Nestled in the heart of Oelwein, Iowa, Otter Creek Cottages presents a rare opportunity to acquire a well-maintained, 57-unit multifamily community in a stable, underserved market. Built in 1977 and spread across 15 single-story buildings on 5.74 acres, the property offers a mix of 56 one-bedroom and 1 two-bedroom cottage-style units, each with private patios and access to lush green space. Residents enjoy a true community feel enhanced by a clubhouse with gathering areas, laundry facilities, and event space. The current ownership has completed substantial capital improvements including new flooring, appliances, HVAC systems, and landscaping upgrades. Many units feature luxury vinyl plank flooring, updated fixtures, and fresh paint, while others remain ripe for further modernization. With rents currently below market, new ownership can unlock significant upside through continued renovations and operational efficiencies. Strategically located near schools, parks, grocers, and major employers, Otter Creek benefits from strong rental demand and low vacancy rates. The property is offered free and clear of debt and may be acquired individually or alongside two nearby assets totaling an additional 44 units, creating a scalable investment platform in Northeast Iowa. Oelwein’s business-friendly environment, supported by a USDA-backed Revolving Loan Fund and workforce development programs, further enhances long-term value potential.