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W 63rd Street Apartments 604-702 W 63rd St 36 Unit Apartment Building $1,975,000 ($54,861/Unit) 8.02% Cap Rate Davenport, IA 52806
Executive Summary
CBRE is pleased to offer the opportunity to acquire W 63rd Street Apartments, a 36-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.
Built in 1975, W 63rd Street Apartments consists of six buildings featuring 12 one-bedroom, one-bathroom floor plans and 24 two-bedroom, one-bathroom floor plans. All units except one have been renovated to varying extents, typically including new flooring, paint, and bathroom fixtures. Additionally, there has been recent exterior work completed to some of the decks and parking lots. A value-add opportunity exists through the implementation of RUBS.
The property is conveniently located off the I-80/Brady Street interchange, providing convenient to employers, retailers, and amenities across the Quad Cities.
Address: 604, 614, 620, 628, 636, 702 W 63rd St, Davenport, IA
List Price: $1,975,000 ($54,861/unit)
Cap Rate: 8.02%
Number of Units: 36
??????????????Unit Mix: 24-2BR/1BA; 12-1BR/1BA
Avgerage In-Place Rents: $746
Year Built: 1975
Number of Buildings: 6
Built in 1975, W 63rd Street Apartments consists of six buildings featuring 12 one-bedroom, one-bathroom floor plans and 24 two-bedroom, one-bathroom floor plans. All units except one have been renovated to varying extents, typically including new flooring, paint, and bathroom fixtures. Additionally, there has been recent exterior work completed to some of the decks and parking lots. A value-add opportunity exists through the implementation of RUBS.
The property is conveniently located off the I-80/Brady Street interchange, providing convenient to employers, retailers, and amenities across the Quad Cities.
Address: 604, 614, 620, 628, 636, 702 W 63rd St, Davenport, IA
List Price: $1,975,000 ($54,861/unit)
Cap Rate: 8.02%
Number of Units: 36
??????????????Unit Mix: 24-2BR/1BA; 12-1BR/1BA
Avgerage In-Place Rents: $746
Year Built: 1975
Number of Buildings: 6
Property Facts
| Price | $1,975,000 | Apartment Style | Garden |
| Price Per Unit | $54,861 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.28 AC |
| Cap Rate | 8.02% | Building Size | 28,800 SF |
| No. Units | 36 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1999 |
| Property Subtype | Apartment | ||
| Zoning | Commercial | ||
| Price | $1,975,000 |
| Price Per Unit | $54,861 |
| Sale Type | Investment |
| Cap Rate | 8.02% |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.28 AC |
| Building Size | 28,800 SF |
| No. Stories | 3 |
| Year Built | 1999 |
| Zoning | Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Walking/Biking Trails
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | 700 |
| 2+1 | 24 | - | 850 |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,929,010 | |
| Land Assessment | $194,600 | Total Assessment | $2,123,610 |
Property Taxes
Parcel Numbers
Land Assessment
$194,600
Improvements Assessment
$1,929,010
Total Assessment
$2,123,610
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