700 Pennington st - Multi-Family FOR SALE


West Burlington, IA 52655
$9,120,000 USD
515-249-8355
700 Pennington st, West Burlington, IA for Sale
$9,120,000 USD
Multi-Family - FOR SALE
1/8
null | 7.96% Cap Rate

700 Pennington st
West Burlington, IA 52655


HIGHLIGHTS

  • Full interior unit renovations
  • Ability to implement RUBS: Electric, water, sewer, and trash
  • Quality Brick Construction
  • Roofs Replaced
  • Little to No Deferred Maintenance

OVERVIEW

CBRE is pleased to present the opportunity to acquire Caspian by SJ, a 120-Unit apartment community located in West Burlington, Iowa. Caspian Village Apartments underwent a major remodel in years 2023-2024 consisting of full interior renovations and outdoor capital expenditures which include all new roofing. The property includes 80,916 square feet of rental space totaling 120 units amongst 8 buildings. Ideally situated on over 6.12 acres, the property provides residents welcoming amenities such as a rental office, fitness facility, garages, on-site laundry, located in a quiet residential neighborhood of West Burlington. The unit mix features 76 one-bedroom apartments, 44 two-bedroom apartments. For more information and to view of confidential offering memorandum, contact Max Colby of visit our property website.

FOR SALE DETAILS

PRICE

$9,120,000 USD

PRICE/SF

$66 USD /SF

# OF UNITS

120

PRICE/UNIT

$76,000

CAP RATE

7.96%

% LEASED

96%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Caspian By SJ

PROPERTY TYPE

Multi-Family

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1969

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

-

ASK ABOUT THIS PROPERTY

Max ColbyCBREMore Info
515-249-8355

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Max ColbyCBREMore Info
515-249-8355

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