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Oelwein Apartments 102 8th Ave NW 57 Unit Apartment Building $3,644,297 CAD ($63,935 CAD/Unit) Oelwein, IA 50662
Investment Highlights
- Single-story cottage-style units with private patios and greenspace
- Clubhouse with community room, laundry, vending, and rental office
- Located near major employers, schools, and retail in Oelwein
- Significant capital improvements completed across interiors and exteriors
- Underserved market with low vacancy and strong rental demand
Executive Summary
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.
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.
Property Facts
| Price | $3,644,297 CAD | Building Class | C |
| Price Per Unit | $63,935 CAD | Lot Size | 5.74 AC |
| Sale Type | Investment | Building Size | 37,050 SF |
| No. Units | 57 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built/Renovated | 1977/2021 |
| Apartment Style | Garden | ||
| Zoning | R - Residential | ||
| Price | $3,644,297 CAD |
| Price Per Unit | $63,935 CAD |
| Sale Type | Investment |
| No. Units | 57 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 5.74 AC |
| Building Size | 37,050 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1977/2021 |
| Zoning | R - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Heating
- Ceiling Fans
- Carpet
- Grill
- Deck
- Garden
Site Amenities
- 24 Hour Access
- Business Center
- Controlled Access
- Clubhouse
- Courtyard
- Laundry Facilities
- Property Manager on Site
- Gameroom
- Grill
- Pet Play Area
- Planned Social Activities
- Recycling
- Walking/Biking Trails
- Wi-Fi
- Storage Space
- Bicycle Storage
- Community-Wide WiFi
- Conference Rooms
- Maintenance on site
- Multi Use Room
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 57 | - | 650 |
1 1
Property Taxes
| Parcel Number | 18-20-280-002 | Improvements Assessment | $2,558,150 CAD |
| Land Assessment | $168,027 CAD | Total Assessment | $2,726,176 CAD |
Property Taxes
Parcel Number
18-20-280-002
Land Assessment
$168,027 CAD
Improvements Assessment
$2,558,150 CAD
Total Assessment
$2,726,176 CAD
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Oelwein Apartments | 102 8th Ave NW
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