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Meadow Ridge Apartments 765-791 Russell Rd 48 Unit Apartment Building $2,725,000 ($56,771/Unit) 8.51% Cap Rate Waterloo, IA 50701
Investment Highlights
- Boilers replaced in 2023
- Flat fee RUBS implemented for gas, water/sewer, and trash
- (3) water heaters replaced in 2025/2026
Executive Summary
CBRE is pleased to offer for sale Meadow Ridge Apartments, a 48-unit value-add apartment community located in Waterloo, Iowa. Waterloo is located next to Cedar Falls, home of the University of Northern Iowa and is the largest city in the Cedar Valley region. The Cedar Valley region consists of six counties and several key Iowa communities including Waterloo, Cedar Falls, Waverly, Grundy Center, Independence, and New Hampton and boasts a population of more than 240,000 people. The Cedar Valley is home to many major employers including John Deere, UnityPoint Health, Tyson, MercyOne, and Target.
Address: 765 & 791 Russell Rd, Waterloo, IA 50701
List Price: $2,725,000 ($56,771/unit)
Cap Rate: 8.51%
Year Built: 1966
Number of Units: 48
Unit Mix: 23-1BD/1BA, 20-2BD/1BA, 5-3BD/1 BA
Total Building SF: 35,660
Avg. In Place Rent: $757
Number of Buildings: 2
Number of Stories: 2
Parking: Surface
Address: 765 & 791 Russell Rd, Waterloo, IA 50701
List Price: $2,725,000 ($56,771/unit)
Cap Rate: 8.51%
Year Built: 1966
Number of Units: 48
Unit Mix: 23-1BD/1BA, 20-2BD/1BA, 5-3BD/1 BA
Total Building SF: 35,660
Avg. In Place Rent: $757
Number of Buildings: 2
Number of Stories: 2
Parking: Surface
Property Facts
| Price | $2,725,000 | Building Class | C |
| Price Per Unit | $56,771 | Lot Size | 2.71 AC |
| Sale Type | Investment | Building Size | 35,660 SF |
| Cap Rate | 8.51% | Average Occupancy | 98% |
| No. Units | 48 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment | Parking Ratio | 1.46/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R | ||
| Price | $2,725,000 |
| Price Per Unit | $56,771 |
| Sale Type | Investment |
| Cap Rate | 8.51% |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.71 AC |
| Building Size | 35,660 SF |
| Average Occupancy | 98% |
| No. Stories | 2 |
| Year Built | 1966 |
| Parking Ratio | 1.46/1,000 SF |
| Zoning | R |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Yard
- Window Coverings
Site Amenities
- Courtyard
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 23 | - | 610 |
| 2+1 | 20 | - | 832 |
| 3+1 | 5 | - | 986 |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
20/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 8813-04-152-103 | Improvements Assessment | $49,270 |
| Land Assessment | $7,030 | Total Assessment | $56,300 |
Property Taxes
Parcel Number
8813-04-152-103
Land Assessment
$7,030
Improvements Assessment
$49,270
Total Assessment
$56,300
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