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Southern Park Apartments 810 Payton Ave 54 Unit Apartment Building $2,995,000 ($55,463/Unit) 7.54% Cap Rate Des Moines, IA 50315
INVESTMENT HIGHLIGHTS
- Significant Upside Potential
- 54 Units
- Attractive Basis of $55K/Unit
- 4-Studio; 26-1BR/BA; 24-2BR/1BA
EXECUTIVE SUMMARY
CBRE is pleased to offer for sale Southern Park Apartments, an 54-unit multifamily community strategically located in Des Moines’ Greater South Side. The property consists of 4 studio units, 26 one bedroom units, and 24 two bedroom units. Southern Park Apartments enjoys close proximity to the Des Moines International Airport and Southridge Mall, a shopping center anchored by Target with outlots including major retailers like Hy-Vee, Petco, and Hobby Lobby.
Address: 810 Payton Ave, Des Moines, IA 50315
Year Built: 1973
Number of Units: 54
Unit Mix: 4-Studio; 26-1BR/BA; 24-2BR/1BA
Number of Garages: 15
Parking: Surface
Net Rentable SF: 38,350
Avg. Unit Size: 710 SF
Number of Residential Buildings: 2
Parcel Size: 2.31 acres
Please click here for more information: https://www.cbredealflow.com/buyer/agreement?pv=CHXcXWIwKyMULZj231li9oDGKvD9nfsJ3OdyQ855A19CghF2ha0zkdps_KcavrOj
Address: 810 Payton Ave, Des Moines, IA 50315
Year Built: 1973
Number of Units: 54
Unit Mix: 4-Studio; 26-1BR/BA; 24-2BR/1BA
Number of Garages: 15
Parking: Surface
Net Rentable SF: 38,350
Avg. Unit Size: 710 SF
Number of Residential Buildings: 2
Parcel Size: 2.31 acres
Please click here for more information: https://www.cbredealflow.com/buyer/agreement?pv=CHXcXWIwKyMULZj231li9oDGKvD9nfsJ3OdyQ855A19CghF2ha0zkdps_KcavrOj
PROPERTY FACTS
| Price | $2,995,000 | Apartment Style | Low-Rise |
| Price Per Unit | $55,463 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.31 AC |
| Cap Rate | 7.54% | Building Size | 42,570 SF |
| No. Units | 54 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1973 |
| Property Subtype | Apartment | Parking Ratio | 0.94/1,000 SF |
| Zoning | R1-60 | ||
| Price | $2,995,000 |
| Price Per Unit | $55,463 |
| Sale Type | Investment |
| Cap Rate | 7.54% |
| No. Units | 54 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.31 AC |
| Building Size | 42,570 SF |
| No. Stories | 2 |
| Year Built | 1973 |
| Parking Ratio | 0.94/1,000 SF |
| Zoning | R1-60 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Kitchen
- Refrigerator
- Oven
- Range
- Carpet
- Vinyl Flooring
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Property Manager on Site
- Smoke Free
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 4 | - | 324 |
| 1+1 | 26 | - | 576 |
| 2+1 | 24 | - | 804 |
1 1
Walk Score®
Very Walkable (71)
PROPERTY TAXES
| Parcel Number | 120-05365003000 | Improvements Assessment | $2,836,000 |
| Land Assessment | $404,000 | Total Assessment | $3,240,000 |
PROPERTY TAXES
Parcel Number
120-05365003000
Land Assessment
$404,000
Improvements Assessment
$2,836,000
Total Assessment
$3,240,000
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Southern Park Apartments | 810 Payton Ave
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