1011 SE 3rd St - Apartments FOR SALE


Ankeny, IA 50021- Outer Ankeny/Saylorville
$1,550,000 USD
319-378-6786
1011 SE 3rd St, Ankeny, IA for Sale
$1,550,000 USD
Apartments - FOR SALE
1/9
null | 5.64% Cap Rate


HIGHLIGHTS

  • Easy access to I-35, I-80, and in close proximity to the Des Moines International Airport.
  • Plenty of nearby shopping and dining options.
  • Extensive unit upgrades completed, including modern appliances, new flooring, and updated HVAC systems.
  • Long-term operating efficiencies due to recent renovations reducing near-term capital needs.

OVERVIEW

This multifamily investment offers a compelling blend of stability and upside potential. Acquired in 2021 and self-managed since, the property has undergone consistent upgrades during unit turnovers. Improvements include modern appliances, new floor coverings, upgraded furnaces, central air systems, and enhanced bathroom finishes, resulting in units that are highly competitive within the local apartment market. Tenant demand in the area remains robust, with minimal delinquencies and very rare evictions—a strong indicator of a reliable income stream. Current rents are below market as referenced in the CoStar report, presenting an opportunity for targeted increases. Additional revenue streams are achievable by implementing trash pass-through fees, increasing pet charges, and leasing 18 existing storage closets at average monthly rates of $20 to $25 each. The property’s recent improvements ensure that future capital expenditures for HVAC systems, flooring, and appliances remain limited for years to come. Priced at $1,550,000 with a 5.64% capitalization rate, this asset represents both a stabilized investment and a value-add opportunity—a rare combination for investors seeking long-term growth and minimized operational risk

FOR SALE DETAILS

PRICE

$1,550,000 USD

PRICE/SF

$70 USD /SF

# OF UNITS

18

PRICE/UNIT

$86,111

CAP RATE

5.64%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Maples

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1980

PARKING SPACES

24

LAND DETAILS

LAND ACRES

0.81 AC

LAND SF

35,284 SF

ZONING

C-2

APN/PARCEL ID

181/00626-700-000

ASK ABOUT THIS PROPERTY

Joanne StevensNAI Iowa Realty CommercialMore Info
319-378-6786

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Joanne StevensNAI Iowa Realty CommercialMore Info
319-378-6786

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.