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200 E Arlington St
Waterloo, IA 50703
Roosevelt · Multifamily Property For Sale
·
21 Units
INVESTMENT HIGHLIGHTS
- Excess land for potential new property development
- 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 c
- Bigger whole field/play area is available for development
EXECUTIVE SUMMARY
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.
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.
PROPERTY FACTS
| Price Per Unit | $55,731 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 1.89 AC |
| Cap Rate | 9.87% | Building Size | 40,380 SF |
| No. Units | 21 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1935/2003 |
| Apartment Style | Low-Rise |
| Price Per Unit | $55,731 CAD |
| Sale Type | Investment |
| Cap Rate | 9.87% |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.89 AC |
| Building Size | 40,380 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1935/2003 |
AMENITIES
UNIT AMENITIES
- Washer/Dryer Hookup
- Heating
- Kitchen
- Range
SITE AMENITIES
- Clubhouse
- Laundry Facilities
- Elevator
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 11 | - | 600 |
| 2+1 | 10 | - | 740 |
PROPERTY TAXES
| Parcel Number | 8913-13-302-003 | Improvements Assessment | $209,563 CAD |
| Land Assessment | $79,584 CAD | Total Assessment | $289,147 CAD |
PROPERTY TAXES
Parcel Number
8913-13-302-003
Land Assessment
$79,584 CAD
Improvements Assessment
$209,563 CAD
Total Assessment
$289,147 CAD
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