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Caspian By SJ 701 E Pennington St 120 Unit Apartment Building $7,000,000 ($58,333/Unit) 9.83% Cap Rate West Burlington, IA 52655
Investment Highlights
- Full interior unit renovations
- Quality Brick Construction
- Little to No Deferred Maintenance
- Ability to implement RUBS: Electric, water, sewer, and trash
- Roofs Replaced
Executive Summary
CBRE is pleased to present the opportunity to acquire Caspian by SJ, a 120-Unit apartment community located in West Burlington, Iowa. Caspian Village Apartments underwent a major remodel in years 2023-2024 consisting of full interior renovations and outdoor capital expenditures which include all new roofing. The property includes 80,916 square feet of rental space totaling 120 units amongst 8 buildings. Ideally situated on over 6.12 acres, the property provides residents welcoming amenities such as a rental office, fitness facility, garages, on-site laundry, located in a quiet residential neighborhood of West Burlington. The unit mix features 76 one-bedroom apartments, 44 two-bedroom apartments. For more information and to view of confidential offering memorandum, contact Max Colby of visit our property website.
Property Facts
| Price | $7,000,000 | Apartment Style | Garden |
| Price Per Unit | $58,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 5.00 AC |
| Cap Rate | 9.83% | Building Size | 81,300 SF |
| No. Units | 120 | Average Occupancy | 89% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1969 |
| Zoning | R4 | ||
| Price | $7,000,000 |
| Price Per Unit | $58,333 |
| Sale Type | Investment |
| Cap Rate | 9.83% |
| No. Units | 120 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 5.00 AC |
| Building Size | 81,300 SF |
| Average Occupancy | 89% |
| No. Stories | 2 |
| Year Built | 1969 |
| Zoning | R4 |
Amenities
Unit Amenities
- Disposal
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Walk-In Closets
- Carpet
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Recycling
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 76 | - | - |
| 2+1 | 44 | - | - |
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Property Taxes
| Parcel Number | 10-36-251-009 | Improvements Assessment | $4,892,000 |
| Land Assessment | $412,200 | Total Assessment | $5,304,200 |
Property Taxes
Parcel Number
10-36-251-009
Land Assessment
$412,200
Improvements Assessment
$4,892,000
Total Assessment
$5,304,200
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
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Map
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Caspian By SJ | 701 E Pennington St
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