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The Briza Apartments 1104 8th St 57 Unit Apartment Building $4,914,545 CAD ($86,220 CAD/Unit) 8.22% Cap Rate Boone, IA 50036
Investment Highlights
- All 1BR/1BA
- 20 out the 57 units have been renovated
Executive Summary
CBRE is pleased to offer the opportunity to acquire The Briza Apartments, a 57-unit apartment community located in Boone, Iowa. Boone is located 15 minutes directly west of Ames, home of Iowa State University, and 35 minutes north of the Des Moines MSA.
Built in 1977, The Briza Apartments features all one-bedroom, one-bathroom floor plans. The property has been well maintained and presents a compelling value-add opportunity through continued interior unit renovations and common area enhancements. 20 out the 57 units have been renovated with new LVP flooring, paint, and new cabinetry and appliances as needed. Additionally, a washer and dryer were added in 4 units. The Briza Apartments offers investors the chance to acquire a well-located asset in a stable central Iowa market.
Address: 1104 8th St, Boone, IA 50036
List Price: $3,595,000
Cap Rate: 8.22%
Number of Units: 57
Unit Mix: All 1BR/1BA
Total Building SF: 42,122
Avg. In Place Rent: $710
Please click here for more information: https://www.cbredealflow.com/buyer/agreement?pv=TSfopRpDEivNkdhyMLUfBzr9b1_SeROvuoQgg7ifVKXbiy5HJgEzWv-KQOk0oJkd
Built in 1977, The Briza Apartments features all one-bedroom, one-bathroom floor plans. The property has been well maintained and presents a compelling value-add opportunity through continued interior unit renovations and common area enhancements. 20 out the 57 units have been renovated with new LVP flooring, paint, and new cabinetry and appliances as needed. Additionally, a washer and dryer were added in 4 units. The Briza Apartments offers investors the chance to acquire a well-located asset in a stable central Iowa market.
Address: 1104 8th St, Boone, IA 50036
List Price: $3,595,000
Cap Rate: 8.22%
Number of Units: 57
Unit Mix: All 1BR/1BA
Total Building SF: 42,122
Avg. In Place Rent: $710
Please click here for more information: https://www.cbredealflow.com/buyer/agreement?pv=TSfopRpDEivNkdhyMLUfBzr9b1_SeROvuoQgg7ifVKXbiy5HJgEzWv-KQOk0oJkd
Property Facts
| Price | $4,914,545 CAD | Building Class | C |
| Price Per Unit | $86,220 CAD | Lot Size | 0.74 AC |
| Sale Type | Investment | Building Size | 42,112 SF |
| Cap Rate | 8.22% | Average Occupancy | 98% |
| No. Units | 57 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1977 |
| Property Subtype | Apartment | Parking Ratio | 1.02/1,000 SF |
| Apartment Style | Mid-Rise | ||
| Zoning | INC | ||
| Price | $4,914,545 CAD |
| Price Per Unit | $86,220 CAD |
| Sale Type | Investment |
| Cap Rate | 8.22% |
| No. Units | 57 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.74 AC |
| Building Size | 42,112 SF |
| Average Occupancy | 98% |
| No. Stories | 4 |
| Year Built | 1977 |
| Parking Ratio | 1.02/1,000 SF |
| Zoning | INC |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Storage Space
- Ceiling Fans
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
- Range
- Carpet
Site Amenities
- Controlled Access
- Clubhouse
- Laundry Facilities
- Picnic Area
- Property Manager on Site
- Gated
- Grill
- Laundry Service
- Elevator
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 57 | - | 600 |
Walk Score®
Very Walkable (83)
Property Taxes
| Parcel Number | 088426281182030 | Improvements Assessment | $3,293,456 CAD |
| Land Assessment | $166,930 CAD | Total Assessment | $3,460,386 CAD |
Property Taxes
Parcel Number
088426281182030
Land Assessment
$166,930 CAD
Improvements Assessment
$3,293,456 CAD
Total Assessment
$3,460,386 CAD
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The Briza Apartments | 1104 8th St
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