The KataLYST Team by KW Commercial is pleased to market exclusively for sale the Roosevelt Senior Apartments located in Waterloo, IA. These units were converted from a school to affordable senior units through the historical rehab program in 2003 and feature in unit furnaces, 10 ft ceilings, an elevator, sprinkler system, and upgrades throughout. The Roosevelt Senior Apartments have surpassed their initial 15-year LP/GP hold structure and are within the 2nd 15-year phase for senior affordable housing. Current vacancy exceeds 25% and will require a significant down-payment and proven operator to obtain new financing. However, with management improvements, factoring in a 10% vacancy, 3% expense increases, marginal 1.8% rent increases, as well as Reserves and upkeep, new ownership should be able to obtain a 10% Cap rate or above.