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Cumberland House 2365 Tech Dr 32 Unit Apartment Building $3,620,544 CAD ($113,142 CAD/Unit) 7.34% Cap Rate Bettendorf, IA 52722
INVESTMENT HIGHLIGHTS
- 1999 Built
- Cumberland House recently transitioned from LIHTC/Senior to Market-Rate - no further restrictions apply
- New residents are billed back a $50/month utility fee
- Management is leasing vacant one-bedroom units for $795 plus a $50 utility fee and two-bedroom units for $895 plus a $50 utility fee
EXECUTIVE SUMMARY
CBRE is pleased to offer for sale Cumberland House, a 32-unit multifamily community located in Bettendorf, Iowa. Cumberland House offers a new investor a unique opportunity to acquire a property that recently transitioned from LIHTC/Senior to Market-Rate - no further restrictions apply. Management is leasing vacant one-bedroom units for $795 plus a $50 utility fee and two-bedroom units for $895 plus a $50 utility fee.
Built in 1999, the property features a mix of 25 one bedrooms and 7 two bedrooms. The elevator served building has common area laundry, a large community room with a full kitchen, and an on-site leasing office.
Cumberland House is well located in Bettendorf near an abundance of retail, across the street from the Bettendorf Public Library, and is situated directly between the Bettendorf Middle School and High School. The property is surrounded by strong demographics, including an average median income over $107,600 and average home value over $358,600 within a 3 mile radius.
CLICK HERE for more information: https://www.cbredealflow.com/buyer/agreement?pv=ZHmYHBG475miv_S3AuEksUKnrJrhcZFFsVdfExVR8FZQJxwVAlNdR0F0BxsLsDqB
Address: 2365 Tech Drive, Bettendorf, IA 52722
Year Built: 1999
No. of Units: 32
Unit Mix: 25 - 1BR/1BA; 7 - 2BR/1BA
Parcel Size: 1.00 acre
Construction: Wood frame
Exterior Materials: Vinyl siding (new in 2025)
Windows: Vinyl
Heating: Boiler
Cooling: Sleeve A/C units
Utilities: Resident pays electric within their unit. Owner pays gas (heat), water, sewer, trash, and common area electric. New residents are billed back a $50/month utility fee.
Parking: Surface
Building Amenities: Elevator, community room with full kitchen, on-site leasing office, on-site beauty shop, and large community deck
Cumberland House recently transitioned from LIHTC/Senior to Market-Rate - no further restrictions apply
Management is leasing vacant one-bedroom units for $795 plus a $50 utility fee and two-bedroom units for $895 plus a $50 utility fee
Built in 1999, the property features a mix of 25 one bedrooms and 7 two bedrooms. The elevator served building has common area laundry, a large community room with a full kitchen, and an on-site leasing office.
Cumberland House is well located in Bettendorf near an abundance of retail, across the street from the Bettendorf Public Library, and is situated directly between the Bettendorf Middle School and High School. The property is surrounded by strong demographics, including an average median income over $107,600 and average home value over $358,600 within a 3 mile radius.
CLICK HERE for more information: https://www.cbredealflow.com/buyer/agreement?pv=ZHmYHBG475miv_S3AuEksUKnrJrhcZFFsVdfExVR8FZQJxwVAlNdR0F0BxsLsDqB
Address: 2365 Tech Drive, Bettendorf, IA 52722
Year Built: 1999
No. of Units: 32
Unit Mix: 25 - 1BR/1BA; 7 - 2BR/1BA
Parcel Size: 1.00 acre
Construction: Wood frame
Exterior Materials: Vinyl siding (new in 2025)
Windows: Vinyl
Heating: Boiler
Cooling: Sleeve A/C units
Utilities: Resident pays electric within their unit. Owner pays gas (heat), water, sewer, trash, and common area electric. New residents are billed back a $50/month utility fee.
Parking: Surface
Building Amenities: Elevator, community room with full kitchen, on-site leasing office, on-site beauty shop, and large community deck
Cumberland House recently transitioned from LIHTC/Senior to Market-Rate - no further restrictions apply
Management is leasing vacant one-bedroom units for $795 plus a $50 utility fee and two-bedroom units for $895 plus a $50 utility fee
PROPERTY FACTS
| Price | $3,620,544 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $113,142 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 1.00 AC |
| Cap Rate | 7.34% | Building Size | 28,725 SF |
| No. Units | 32 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1999 |
| Price | $3,620,544 CAD |
| Price Per Unit | $113,142 CAD |
| Sale Type | Investment |
| Cap Rate | 7.34% |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.00 AC |
| Building Size | 28,725 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1999 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Refrigerator
- Range
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- Controlled Access
- Clubhouse
- Laundry Facilities
- Property Manager on Site
- Laundry Service
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 25 | - | 524 - 642 |
| 2+1 | 7 | - | 761 - 821 |
1 1
Walk Score®
Very Walkable (71)
PROPERTY TAXES
| Parcel Number | 842105602 | Improvements Assessment | $2,612,678 CAD |
| Land Assessment | $243,693 CAD | Total Assessment | $2,856,371 CAD |
PROPERTY TAXES
Parcel Number
842105602
Land Assessment
$243,693 CAD
Improvements Assessment
$2,612,678 CAD
Total Assessment
$2,856,371 CAD
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Cumberland House | 2365 Tech Dr
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