF: 24,525
Avg. In Place Rent: $842
Number of Buildings: 2
Number of Stories: 3
Parking: Surface
Parcel Size: 1.15 acres
Property Facts
| Price | $2,350,000 | Apartment Style | Low-Rise |
| Price Per Unit | $71,212 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.12 AC |
| Cap Rate | 8.53% | Building Size | 22,395 SF |
| No. Units | 33 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1973 |
| Property Subtype | Apartment |
| Price | $2,350,000 |
| Price Per Unit | $71,212 |
| Sale Type | Investment |
| Cap Rate | 8.53% |
| No. Units | 33 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.12 AC |
| Building Size | 22,395 SF |
| No. Stories | 2 |
| Year Built | 1973 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | - | 450 |
| 1+1 | 12 | - | 675 |
| 2+1 | 18 | - | 800 |
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Fairly walkable
50/100
Exceptionally drivable
100/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | M1502-32A | Improvements Assessment | $1,843,930 |
| Land Assessment | $150,480 | Total Assessment | $1,994,410 |
Property Taxes
Parcel Number
M1502-32A
Land Assessment
$150,480
Improvements Assessment
$1,843,930
Total Assessment
$1,994,410
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