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Village on State Apartments 206 NW State St 32 Unit Apartment Building $3,424,050 CAD ($107,002 CAD/Unit) 7.47% Cap Rate Ankeny, IA 50023
Investment Highlights
- 100% of water/sewer, gas, and common area electric are billed back to residents
- Largest suburb of Des Moines
- Great location with convenient access to Ankeny Centennial High School and a variety of retail, dining, and recreation
Executive Summary
CBRE is pleased to offer the opportunity to acquire Village on State Apartments, a well-maintained 32-unit multifamily community located in the thriving city of Ankeny, Iowa. As the largest suburb of Des Moines, Ankeny boasts a population of over 76,000 and has experienced rapid growth—more than doubling since 2000—making it one of the fastest-growing cities in the nation.
Strategically positioned just off State Street, the property offers convenient access to Ankeny Centennial High School, Prairie Ridge Sports Complex, John Deere Des Moines Works, and a variety of retail, dining, and recreational amenities.
Village on State Apartments consists of four buildings built in 1971-1972 and features all 2-bedroom, 1-bath floor plans.
Address: 206, 210, 214 & 218 State Street, Ankeny, IA 50023
List Price: $2,500,000
Year Built: 1971 - 1972
Number of Units: 32
Unit Mix: All 2 BR/1BA
Total Rentable SF: 25,600
Avg. In Place Rents: $827
Number of Buildings: 4
Number of Stories: 2
Parking: Surface
Laundry: 1 set of washer/dryer per building (4 sets total); contract with BDS
Heating: Boiler (1 per building)
Cooling: Sleeve A/C units
Water Heater: Common (1 per building)
Appliance Package: Fridge and stove
CLICK HERE FOR MORE INFORMATION: https://www.cbredealflow.com/buyer/agreement?pv=7J-zjV01k9SekpMFpBQwgEt9JVuUWblKtMJieTZyvU7y-G46v2kX5LRR_m0QxNDA
Strategically positioned just off State Street, the property offers convenient access to Ankeny Centennial High School, Prairie Ridge Sports Complex, John Deere Des Moines Works, and a variety of retail, dining, and recreational amenities.
Village on State Apartments consists of four buildings built in 1971-1972 and features all 2-bedroom, 1-bath floor plans.
Address: 206, 210, 214 & 218 State Street, Ankeny, IA 50023
List Price: $2,500,000
Year Built: 1971 - 1972
Number of Units: 32
Unit Mix: All 2 BR/1BA
Total Rentable SF: 25,600
Avg. In Place Rents: $827
Number of Buildings: 4
Number of Stories: 2
Parking: Surface
Laundry: 1 set of washer/dryer per building (4 sets total); contract with BDS
Heating: Boiler (1 per building)
Cooling: Sleeve A/C units
Water Heater: Common (1 per building)
Appliance Package: Fridge and stove
CLICK HERE FOR MORE INFORMATION: https://www.cbredealflow.com/buyer/agreement?pv=7J-zjV01k9SekpMFpBQwgEt9JVuUWblKtMJieTZyvU7y-G46v2kX5LRR_m0QxNDA
Property Facts
| Price | $3,424,050 CAD | Building Class | B |
| Price Per Unit | $107,002 CAD | Lot Size | 1.27 AC |
| Sale Type | Investment | Building Size | 25,600 SF |
| Cap Rate | 7.47% | Average Occupancy | 94% |
| No. Units | 32 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | ||
| Zoning | R-3 | ||
| Price | $3,424,050 CAD |
| Price Per Unit | $107,002 CAD |
| Sale Type | Investment |
| Cap Rate | 7.47% |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 1.27 AC |
| Building Size | 25,600 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built | 1971 |
| Zoning | R-3 |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Ceiling Fans
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Carpet
- Lawn
- Vinyl Flooring
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
1 1
Property Taxes
| Parcel Number | 181-00392186000 | Improvements Assessment | $728,912 CAD |
| Land Assessment | $69,577 CAD | Total Assessment | $798,488 CAD |
Property Taxes
Parcel Number
181-00392186000
Land Assessment
$69,577 CAD
Improvements Assessment
$728,912 CAD
Total Assessment
$798,488 CAD
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Village on State Apartments | 206 NW State St
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